When Should I Use A Payday Loan Store?

When your finances are simply beyond your control and life keeps on coming at you ( BILLS!), using a payday loan store may be your best bet.(Sometimes called a fast cash loan, or even emergency cash loan). .

Borrowing funds from a payday loan store is considered "expensive" because of the triple digit APR's (annual percentage rate) that is usually associated with the quick cash funds.

Because the fees charged for a quick cash loan are expressed in terms of cost per $100 borrowed, they appear ridiculously high.

The fees for a typical payday loan store run about $15-$25 per $100 borrowed and must be paid back in 14 days usually.

A fee of $15 per $100 borrowed equates to an APR of about 391%.

Deciding whether to use the payday loan store based on this sky high APR can be misleading however.

It is totally reasonable to use the payday loan store as a resource when higher costs will be incurred as a result of NOT having sufficient funds to cover your obligations.

Not having funds could mean paying reconnect fees or missing auto and mortgage payments and paying late fees.

Even more critical would be the effect on your credit score were you to miss a mortgage, auto or credit card payment.

Missing one mortgage payment can drop your credit score significantly which in turn, causes you higher interest rates on any type of credit you apply for.

So paying $30-$40 to receive a few hundred dollars from a payday loan store can be the smartest thing finacialy when you need fast cash to avoid destroying your credit and paying many late fees.

Keeping yourself out of financial trouble is the best solution however many times way beyond your control.

Why not get set up with an online quick cash loan provider?

This may be smart move because then you can tap into the funds down the road wthout scrambling, when a cash crisis actually rears its ugly head and you NEED the funds in 24 hours.

The application process only takes about 2 minutes online.

Typical quick cash loan provider requirements are easy: You need only to be employed earning $800- $1000 MO, have a valid checking account with direct deposit, and valid ID.

Also bad credit is not an issue - it makes no difference if your credit score is 300 or 800, The fees are the same.

The downside of these loans is that you must pay them back on time - or incur repetitive and costly fees - which means being an ultra responsible borrower and keen budgeter.

So... stop beating yourself up about your financial situation and be realistic about your choices - if the quick cash loan provides a solution that can save your credit score... do it!