When a Short-term Loan May Work for You

This post / article was sponsored by MYJAR

Grabbing a payday advance is not necessarily the negative thing it’s currently portrayed as in the wider media. Responsible lenders do exist, going so far as to vet customers’ abilities to repay from steady income before agreeing to deliver cash quickly and conveniently to those who qualify.  Most operate 24-hours a day, 365 days a year and are available via phone call, e-mail or SMS message. But under what circumstances should you seek out a payday advance? The answer lies with the individual. When unforeseen circumstances put your bank account under stress, a short-term loan could be the answer to your temporary financial problems.

Though all borrowed money incurs some cost – in this case with a payday advance on your wages – the charges are for the convenience of being paid early and directly. As long as you pay the loan back by the due date, no added charges will grow your debt. Always read the large and small print, including details on fees and interest rates. These should all be provided upfront by a reputable company, and all loans big or small must be backed up by a watertight plan of repayment on your behalf.

A short term loan should not be used to remedy long term debt or a problematic cash flow situation. If you’re struggling you should contact a debt management charity for advice; any reputable lender will send you in that direction. When used correctly, however, a payday advance can put a small amount of cash in your pockets just when you need it the most.

Leave a Reply

Your email address will not be published. Required fields are marked *