Is Getting a Pay Day Loan a Bad Idea?

Borrowing money is never really a good idea if you can afford not to. Of course, home mortgage payments and car payments are pretty standard in our culture. Credit card debt is not a good idea. Pay day or cash advance loans are even more unseemly. But, these types of loans can get folks through hard times. These loans should only be used with caution and only when absolutely required. Getting in the habit of relying on these loans can end up costing you thousands. That being said, here are few situations you might help with a pay day loan.Car RepairsCar repair does not man using these loans for a down payment, a monthly car payment, or for car insurance. These types of expenses should already be a part of your regular monthly payouts. However, if the car needs some unexpected tending to, this would be an acceptable way to spend a pay day or cash advance loan. If your car is necessary to get to work, this is an especially good reason to get one. If you cannot get to work; how are you going to get your other bills paid?Medical ExpensesOne day you are fine, the next you day you find yourself in a hospital or a dentist chair. Or maybe you have just visited your doctor and have been prescribed some new medication. Here too it would not be irresponsible to take out a cash advance loan. You need to watch your health. But, you will need to work your medications into your monthly budget, and you will need to talk with your healthcare provider about working out time payments.MovingUsually moves are planned well in advance, so this is a little bit of a flaky reason to take out a loan. But, if you are faced with the prospect of packing everything up, things can get a little overwhelming. You may not be able to cook or other financial needs may crop up. Moving trucks, security deposits, packing material, and supplies can all be costly. And, since it is not more than a once a year thing, it would probably be helpful to take out a small loan to get you over the hump.Make Your Pay Day Loan a Good IdeaWhen taking out a cash advance or payday loan, only request absolutely what you need to get by – or less. If you ask for more than you really need, you are just going to be costing yourself on down the line. Be sure you have checked the reputation of the lender you are going to use. Shop around, because rates and terms vary widely and you could save a lot of money.Take Care of the Loan, Take Care of YourselfOnce you get your next paycheck, go directly to the lender and pay off the loan. Try to pay early to save yourself some interest. Do not extend the loan or take out another. Some people get in the habit of borrowing and before they know it they are deep in debt and only paying off interest fees. Never use a loan to pay another debt. You made the debt, pay it. Payday loans are for emergency funding. If you seem to have a constant emergency, getting loans is only going to make every emergency worse.