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Ever wonder how some people manage to take out
expensive payday advance loans and still come out on
top financially? It’s not easy, but it is certainly
possible. This is the story of Emily, one person who
used a payday advance loan to dig herself out of a
financial rut.
Emily’s charge card, car payment, cellular phone
bill, and rent were all due in three days, $1,500
total. Emily had $500 in the bank. Her monthly pay
check wouldn’t come for ten more days, and her boss
said no to a payday advance. Loans were out of the
question, she thought. She needed the money in three
days, and a bank loan would take that long just to
mail her the paperwork.
If Emily was late paying her $300 credit card bill,
she would incur a $35 late fee which would make her
balance exceed her credit limit, earning her a $50
over-the-limit fee. She couldn’t afford to be late
on her car loan, cellular phone or rent, even though
there were no late fees. Having paid each of those
bills late a few times in the past, she’d be skating
on thin ice if she did it again.
Cash Advance Payday Loans: Emily’s Salvation?
Emily decided to apply for a cash advance payday
loan. She knew it would be foolish simply to trust a
lender of these loans for information. Searching on
the internet, she found a website that did not
belong to a payday advance loan lender, but instead
reviewed the payday loan lenders.
She visited the website of online payday advance
loan lender that was rated particularly well. Emily
knows there are a lot of cheats on the web, so she
was careful. Here’s what she looked for:
• The loan company’s website had a link to the
Better Business Bureau. Clicking on the link, Emily
saw the company’s record: member in good standing
with no unresolved complaints.
• The loan company’s application clearly stated what
the fees were, and what the annual percentage rate
(APR) was. It also stated what penalties Emily would
have to pay if she did not pay back the loan on
time.
• Looking at a few other websites, Emily saw that
the original loan company’s loan terms, fees, and
interest rates were competitive.
• She double-checked that her upcoming paycheck
would be enough to cover all her outstanding bills.
• She then checked into all the bills she would have
to pay in between her upcoming paycheck and the one
after that. After all, with her next paycheck going
to repay the payday advance loan, she would need to
make sure there was enough money left over to pay
her remaining bills. She didn’t want to have to take
out another loan after that.
• Emily figured out that she would have $300 left
over after she paid all the bills between now and
the next month’s paycheck. Living for 40 days on
only $300 would be a challenge. But she decided she
could do it if she economized. She would bring her
lunch to work rather than buy it in the cafeteria,
and give up going out at night--including
un-inviting herself from a co-worker’s upcoming
birthday party at the neighborhood bar.
• She posted notes on her refrigerator, steering
wheel, and wallet, reminding herself not to make too
many car trips, waste food, or splurge. She made
herself the goal of reading several books she’d
always wanted to read, rather than going out. She
got them free from the library.
Did Emily’s Payday Advance Loan Plan Succeed?
Fully prepared, Emily took a $1000 cash advance from
the ABC Loan Company and repaid it on the 15th along
with a $50 fee. She saved $85 in credit card penalty
fees. She also stayed on the good side of her
landlord, car loan lender, bank, and cellular phone
provider.
The experience also brought home to Emily that she
was living too close to the limits of her paycheck.
She realized that she would be better off moving out
of her studio apartment, into a room in an apartment
of a few friends. She’d also save money on gas by
moving closer to work.
Today, Emily is grateful to the payday lender for
saving her from financial disaster. She’s also proud
of herself for being able to stay out of the debt
trap so many other payday cash advance borrowers get
into. She recommends to all her friends that if they
ever get a payday loan, they do their homework, just
like she did.
Do you want to use a payday loan wisely, just like
Emily did? Take Emily's advice: start researching
good payday loans online right now.
About the author:
Joel Walsh has written more tips on avoiding high
fees on payday loans online:
http://www.cars-auto-loans.com?payday loans
online
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