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The Anatomy Of A 24 Hour Payday Loan

In the normal course, applying for a loan, submitting a series of papers and then waiting for your loan to be approved is a cumbersome process. But, with the 24 hour payday loan, it is as easy as buying a box of chocolates from your neighborhood supermarket. There are no credit scores to bother about when you are applying for the 24 hour payday loan and no paper work to bother about either. In most cases, your loan is approved instantly and your checking account credited the same day.

The 24 hour payday loan is easy to get, but the loan comes at a stiff cost to you and in most cases will automatically be taken from your checking account as soon as the pay check arrives. In addition to the loan amount, the lender’s fee and interest charges will also be claimed. Does that mean you are back to square one a day after the pay check has arrived? Even if you apprehend that possibility, it can potentially be a dangerous situation.

The 24 hour payday loan is only to help you tide over a critical emergency like illness, an unexpected car breakdown, minimum payment demands on your credit card, or a utility bill and so on. These are situations where a day’s delay invites penalties or additional costs. Therefore, even with the expensive 24 hour payday loan, you can neutralize the cost. You will also save yourself the embarrassment of a bounced check or penal interest and so on.

Once you have applied for a 24 hour payday loan, and the contingency is met, ideally your mind should be continuously engaged in bridging that vital gap to ensure that you do not resort to another 24 hour payday loan to meet that very same bill.  In most cases, the maximum amount that you can raise through a 24 hour payday loan is limited to $1000.  Use a magnifier to look through all your expenses and find ways to scrape some dollars wherever you can. Not attending an event or wedding for instance, is always better than your walking into a debt trap. Some courage to say no to expenses that you can avoid, and perhaps an enhanced effort to boost your sagging finances, will ensure that the 24 hour payday loan remains an emergency exit and not your regular source of funding various bills.

Consider finding part time jobs during week ends or even freelance jobs on which you can spend some 15 to 20 hours a week. These are among time tested ways to boost your sagging finances and once you succeed in this, you may never need a 24 hour payday loan ever again.

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