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be financially wise

Posted on October 29, 2007 by dorisch

While in a travel forum the other day, I read the article of a seasoned traveler who has such a strong passion in traveling that he would apply for a cash advance loan just to fulfill his travel cravings. When I read this, it sounds disturbing and do not recommend that anyone apply for a loan just to satisfy his own personal indulgence.

What exactly is a payday loan, you may ask? A payday loan is a short term, low amount loan that is secured usually only until the upcoming payday of the borrower. These loans are normally secured with only a post dated check or electronic agreement for debit from a specified account on a specified day. These loans are normally from $100-$1000 and are normally easily obtained for anyone with a steady job and a checking account. These loans do not normally require a credit check, so they are more easily obtained by those with little or no credit.  These loans are meant for emergency purposes between paychecks when unforeseen medical bills appear or to avoid late fees on other payments or overdraft fees in your checking account. Payday loans can be a lifesaver, but they could also easily lead to financial demise. In short, do it for the right reasons.

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