Same Day Payday Loans: the Answer to Your Problem or a Source of Another Problem?

Same Day Payday Loans: the Answer to Your Problem or a Source of Another Problem?

Obviously, when someone applies for a loan, this simply means that the person is broke. The reason why one needs for immediate cash is to sustain the day's urgent need for it. And most often than not, the person will think later how to find ways to pay it back after the emergency will be over. This is also the reason why one loan can lead into another and everything will turn out into a roller coaster process.

Hence, when you are faced in a situation where you feel the need to apply for a loan, you need to think it over and try to analyze if this is really the ultimate answer to your problem or a trap that will lead you into another problem.

Today, same day payday loans promise instant solution to those who needs cash within 24 hours. Well, this can be a life saving opportunity especially when the amount will save the life of your loved one from medical emergency. Surely, you are willing to give everything you have to people who means a lot to you. Indeed this type of loan can be very beneficial in a lot of ways if it will be used appropriately. However, you may ask if it justifies to avail same day payday loans to buy a jewelry that was offered on sale. I would say it depends. If the jewelry would cost more than the total payable loan that you owe, then this can be a frugal decision. After all, you can sell it back and earn profit at the same time. However, if it will end up paying more on the interests then applying for the loan will not be a good decision.

Unlike other types of loans, same day loans have very high interests as well. That is why if you have a credit card, then better use it instead. Why would you pay 200% interest for a loan when you can pay it at 4% interest through a credit card? However, if you are unfortunate enough not to have the same privilege, then I guess you are left with very limited choices.

The risk about day loans is borrowing more than you can afford to pay. And if you intend to use all your earnings for the month to pay for it then expect not to eat during the month that will follow. I'm sure you cannot endure 30 days of fasting so you will be compelled to borrow another amount to sustain your physiologic needs. And the cycle may be repeated over and over until you will end up not knowing what to do about it.

So, if you plan to apply for a loan, make sure that you are expecting an additional earning other than your regular income. This means you need to look for side line jobs or a noble money making activity to fill in your expenses. You can gather all your old phones and ask for these junks from your friends too. You can sell them for cash and perhaps raise the amount that you owe before your due date. This way, you will be assured that getting such loan will indeed save you from your financial difficulties.

ChanceHub, 2015-05-28 | Posted in loans 454 views