While using payday loan services is not considered sustainable for the long run, they are a useful part of the financial system in place today. There are situations when asking a friend, family member, or the bank just isn’t an option.
Holiday Expenses
While it is a better option to start saving for holiday expenses like presents and entertainment ahead of time, sometimes you need some money to just “float” the next few days or weeks. If you know your Christmas bonus is coming at the end of December, but the bulk of the sales are earlier on, easily get loans in Montreal or wherever you are shopping to get the best value out of the deals. You can quickly pay the lender back once you cash your bonus cheque.
Health Emergency
We never like to think about the worst-case scenario, but stuff happens, and a health emergency can have real implications for your family. You can’t always anticipate the hospital bills, and when it’s a matter of life or death, you don’t want to put a dollar value on it. There is much to be said about the power of community in helping cover expenses or even insurance kicking in after some time, but you need to pay the bills and continue to live in the meantime. The banks won’t always have the power to give you the money you need, however, there are other services that won’t ask questions.
Bad Credit
People make mistakes. However, banks are not as forgiving as people tend to be, especially if you have bad credit or have bankrupted in the past. Payday loans don’t look at your past, they just count on present and future you to repay the money you borrow. There are points in your life when you have to make an investment- whether into your education, an essential reno that will pay itself off once you sell your property, etc., and you need the capital to do it. As long as you know that you can repay the loan with interest and it’s still worth it, then it’s a smart decision.
Borrowing money should always be done mindfully and with purpose. The ability to acquire loans is not to be taken lightly and should be seen as an opportunity to get out of financial turmoil and into a good situation.