Disasters take on several situations, it could be life-threatening, lose you your home, or cause you to miss an important date. Would you need a payday loan for all of these emergencies? Not really. There are times when you should learn to say no to a payday loan.
When to Say No
When your landlord threatened to throw you out if you did not pay the overdue rent, it was right to ask the boss for a payday loan. When she was not convinced of your theatrics, you had no choice but get one from a lender. With the boss, the loan would have no interest but with a lender, you had to kiss an extra $50 for a $200 loan goodbye. That meant you were poorer by $250 the next payday when you paid up.
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But it was so right. You still have safe place to stay. This is one smart reason to get a payday loan. But if you need a loan to buy a TV set because the world was having the latest home theater, this is a BIG no-no. Look what comes with the loan, added electric consumption, eye bags because of late night movie viewing, tardiness at work, and worse a warning from the boss. So the loan was not worth the trouble, right?
These examples just proved that there are times when you should not rush to take out a quick loan. Although the thought of a fast loan is tempting, think of the possible consequences. True you have the right to make choices but here is the lowdown, you do not have the right to choose the consequences of you choices. So better lay off that loan when you can still make do with what you have and there's no life at stake.
More Reasons to Say No
When you take out a payday advance on impulse because it is available and you think you can afford it because you have a steady income every fourteen days it sounds logical enough; but is it practical enough to send you eagerly running to the lender to pay the loan when the time's up? Yes, it is definitely a chore to pay the loan when the money was not spent wisely. You have bought a new TV set but ignored the landlord's hysterical pleas for your rent.
Out to the streets, you go, with your new TV behind and no roof over your head and you still have a loan to pay. Well, hindsight was better than foresight in this scenario. Here are more reasons why you should not get a payday advance:
- Existing unpaid loans
- High interest rates
- More pressing priorities than buying new clothes
- There are better and less riskier options available
Of course, there are more reasons that could be listed here. But frankly, you know when you should not get a cash advance. Did you not hear warning bells when you planned to take out just this one loan to fund a birthday bash? Did not that little voice warn you during the revelry to drink hard and be merry for on the fortnight you cry? That is it; the little voice knew when you should say no to a payday advance. Now you know.
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Toronto, Ontario, Canada
M4P 1A9
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