The Versatility of Short-term Lending Services
While there are plenty of people who take out electronic payday loans to pay for such things as unplanned weekend getaways, last-minute parties, tickets to a really great game or even to take advantage of the biggest department store sale of the year, you might find that having such fast, easy access to cash can also come in handy in more critical situations, like to pay unexpected medical expenses or to save yourself and your family from a major financial disaster.
Avert Tragedy
Although it might seem overly optimistic to believe a simple electronic payday loan could do something as impressive as averting a major financial disaster, one need only consider the potential long-term ramifications of getting on the wrong side of a credit card company to put it in perspective. If you're just 30 days late with a payment to a credit card issuer, you're guaranteed a sizeable late fee and a negative mark on your credit report. And if your budget the following month doesn't allow enough to cover the late fee and the payment, you'll become the recipient of yet another late fee--in addition to a 60-day late mark on your report. Before you know it, you could find yourself hopelessly behind in your payments, buried in so many penalty charges and derogatory report marks that you have no chance of ever catching up. And even if you finally square things away with the company, the damage done to your financial standing won't be so easily repaired. Time is the only cure for such derogatory marks--two years for late payments of 30, 60 or 90 days, and seven years for delinquencies.
Don't make the mistake of thinking the state of the economy will result in future viewers of your report being more lenient; in fact, the opposite is true. Although interest rates have dropped, lenders--fearing they'll be stuck with an abundance of delinquent accounts by approving people with the potential of having financial issues down the road--have tightened their requirements and are approving fewer loans than they have in years. Also, don't make the mistake of thinking it won't happen to you. Ever since December 2008, when the number of late payments to credit card companies unexpectedly shot up 18 percent, reported late, delinquent and charge-off accounts have steadily increased. For these unfortunate people, it's too late. But you can avoid joining them by nipping the problem in the bud with an electronic payday loan. By using money from your next check to pay your bill on time, you can stop the downward financial spiral before it even has a chance to begin turning.
Other Saving Graces
Banks may have better reputations than do credit card companies, but anyone who's ever overdrawn his or her account knows they can be just as merciless. As if it isn't bad enough to hit a customer with a hefty overdraft fee, it's not uncommon for banks to reshuffle the order of account deductions so several minor purchases show up after the overdraft. With an average overdraft fee of $45 per item, just one mistake could leave you hundreds of dollars in the hole. But not if you know where to get an electronic payday loan in a hurry. Covering the overdraft before the bank starts tacking on charges will likely save you loads of money--not to mention headaches.
