Instant payday loans are very popular these days as a way for people to get through tough financial times. As we approach Christmas more and more of us will find ourselves running short and may be tempted to obtain an instant payday loan from one of the many companies on the Internet which advertise such products. Is this a good idea, or will the use of these credit products end in further financial hardship in the new year?
What Advantages Would Using An Instant Payday Loan Have?
Instant Payday loans have many advantages over traditional loans available on the high street, including:
1. As their name suggests, payday loans are usually delivered very swiftly to your bank account. On many occasions the company will pay you the money on the day you apply meaning you will be able to get a loan in time for the holiday period.
2. They are available to anyone who holds down full employment and has a bank account.
3. The application process is very simple, and is completed in a matter of minutes.
4. Even if you have a bad credit rating you will be able to apply as no credit checks are carried out during the application process.
What Disadvantages Would Using An Instant Payday Loan Have?
After looking at all the advantages of a payday loan it can be tempting for many people to immediately jump in and get their hands on as much money as possible. With Christmas on the way we have a tendency to think only about the immediate future without considering the consequences which will come back to bite us in the New Year.
With that in mind, remember the following points before taking the plunge:
1. Instant payday loans have a very high interest rate applied to them which makes them an expensive loan compared to those available from the bank.
2. Payday loans are expected to be paid back on the day you get your next payday check. Failure to meet the deadline will result in increased charge.
3. Taking out payday loans can become an expensive habit, with some people finding that they take out increasingly large loans every month to cover the loan from the month before.
So, Should I Use A Payday Loan This Christmas?
My advice is always to avoid payday loans unless such a situation occurs that you have no other choice. I am aware that during Christmas time it can be tempting to over spend but in reality, the urge to spend more money than you can afford on Christmas gifts is not an emergency situation which warrants getting into unmanageable debt. Find ways to save money on non-essential items and cut back on the gifts you buy for loved ones. It can be embarrassing to admit to friends and family if you are finding things hard, but at the end of the day everyone will understand and you will find yourself in a much better position when the festivities are over.
Article Source: Ezine Articles
What Advantages Would Using An Instant Payday Loan Have?
Instant Payday loans have many advantages over traditional loans available on the high street, including:
1. As their name suggests, payday loans are usually delivered very swiftly to your bank account. On many occasions the company will pay you the money on the day you apply meaning you will be able to get a loan in time for the holiday period.
2. They are available to anyone who holds down full employment and has a bank account.
3. The application process is very simple, and is completed in a matter of minutes.
4. Even if you have a bad credit rating you will be able to apply as no credit checks are carried out during the application process.
What Disadvantages Would Using An Instant Payday Loan Have?
After looking at all the advantages of a payday loan it can be tempting for many people to immediately jump in and get their hands on as much money as possible. With Christmas on the way we have a tendency to think only about the immediate future without considering the consequences which will come back to bite us in the New Year.
With that in mind, remember the following points before taking the plunge:
1. Instant payday loans have a very high interest rate applied to them which makes them an expensive loan compared to those available from the bank.
2. Payday loans are expected to be paid back on the day you get your next payday check. Failure to meet the deadline will result in increased charge.
3. Taking out payday loans can become an expensive habit, with some people finding that they take out increasingly large loans every month to cover the loan from the month before.
So, Should I Use A Payday Loan This Christmas?
My advice is always to avoid payday loans unless such a situation occurs that you have no other choice. I am aware that during Christmas time it can be tempting to over spend but in reality, the urge to spend more money than you can afford on Christmas gifts is not an emergency situation which warrants getting into unmanageable debt. Find ways to save money on non-essential items and cut back on the gifts you buy for loved ones. It can be embarrassing to admit to friends and family if you are finding things hard, but at the end of the day everyone will understand and you will find yourself in a much better position when the festivities are over.
Article Source: Ezine Articles
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