There are only a few options you can turn to when you’re caught in a tight money jam. Taking out a fast cash loan is one of the most practical and reliable options. These “payday” loans have been popular for years now and as modern living becomes increasingly complicated, these types of quick financial solutions are going to continue playing a key role in our day-to-day lives.
In this post, we’re giving you a heads up on the best times to use a payday loan and when not to. Have a look through to see if taking one of these instant payout loans sounds like a good fit for you. We’ll start with:
When you’re facing an emergency
At Quickle, we like to advise our applicants that our payday loans are only really suitable for urgent costs as they have to be paid back as soon as possible. Maybe you’ve run out of cash for the month and need funds to buy essentials for a couple of weeks, or something in the house has broken and needs instant repair. If you can continue living without it, many people would argue that it’s not a necessary purchase.
We want to help people by giving them the funds they need to make it to their next payday. If you’re looking to borrow just so that you can buy something fun, your application may not be accepted.
When you need the money right away
The best advantage of a payday loan is speed. You can apply online anytime and our team will do our best to process your application as quickly as possible. In most cases, we usually have the funds paid out within 24 hours of your application being approved. So if you’ve come across a very urgent need for cash, there aren’t any options that’ll get you the money as fast as this.
Borrowing from family can be the next best thing, but it’s never easy to ask those close to you for any amount of money. We try to be as understanding with individual circumstances as possible. Will your parents or other relations have the same approach? Many people would much prefer dealing with professionals than having to bare the emotional impact that comes from borrowing from friends or family.
If you have a bad credit score
With a poor credit rating, you’ll likely find it very hard to be accepted for loans or credit cards with fair rates. Short-term cash loans are based more on your current income than anything else. Even if your credit score is really low, we’ll still accept you for a payday loan if we can see that you’re earning a stable enough income.
The best way to prevent struggling with money is to save by being frugal and cutting down on needless expenses. But when something unexpected comes up, sometimes your costs can be unavoidable and just out of your budget. This is exactly the kind of situation where a cash loan could prove to be an ideal solution.
Never use loans for gambling or ventures
Think you’ve got the ultimate plan to double some money? Think again. It’s never a good idea to use short-term payday loans to back ventures or gamble with. Get things wrong and your costs for the loss could be detrimental. You should only ever gamble with money that you can easily afford to lose because in most cases, that’s exactly what will happen.
There are all kinds of guides and influencers online that might explain ways to use payday loans to make more money quickly. The truth is, payday loans are designed to be super fast for convenience and to help those in dire circumstances. These types of loan are not suitable as capital or seed money.
Get rich quick stories are designed to pull you in and make you take action, but the risks are simply far too great. Most people that gamble or invest in slim chance ventures will lose. Losing money you can afford to throw away isn’t the end of the world, but losing money that you have gained through a short-term cash loan is incredibly irresponsible.Cash Loans - When To Use Them and When Not To Click To Tweet
Read more about cash loans here, or in our previous blog post: The Best Ways To Ensure You Repay Fast Cash Loans Early