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Conventional wisdom about payday loans and cash advances would lead most savvy consumers to argue that payday loans are costly money. This may hold true if consumers buy a payday loan to buy new clothes, but is certainly not the case when you are in need of paying bills that have come at a bad time. A payday loan may prove to be the best financial move you can make.

Consider the case of Randy. Randy was hit with an unexpected car repair. He needed to fix his car, or he wouldn’t be able to get to work and provide for his family. Randy generally makes good financial decisions, but he knew that he wouldn’t have enough money to pay his bill when they came the next week. He tried to find ways to pay his bills, but he was low on options. He found a reputable payday loan company that would give him a cash advance until his next payday that he could use to pay his bills and keep his credit strong.

Two weeks later, his paycheck was automatically deducted the amount he had borrowed plus a reasonable fee and he had found a way to keep his creditors happy and keep his anxiety down. He was taken care of with a payday loan, and this cash advance let him carry on with his life without getting into a cycle of debt.

What about the alternative?

What would happen if Randy didn’t get the payday loan? The alternatives are actually quite alarming. If Randy had four credit cards, a cable bill, a phone bill and a power bill that he needed to pay, but couldn’t, what would happen? He could pay the credit cards a month late with a $26.00 fee on each card. His cable company charges $48.00 for a bounced check. The power company charges a fee of $50.00 for reconnecting the power after it has been shut off. Randy’s phone company charges $30.00 for late payment, but is he can’t pay in a week, they also charge a $25.00 reconnection fee. The total cost for Randy not paying his bills is a whopping $257.00! He would have only needed $300.00 to pay all of his bills on time! 

These fees are on top of what he would have to pay. So instead of getting a payday loan and paying his bills on time, he now owes $557.00. Randy didn’t have enough money to pay his bills before, but with all the fees, he is really in debt!

Luckily, Randy got a payday loan and saved over $210.00 in late fees and reconnection charges. Another benefit of Randy’s payday loan is that his credit is still strong. His credit report would have had marks against him and made it hard for him to get a car loan or restrict him from getting a job. 

Payday loans are a great alternative to the costly fees of the big utilities and credit card companies. Save yourself from these fees and debt that just grows and grows. When you need money quick, get a payday loan!