Are you thinking about taking out a payday loan, but want to make sure it's the right option for you? If so, then you might be wondering what generally makes a person a viable candidate for a payday loan. And while there's no universal, guaranteed criteria for taking out a payday loan, the following are a few signs that taking out such a loan may be a good option for you.
You Have a Financial Emergency
Is your rent due this week, but you don't get paid until next week? Has your car broken down and you need to get it fixed as soon as possible so you can get to work or take your kids to school? If so, then you have a legitimate financial emergency, and a payday loan may be a good way to get the money you need to cover your expenses until your next check. If you just want some extra cash for clothes or general spending money, you don't have a financial emergency and a payday loan is probably not necessary nor a responsible option.
You Have a Stable, Predictable Income
Furthermore, you should only consider the option of taking out a payday loan if you know what your next paycheck amount will be, when you'll receive it, and you're sure that it'll be enough to repay your loan (along with any interest or fees associated with it). If your income isn't very predictable or you don't have a guaranteed pay schedule (such as is the case with many freelancers and contractors), then you'll want to think long and hard before you decide to take out a payday loan.
You Don't Have the Time (or Credit) for a Bank Loan
Finally, if you're in a situation where you need cash fast and don't have time to go through the process of getting approved for a traditional bank loan, a payday loan might be right for you. The same goes for if you have less than ideal credit history. Most payday lenders can have you approved on-the-spot without the need for a credit check, and many can get you the money you've been approved for within just a couple of business days.
These are just a few signs that you may be a viable candidate for an online payday loan. However, to make a well-informed decision, you'll need to carefully assess your specific financial situation.Share
30 April 2015
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