I have been for a very long time wondering if an on-line payday loan is worth it and if it would actually help me or hurt me financially. I have for many years been listening to consumer talk shows and reporters say that on-line payday loans as well as other types of loans off-line can be dangerous as the interest rates can be out-of-control. I am not quite sure if this is true or not as I have not applied for one, yet, every time an email comes to me about a payday loan, I think about doing it.
One of the reasons for getting one in my opinion is that my paycheck goes to so many bills as well as helping out an elderly mother, that I feel it would be helpful so that my wife and I could get some of the things that we would like much quicker. Getting an on-line payday loan could possibly accelerate getting bills paid, depending on the amounts allowed by the on-line payday loan companies. I think that if I was afforded a $1500.00 loan on-line, this would help me get caught up with some utility payments as the cost of utilities has gone up tremendously, unless of course you get a budget agreement done between the consumer and the utility company.
What would worry me is that if you applied for an on-line payday loan and you are approved, then you somehow end up losing your job, then what happens? It would appear that all you have done is made matters worse and either end up in court with a judgment against you as well as adding more debt to what you are trying to take care of in the first place.
So, if I was going to get an on-line payday loan, here are my top 10 reasons for doing so:
1. To help accelerate bills to be paid on a monthly basis.
2. To help pay for utility bills that are not part of Number 1.
3. To help my wife get something that we might not have the money for at the time.
4. Possibly assist in paying for high gas prices as I unfortunately have to do more driving
then I really want to.
5. Maybe use it to take my wife out for a nice meal, a movie and maybe even a ball game.
6. Help get my mother out of the house once in a while and get her something that she needs
7. The internet is becoming a safer place to buy things and it might even be a better place to
get a payday loan than using a common “loan shark.”
8. Help purchase something on-line that I really would like to have or need.
9. Help with cash flow as sometimes I am unable to live paycheck to paycheck.
10. Help pay for groceries sometimes so that I can get a little more as it doesn’t come from
my paycheck for the time being.