Payday Lending Like Credit Cards Are For Emergency Use Only

bigstock Mortgage Loan Contract Documen 6809042 Payday Lending Like Credit Cards Are For Emergency Use Only
The advertisements for payday lending are so attractive that even those who do not need the money are tempted to apply. Be aware that these loans are great only when you are indeed in sudden need of cash. In fact, finding yourself needing money so badly that you have to apply for payday lending should tell you that you have deviated from the proper financial management principles.

Avail of this loan ONLY if you could indeed repay it on time. Non-payment, deferral, delay all will impact your credit score. A better option to payday lending is setting up a savings account for such crisis management needs. Aim at putting aside about 10-12 times your monthly income.  This savings fund should carry you over not only in sudden financial crisis, but can also act as a stand-by financer for short vacations when you simply need to get away. So, putting a little aside for a rainy day will not only save you from payday lending, but also provide you with much needed recreation and rest from time to time.

Source:   Payday Lending Like Credit Cards Are For Emergency Use Only

Leave a Reply