Stewardship of Resources Can Include Smart Payday Loan Borrowing

by guest on April 5, 2011

in Loans

Payday Loan

[The following is a sponsored post on behalf of The Payday Place. To be honest, I do not have the hatred of a payday loan that many personal finance writers have. I think that it can be a tool for people who are in certain financial situations.]

We are all given many talents that should translate into how we take care of ourselves, our households and our communities. Some of those talents include the things we do to earn a living. Other talents include our capacity for managing those earnings. A cash advance loan, handled correctly and at the right time, can be part of wise stewardship.

Payday Loans As A Financial Tool?

How so? The idea of a payday loan cash advance is to navigate the challenge of timing. Say you had an unexpected or emergency expense shortly after your last payday. Something as simple as a car repair – necessary for managing family matters as well as getting to and from work, for many of us – can drain your bank account before your bills are paid for the month.

If you do not have a credit card or other line of credit to accommodate that expense, or if borrowing through that card would come at very high interest rates, you would need to find the money elsewhere. [editor’s note: This is one of the main reasons why you need an emergency fund]

An Early Payday Solution

A payday loan can often provide the cash advance you need to take care of paying your bills and your car repairs or other emergencies. In effect, you are borrowing from yourself.

Are these easy to get? And importantly, can they create a less-than-optimal solution?

A paycheck advance loan is relatively simple to get online. And if you shop around, or use a payday loan aggregator service (for example, The Payday Place), you should be able to find the lender that provides the best loan terms for your situation.

If you worry about borrowing when finances are tight, the most important question is how well can you manage yourself and your expenses over the next four to six weeks? Can you reduce expenses in the future, to allow yourself to catch up and keep bills paid in the pay period to follow? After all, a cash advance loan on a paycheck is borrowing from the next pay period.

[editor’s note…again: I think this is a great piece of advice, and it causes you to be extremely careful if you ever find yourself in a situation like this.]

Give it prayerful consideration. If you fully understand the terms of the loan, then you will know how to pay it back. After all, a very important part of stewardship is to use your brain as among your most valuable talents.

photo by rinkjustice

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{ 1 comment… read it below or add one }

1 Rob

I’m not sure how you can use stewardship and payday loan in the same sentence. Cash mart charges 21% for the duration of the loan, so if you get paid every 2 weeks, that’s only 546% on an annualized (simple interest) basis.
No you are not borrowing from yourself – you are borrowing from pedatory loan companies.
This has to be the worst financial advice I have ever seen.


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