Financial hardships are something many Americans struggle with at one or more times in their lives. Unexpected expenses have a way of cropping up at the least opportune times. We know, and you know, that a temporary shortage of funds is a fact of life, but being short on cash still comes with a significant amount of stigma around it. This poor opinion makes asking for money from friends or family a very degrading experience. The good news is that you have options, and there is a light at the end of the tunnel.
A Loan or a Credit Card with Bad Credit
For some financial situation, a loan is a great way to find the money that you need. Credit cards are also a common safety net for some people. For either of these solutions, credit impacts your costs and timing when dealing with a financial emergency. Approval processes can drag on for weeks, and by that time they cannot help you. Although getting a credit card with bad credit is a great way to have better credit in the future, it isn’t going to help you right now. Sudden and short-term cash shortfalls are times when online payday loans can help you the most.
The Right Time for a Payday Loan
Payday loans meet a very specific need in the financial market. Their purpose is to get relatively small amounts of cash fast. The idea is that you just need enough to get over a bump and that your next pay check brings everything back to a steady state. Remember, these loans typically only last for two to four weeks, which is not much time to build up significant interest payments, even with the higher interest rates.
With online banking, you can request and receive a payday loan from your home and at any time of the day. These systems are fast and reliable processes that get you approved in minutes, and give you cash in your bank account within as little as an hour.
The other advantage with an online payday loan is that your money is electronically transferred to your bank account. With this transfer, you have more freedom with your cash than you would with a credit card. For many people, acredit card with bad credit has high fees for cash advances, which limits your ability to deal with your financial troubles.
For you future financial health, it is critical that payday loans, credit cards, and traditional loans are for emergencies only. Using any of these products as a way to make ends meet every month can cause you problems. Regularly spending outside of your means is a sign that some re-evaluation may be necessary to ensure you’re on the right track to becoming financially sound.