Long term loans or small cash advances?
Major loans from the big lenders are all well and good, but what about those times in life where you literally just need a little extra cash to tide you over? You could easily apply for a £3,000 loan and find yourself with plenty of excess, but do you really need to be paying off another debt for five-years just because you needed to cover a car repair bill?
Of course not – which is precisely where the idea of cash advances from the payday lender comes into the equation.
Contrary to popular belief, we’re not talking about some scary and backhanded financial service that’s out for no good, but rather an established, trusted and 100% necessary service for modern living. Somewhere along the line, some plucky soul realised that life doesn’t always call for vast sums of cash and nor does it allow for application and waiting periods of weeks.
Sometimes you need a small cah loan and you need it sooner rather than later – and just like that the payday loans industry was born.
There will always be those that argue against payday loans and say that cash advances are of no real use – perhaps more of an unnecessary expense. All viewpoints are of course valid in their own way, but think about it – just how many times in the course of the average month or year could you and your family benefit from getting your hands on your next pay cheque early?
That’s exactly how payday loans and cash advances work – by bringing payday forward just a few short weeks in order to allow its respective owner to access some of the cash a little earlier. And for those of such a way of thinking, it is by no means a case of greed or impatience that motivates the application for most payday advances.
There are times and places when to take no action has the potential to lead to frankly hideous consequences in terms of financial impact. A forgotten bill or late payment for example can quickly transform into interest hikes, penalty fees and the kind of credit score damage that can continue wreaking havoc on a family for years to come.
Likewise, a broken down car at the worst possible moment could see a person unable to work, a family unable to function and a general state of chaos until repaired.
These are just two of the infinite everyday practical uses of payday loans that could make the biggest difference in the world for so many.
Drawing the Line
It is simply a case of drawing the line between what’s necessary and what’s superfluous. If by rights taking out cash advances of £100 for a charge of £25 could save a person £50 on penalty fees or horrendous credit score damage for the next five years, wouldn’t it be quite foolish not to opt for the loan?
There may be plenty of times and scenarios where cash advances wouldn’t be the best course of action, but in others they can be absolute outright Godsends.