The Single Worst Reason to Get a Payday Loan

Want versus need is a concept that more and more people are having trouble distinguishing between. If you asked someone to choose between having their electricity shut off or their cable TV, there are those out there who would, strangely, choose to have their electricity cut off first.

There is no doubt that human beings are needy creatures. We need food, water, shelter and clothing to keep us warm. Most of us are used to having much more than this, however, and have had more than the basics for so long that we have come to regard certain things we have as needs rather than the wants they actually are. For example, we need water to survive - we don’t need beer or $4.00 cups of coffee. We need food to eat, and it is possible to get a full (if not tasty) meal from a grocery store for less than .50 cents. We don’t need to go out to eat fast food or nice restaurants. We need transportation to work in most cases - but that doesn’t really mean we need a car - public transportation is readily available in most cities in the country.

What Are Payday Loans Good For?

Wisdom dictates that due to the extremely high interest rates charged by payday lenders, payday loans are pretty much only good for emergencies. Real emergencies. Taking out a payday loan because you had your heart set on that cute little blouse is a very bad idea. Taking out a payday loan to finish financing that special date is not a good move either. Taking out a payday loan to pay the cable bill or cell phone bill may seem like a good idea, but the alternative, having your cable cut out for a couple of weeks until you get paid again, is generally going to be far less expensive than the fees charged for a payday loan.

So What’s the Worst Reason for Taking out a Payday Loan?

In a word - greed. Taking out a payday loan to fulfill a want rather than a need is a sure-fire way to find yourself paying more than you bargained for in getting whatever you wanted. Not to mention the high-level of risk you are taking in exacerbating the situation if you are unable to repay the loan on time. Those fees can add up quickly, and many people have found themselves lying awake at night fretting over the threatening calls and letters that come from having taken out a payday loan for the wrong reasons. So before you sign on the bottom line for a payday loan, ask yourself ”Is it really critical that I get this money right now?” If you aren’t sure, consider borrowing money from a friend or family member instead.