It is normal for every one of us to be cash strapped. I mean look at it this way, when we get our remuneration package, we have so many commitments lined up to be fulfilled. There is rent, then there is groceries, some personal shopping and if you are like me funding your own college education, then it goes in paying off your student loans. And whatever is left is hardly anything. Telling you from my own experience, by the time I am only half way through the month, my pockets are so empty that I worry what would become of me if I have to have any exigencies. I have been fortunate not to have any so far though!
But I know friends, colleagues and acquaintances to have had instances where they are caught up in such dicey situations that it gets really difficult for their self esteem to not get hit. I haven’t been there but I know that compromised feeling that one gets when you have to spread your hands in front of people to help you with a little month after month to be afloat.
Well, I would like doing it even with my parents:
The self respecting breed that I belong to, I am so sure that I would never in my life be ready to even ask help from my parents. And recently, with inflation reaching the sky, I have often wondered aloud to myself, what exactly would I do if I was caught is a similar situation with nowhere to go.
And then I read about payday loans:
I have heard friends at office talk about payday loans and how the institution is a boon to salaried people to acquire small loans across the counter against your salary receipt. I did not pay too much heed because I thought I was in a comfortable position. But lately, friends who have been sailing smoothly have also been discussing that they have been falling on hard times quite often and I cannot but help feel paranoia.
The thing about financial emergencies:
The worst thing about monetary emergencies is that they often come unannounced. So they have this capacity to catch you off guard. There is no preparation of the mind and this sudden change has the capacity to throw your life out of gear. Believe me, financial exigencies, however small are not the best situations to be in. even if you are not materialistic and you do not care about them too much, it is paramount for every one’s sanity that they have enough amount of money n their bank so that the sail is smooth.
Here is what there is to know about it:
A payday loan is a short term loan starting at a minimum of 150 pounds and for most of the lenders it caps at 2000 pounds. The period of loan is from one month to a maximum of three months.
The idea behind the payday:
The idea must have germinated when people who are sailing smoothly o their package suddenly find themselves caught unaware in the middle of the third or the fourth week. The payday loan is an ingenius way to get a small loan albeit for a very short period.
When is the payday loan due?
The payday loan is ideally due on the consecutive payday itself. The loan can however be foreclosed even before the date it is due. If the amount is slightly on the higher side, then the borrower can commit to pay it back in three consecutive installments, where the bank will connect his account to the loan and the loan installment will be debited at source itself.
This is precisely why the payday loans are sanctioned with the salary slip:
The receipt of the salary is a proof that you are employed and that serves as a security to the institution that provides you with the loan. Now you know where to go! So, if you are the type that finds yourself in this kind of a situation often but find it even harder to ask known person for a small help, you know there is an organized institution that will be more than happy to give you