Can a Payday Advance Save Me Money?
Can a payday advance actually save you money? Yes. Surprising but true. How is it possible that borrowing money could end up saving you money? Take a look at the following situation:
A young man we'll call "Todd" just graduated from college and needed professional clothes for his new job and necessities for his apartment. He charged all of his purchases to his credit card until he started making money with his job. Now Todd has a balance of $3000 on his credit card. Last month, he didn't have enough money to pay his credit card bill. When he gets the bill this month, he panics. He's got a late fee, which made his balance go over the limit, which gave him another fee. His next payment was almost $300.
In a case such as Todd's, a payday advance could save you money. You can borrow money from your next paycheck for a fee. If you repay it on time, you're obligation is over, and you've gotten a short-term loan. The benefit is that you're able to pay your credit card bill. If you didn't pay that, you could end up with higher fees. A payday advance allowed you to avoid these penalties and larger payments that would haunt you for a long time.
It's the same thing with bounced checks. If you purchase something and do not have sufficient funds in your checking account, the bank and merchants can impose returned check fees, which can be as high as $55 per $100. The $15 fee per $100 borrowed on your payday advance is much easier to handle.
When considering whether or not you should get a payday advance, figure out the alternatives. If it'll cost more in late fees or reconnect fees, you're making a sound decision. Payday advances can help you make the most of your financial situation.
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