We’ve all seen the ads and heard the promises about online payday loans offering easy cash in as soon as an hour. We all know that times are tough out there right now. I don’t think there’s anybody alive who has to deal with money who isn’t aware that there’s a global recession going on and while it seems to be turning around a little bit, with as bad as things were, it’s simply going to take awhile for things to get turned around.
There are plenty of reasons why people might find this idea of online payday loans appealing. Say for example that you had to take your child to the doctor for an ear infection, but that just happened to be the week after your hot water heater exploded and had to be replaced. You know good and well that you’re going to be able to get back on top of things, but in the short term…whew, you sure could use a little extra cash to get groceries and gas.
While there are plenty of us out there who have credit cards, you may have hit a place where they’re maxed out when a situation like the one arises and you’ve hit a little bit of a bottom with regards to your financial well being. This is the time when online payday loans can come to the rescue and assist you with some quick cash until your next payday. This quick cash does however come at a cost and it’s a pretty high cost at that.
When you get to this point, what it comes down to is that sometimes money has to be juggled and managed in a very precise way to make sure that you can do exactly what you need to do when you need to do it. These places facilitate that, but you must look at them as a short term fix to maintain your own personal financial well being if you ever hope to get out of the hole that you’re in.
One way that you can assure some success when dealing with online payday loans providers is to not borrow more than you need just because it’s available. While it’s understandable that circumstances arise that are unexpected, it’s also true that some self-discipline needs to come into play for you to get yourself out of such situations.
These places will charge you a fee to let you borrow money for a period of typically two weeks and charge 15% for that period of time. So a loan of $300 will cost you $345 to pay off in two week’s time. If you’re not able to pay it all back, you’ll have to re-issue the loan by paying them $345 and then come back in two more weeks owing another $345 and so on and so forth. You have to be vigilant and maybe not go out to eat during this time so you can make sure and get them taken care of quickly and out of the way.