1. The process is discreet. You can fill out the application forms from the comfort of your own home and submit them instantaneously, by-passing the need to wait in line to get your answer. Face it, it can be embarrassing for some people to not have enough money to pay the bills – this way you can remain virtually anonymous.
2. Immediate feedback on the acceptance or denial of your application. Emailing your application forms sends it directly to the correct person in charge of application review. Often money can be transferred to your account within twenty-four hours.
3. Easy comparison of payday loan fees. With so many storefronts available online, you can quickly and effectively search for the best terms and lowest rates for your needed amount. You may even be able to bargain with businesses to match or beat their competitor’s rates.
4. You don’t want to borrow from family and/or friends. By using a payday loan, you don’t have to tread the dangerous waters of borrowing money from your loved ones, which can end up causing tension because of people’s differing opinions on how quickly the loan should be paid back.
5. A credit check is not always required. Bad credit is not the end of the world, but it certainly can make it more difficult to get a loan. Often payday loan sites will accept loan applications that the local bank may be more hesitant to honor.
6. A medical emergency. Considering that about sixteen percent of Americans are uninsured (DeNavas-Walt et al, 2007), which translates into a whopping forty-seven million people, injuries and illnesses can take the wallet by surprise. Often the consequences of delaying treatment can add up to a much bigger, much more expensive problem. Those stitches needed could turn into an infection, that cavity could turn into a root canal, that heartburn could in reality be a heart attack. Don’t take chances!
7. When penalties for missed payments end up being more expensive than online loan fees. Sometimes your paycheck doesn’t get deposited on the exact day that you are depending on it. Compare the fee of a payday loan with the possible cascade of bounced check and late fees that could rack up in order to make your decision.
8. You have a huge car repair bill that is not covered by car insurance. The accident may not have been your fault, but the payment for your repairs may be delayed in court. If the repairs were caused by someone else, you should see if you can include these payday loan fees in the amount you are suing to recover.
9. The ugly bright orange eviction notice posted on the front door. The cost of finding a new place to live, plus moving expenses, utility deposits, and all of the other various expenses of moving may add up to be far more expensive than taking out a pay day loan to stay in your current residence.
10. Unanticipated travel. Your sister’s baby was born a month early, your grandfather is in the hospital, your best friend is coming home from Iraq, or Aunt Bettie in California has died. You may want to purchase your tickets with a loan advance instead of waiting until payday. Sometimes buying tickets a few days earlier can mean hundreds of dollars in savings, which would far outweigh the cost of the payday loan fees.
DeNavas-Walt, C.B. Proctor, and J. Smith. Income, Poverty, and Health Insurance Coverage in the United States: 2006. U.S. Census Bureau. August 2007.