I already wrote about this once but just thought about another point in using payday loans or cash advance as a help towards saving some money. As I wrote in another post just recently there is one point in a payday loan as you won’t need to pay for bouncing checks or fees on bills paid too late. But this may not even be the worst part of being short of cash at the end of the month.
One thing I can think of which might be worse is if you need to ask a friend or more likely your family for a small loan. First off, this is so embarrassing that you’ll have a hard time looking your friend in the eyes later on. Secondly, this might turn into a very bad thing for you friendship because if you can’t pay him back you might risk your friendship. And money isn’t worth that.
Another example – and I guess this is the worst case scenario – is if you are selling your property in order to move to something cheaper so you can actually make ends meet at the end of the month. If you are already desperate then you might end up selling at a very low price – and this way you end up loosing money. This will be very sad as you might end up earning money by taking a small payday loan.
So my point is to rethink the concept of cash advance if you are having problems with the cash flow.
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