Payday Loans - When You Shouldn't Get One

When do you need fast loans? It is not hard to sift the chaff from the grain. Not all emergencies must send you running to get those ever ready payday loans. True, situations that need money really need money. But you don't run to the lender every time you need some cash.

Lenders are quick to remind borrowers that payday loans are short term loans for emergency solutions such as:

-- An emergency car repair
-- Unexpected dental appointment
-- A check that is going to bounce
-- Bail money
-- Medical expenses

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Cash advances are not for big ticket expenses. The bigger the amount you borrow, the likelihood of not paying the loan on time is great. The $500 cash advance swells to unmanageable proportions, imagine $10,000! You'll be paying this for years because you can't pay the entire loan in one go and you still got to eat.

Don't take out a loan if you are going to spend it on:

-- An expensive dinner for friends.
-- A new dress and you have nowhere to go when you have it
-- A new cell phone just to keep up with the Joneses

From the moment you borrow the money, there might be pressing emergencies that won't wait. So you request for a rollover and another rollover while fees and other charges pile up. You already know this, so take heed.

More Reasons to Avoid Payday Loans

Here are more reasons why you shouldn't get quick payday loans:

-- You earn just enough for your needs; paying a loan for years can rob you of the joy of living and working
-- You have a mortgage; additional bills can cripple your budgeting
-- You have other loans and they're all screaming to be paid
-- Your job is endangered

You have heard sob stories of loans gone bad. The culprit is you, not the loans. Have you calculated the entire cost of the loan if you fail to pay it on time? Multiply that with several rollovers and add the surcharges, you have a dynamite on your hands waiting to blow up your finances to kingdom come.

How to Handle Your Fast Loans

With everything said and done, you still need a loan. Okay go get it but don't allow it to push you to the corner. Here's what you can do to manage your loans:

-- Get a loan with all the realistic numbers in your head
-- Give a margin for two rollovers just in case
-- Admit you'll have to live on less until the loan is paid
-- Have plan A and B ready if an emergency crops up
-- Give up some luxuries and stick to a Spartan budget

Don't go charging to the lender until you have all these aspects on the table. If you still have the time, try to get a loan from your parents if you can wheedle a hundred dollars from them but if the lender is the last resource, compare lenders first before you seek quick solutions from payday loans.

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