Can Payday Advance Loans ever be a Good Idea?

If you're someone who has a hard time making sure that you don't spend more than you have and hoping someone will lend you money by the third week of the month, would applying for payday advance loans really be a terrible idea? Perhaps it wouldn't be such a bad idea, considering.

Considering what, you ask? Let's look at it this way on average, people who tend to run out of money and generally remain unorganized, tend to bounce a few checks. Bouncing a check by itself costs about $25-$30 in penalties. If you want to avoid that, you'll have to ask for an overdraft service that will cost you even more. Basically, if you want money at the end of the month, there's no cheap way of getting it, unless you have a credit card. But then, people who live life on the edge like this often don't have good credit cards. That's where those payday advance loans come in.

You see, all told, payday advance loans don't really cost you much not when you compare them to what you have to pay for bounced checks, anyway. Certainly, your average payday loan is a high interest loan. Let's say that you need to pay an emergency medical bill that amounts to $750. You check in your account, and you only have $550. Where can get $200 from? Bounce a check, and you lose about $50 - both the hospital and the bank charge something. On the other hand, if you went to a payday lender, it would only cost you about $35 in interest.

Without a doubt, it isn't a good thing to live your life this way. But if you do live your life this way already, the best thing to do would be to choose a payday loan over the overdrafts and check bounces. But this is only for people who are responsible enough to pay their payday loans off with the very first paycheck they get, after.

If you're going to be the average payday borrower, you had best stick to your overdrafts and bounced checks. Because the average payday borrower takes four months to pay a loan off. And often, this kind of thing sends them spiraling into long-term debt and bankruptcy. The lesson is clear then. If you plan to pay your debt the very first chance you get come the next payday, your friendly payday lender should be your best friend. Otherwise, you should probably stay away.

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