When PayDay Loans Are a Good Idea

Moneytree, Check Into Cash, Cash Advance, even some furniture rental agencies are PayDay Loan Centers. We see them popping up everywhere and for a substantial reason, people actually use them - a lot. Nobody likes to pay 300 percent or more on a short-term loan, in fact, no one likes to borrow money from anyone in the first place, but let's face it there are times when the numbers simply do not crunch, our budgets are busted, or we simply have to face poor Peter after paying off Paul.

Here is my list of the one and only times PayDay Loans are a good idea, along with some simple pointers to avoid the downside of utilizing them.

First, when you are moving. Most folks simply do not have the cash to pay for rental trucks, moving vans, apartment deposits, first and last, not to mention the household cleaning supplies and goods needed to make the transition from one residence to another. Considering that this is your new roof over your head, any expense - including luxurious interest rates - may be well worth it if and when the opportunity arises for you to improve your living situation.

Second, when you are going to a family reunion. The gang decides to all gather for a big family reunion and it is your last chance to see great grandma alive. You need a better camera, of course, and there is no flight to the tiny little town you grew up in, which means you will need a rental car when you get there.

Third, medical expenses. Whether it be the hospital, dentist or veterinarian, no one should have to forgo medical attention. What you gain in better health, will more than compensate you for the expensive loan. One exception being medications. Most doctors have freebies, if you ask. If you are poor, you should already be on some kind of emergency medication program. Most drug manufacturers offer free help, if you fill out the forms or go to their websites.

Fourth, funeral expenses or bereavement travel. Birth, weddings, funerals are once-in-a-lifetime events you do not want to miss. When someone you love dies, you simply have to be there and costs should not be standing in your way.

Morgan Dollar

Credit: Wikipedia/US Mint

Copyright: Public Domain