Defy Conventional Wisdom: Payday Loans Can Save You Money

The following is a guest post from Dollars Direct. 
No two people are alike in this world. Everyone not only looks different, has different DNA and a maze of different life experiences. Chances are even you and your closest doppelganger probably approach one thing in particular differently: how you think about money.
Your mother, your brother and your significant other might all advise against using payday loans, for example. But if you examine your own life situation, taking out such things as cash advances from your next paycheck may yield smart outcomes – regardless of what everyone else has advised you to do. For example:

  1. You like to pay bills on time.
  2. But an emergency expense (e.g., car mechanical repairs) makes that impossible this month. 
  3. You apply for a payday loan online 
  4. You receive your cash within a day, enabling you to pay those bills.
 Now, what was wrong with that scenario? Let’s imagine the late payments hit because you didn’t get the cash advance loans. How would that be a better outcome?
The facts are that only you can determine when alternative financing makes sense for you. If you have a credit card, that’s another way to cover an emergency, but not everyone can do that. Either their card is near its limit. Or the balance is building up and all you can do is pay the monthly minimums. This situation has gotten so out of hands with millions of families that they eschew all use of all plastic.
Your mother might have instead used a pawnshop for a fast cash advance. Your brother might prefer a car title loan for his extra cash. Your significant other might be inclined to just allow the bills due to go late, the consequences be damned. And when any of them do, you might wisely choose to remain silent. Some families just can’t handle two geniuses all in one place at a time.
Editor’s Take: I think every situation involving money is unique, as well as every person who has them.  Could a payday loan be a viable option for someone?  In certain cases.  But, it has to be someone who has surefire income coming in soon and who has the flexibility AND the discipline to pay the loan back as soon as that income arrives.  It has to be someone who doesn’t rely on these as a matter of course, because of the costs involved.