I Need Money Right Now (13/25) - Take Out a Pay Day Loan

This is the 13th installment to the immensely popular I Need Money Right Now blog post series where I share ways to get money very quickly. Since writing these posts I have received mail from readers to let me know how useful it's been which is great. All the suggestions in the blog post series are completely legal and you will be able to supplement your income if you put your mind to it. Please feel free to share the content with other people who might find it useful and as ever please leave a comment as it's a pleasure to hear from readers.

The 13th installment of the I Need Money Right Now series looks at taking out a pay day loan. On occasions people discard payday loans because it's received a very bad reputation. When people see APR figures exceeding 4000% they shy away from the loans. Pay day loans can be very useful if you use it effectively as we will see later on.


Before I go on I want to advise the people who are experiencing hardship to visit the USA.Gov website. Pay day loans are not for people experiencing hardship, instead visit the site and look for financial help from the Government. Some of the programs on offer include mortgage assistance programs, rental assistance programs, military financial assistance and even help with debt management, this site is definitely worth visiting.

I Need Money Right Now - Take Out a Pay Day Loan

Here are the rules. Pay day loans are not to be used regularly, these loans should only be used when you need a little extra to make ends meet. The pay day loan should only be taken out if you can afford to take it out. If you're planning on rolling the pay day loan indefinitely then you will get in financial trouble.

Credit: Speedy Cash

If you need to borrow $500 for 30 days you will usually pay back $600 when the time runs out. This is very useful if you need the money urgently but know you will have the money in 30 days time to pay it off completely. I myself have used payday loans in the past when my appliances have broken down. I made sure that I paid it off even if it meant making cut backs of food and groceries. 

Pay day loans are not for you if you find money management and financial discipline difficult. If you have a tendency to get into trouble then do not under any circumstance take these loans out as you'll get into deeper financial difficulties. 

You should only take out a pay day loan if you can manage money properly. The first step is to find a comparison site to compare all the pay day loans on offer, make sure you know how much you want to borrow and how much you will have to pay back as well as the duration of the loan. Once you know what you need to pay back check to see if you can afford it, you might have to make cutbacks to pay off the loan.

Payday loans are usually transferred to your bank account the very same day. On some occasions you might have to fax over some proof, more lenders are now accepting photos of proof which can be emailed over to make the whole process smoother. Once you take out the pay day loan use it on what you intended the money to be used for. Do not splash out on other items even if you have money to spare. If you do have money to spare then add to it so you can pay the loan off sooner.

Pay day loans can be a very convenient way to make ends meet. In the wrong hands these loans can harm you for a very long time especially if you decide to keep rolling the loan. In the future try to set some money aside in an emergency fund so you have money on call if you need it urgently.

If you enjoyed this post be sure to check out the other posts in the I Need Money Right Now 25 part series. Be sure to share the content with other people who might find it useful and leave a comment as it's always a joy to hear from readers.

I Want Money Right Now Resources

Speedy Cash Payday Loans
Advance America Payday Loans