Girl ninja flew in last night for her big interview today. We haven’t seen each other in five weeks and I don’t think she’d be too excited about me writing a blog post right now. That means you are getting a sponsored post today. GN leaves on Saturday so I will be back in full force on Monday.
This question may not be about choosing to have or not have (or not use) a regular credit card. Maybe you don’t have one to begin with. Maybe you were turned down because of poor credit or large existing debt (school loans, car loans, etc.). Or maybe you just want to go the Smart Route: live on your earnings and not much more.
Novel concept, living within your means. It’s how 30-year-olds buy homes with 30% down payments. It’s how 25-year-olds qualify for car loans with lower interest rates. And it’s how millions of recent college graduates are paying down their school debts: they budget to the bone and manage to do it.
But what about the emergencies? What happens when your car seizes up and the mechanic says it will come to $1300? What if you are traveling and have a medical emergency – you use a healthcare provider outside your insurance company network, saddling you with a $800 co-pay that you really didn’t need right now.
Try this other novel concept: Look into paycheck loans . This is where a lender will provide you a loan based on the size of your paycheck. You sign onto the lender’s website (an easy cash advance online will require about ten minutes of work from your computer) and make your loan request. If you are employed, have a bank account, and do not have any other paycheck loans outstanding, getting your loan request approved is almost guaranteed. A poor credit rating will not get in the way.
There are people who criticize paycheck loans, so let’s look at those criticisms here:
The interest rates are too high: This varies by state, but the critics’ calculations are typically based on holding the loan for a year. Paycheck loans are designed to be paid off in about 30 days or less.
You don’t know who you are dealing with: Look for American-based lenders versus those who operate offshore. There’s a lot more transparency with USA-headquartered easy online cash advance lenders than where you buy certain other things on the Internet.
You can get into trouble with these loans: Really? You can’t borrow more than an amount that is less than one pay period. If you get a car title loan, it can be for many thousands of dollars. There are people under the age of 25 with $25,000 in credit card balances that carry double-digit interest rates. You could do a lot worse than paycheck loans.
Managing through a tight economy might be a good thing for all of us. It teaches us to question conventional wisdom and to find the smart ways to manage our spending behaviors and our money. Things can only get better when you know more about how to do it.
(Ninja’s notes: I think if we all live within our means and establish a reasonable emergency fund we can avoid depending on credit in virtually all circumstances. I’d personally never use a payday loan service, and definitely wouldnt reccommend you using one without knowing ALL the terms. There were however a few compelling arguments for why a payday loan isn’t necessarily as evil as we all think they are. What say you?)