We have not yet taken advantage of any payday loan but we have heard of its benefits. A payday loan is a short term loan which has to be paid on your next pay day. In short, it is a loan that can cover your emergency expenses that you need right away. When there is an emergency in our family and we need money right away this can be really helpful. It needs to be paid right away too but I think that is one of its benefits. Who wants to think about debt anyway? The faster you’re able to pay it the faster it is off your mind, right?
The payday loan is also known as cash advance or cash loan. I might recommend it to our friend who needs to buy a laptop. He was asking us if we he can pay half of the value of the laptop he has in mind upfront and charge the rest to our credit card. The problem was our credit limit is not that high so we wouldn’t be able to use our card if he uses it to pay for his laptop. Since he has a stable job and has no family responsibility to think of I know he can pay the remaining half on his next payday. Yes, a payday loan is definitely for him and I’m glad we can let him down gently but still help him by suggesting he get a cash advance instead.