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Payday Loans – A Life Saver Or A Curse

By Sarah Logan

So you need some cash, and you’re looking into payday loans as an option. First of all: Good luck, we hope it works out for you. Second: Make sure you know what you’re getting into. Most pay day loan places are totally reliable, completely on the up and up. They’ll tell you the risks, the fees and so on, but, it’s up to you to make sure that for one, you understand everything they involve, and second, that you can cover what will be asked of you.

So go ahead and keep reading and we’ll tell you what you need to know about these loans.

It Isn’t Free Money

Many people think of credit and loans as “free money”. Not only is this false and dangerous, it’s also what got us into this recession we find ourselves stuck in. Whether or not you want to believe it, the fact of the matter is that you are, actually, in reality, expected to pay that loan back. Crazy, right? Well, it’s not so bad if you just make sure to spend wisely and pay it off on time.

Not Everyone is Eligible

In order to get a loan, you’ll need pay stubs that prove that you’re drawing a regular check, and you’ll actually need to still be working there, because they will call your boss, believe it or not. This means that it can be very difficult, or even impossible, for certain people to get paycheck loans. If you’re self employed, if you’re a freelancer, if you own a business, basically, if you’re not actually getting paid by way of a pay CHECK, you may want to look into car loans and so forth.

Shop Around

Most pay day loan offices are reasonable and fair, but… That doesn’t mean that some don’t charge more on interest than others. Make sure to shop around so you can find a loan office that isn’t charging you anything more than you can actually afford, and make SURE you can afford it. Don’t let the lure of Cash In Hand trick you into jumping the gun.

It’s Really a Last Resort

It’s really for emergencies. In this case, we define an emergency as any time you need money now, not a week from now. This means NEED money, not WANT money. If you have bills or rent you don’t want to be late on, that’s obvious. But you might also want to snag something on eBay before another bidder does, who knows? Just don’t borrow for anything that won’t still be available to spend money on in another week or two. It’s for when you need money NOW, not for when you need money either now or a week from now.

Visit Payday Loan Guide and learn more about cash advances.

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Article Citation
MLA Style Citation:
Logan, Sarah "Payday Loans – A Life Saver Or A Curse." Payday Loans – A Life Saver Or A Curse. 21 Jun. 2010. 24 Oct 2014 <>.

APA Style Citation:
Logan, S (2010, June 21). Payday Loans – A Life Saver Or A Curse. Retrieved October 24, 2014, from

Chicago Style Citation:
Logan, Sarah "Payday Loans – A Life Saver Or A Curse"

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