Online Payday Loans Help Avoid Overdraft Fees
When your bank account goes into the red, even by an amount as low as $1, the banks are ready and waiting to pounce and charge you astronomical fees for each overdraft to you account. Not only is it annoying, it just doesn’t seem right. An overdraft payday loan can help you avoid those unnecessary charges by adding immediate funds to your bank account, which you can also then use for outstanding bills or emergency medical treatment when you simply don’t have enough cash before your next payday.
One man’s emergency is another man’s need
Typical bank account payday loans are beneficial for those that need cash in an emergency situation. What is deemed an ‘emergency’ will definitely vary from person to person, although as a general rule and emergency would be something that you need to pay for immediately or else you will be in deep water, or perhaps even to purchase groceries or to be able to put some food on the table for your family. Buying a new wardrobe or paying for a weekend vacation would not be deemed an emergency and using bank account payday loans for these purposes would not be a wise investment. However, there is nothing wrong with getting an online payday loan for those types of situations either as long as your financial situation allows for it and you can afford to pay it back on your next payday.
Stop the Bank Fee Madness
Many people these days have multiple direct debits coming out of their bank account weekly, every two weeks or monthly. If you keep good track of these and always make sure you leave enough funds in your account, then you are lucky, because you won’t be slugged by the banks overdraft fees, or the fees that are charged by the banks when a check bounces. In an emergency financial situation, you may need to use the money you have put aside in your account for these automatic debits, meaning that your account will be overdrawn when the debits occur. Online payday loans can be used to put money into your account so that it doesn’t go into the red.
Payday Loan vs Credit Card Fees
Another situation where online payday loans can come in handy is in relation to credit cards. Now in no way, shape or form would I suggest you take out a payday loan to purchase luxury items that you might normally place on your credit card, however if you add up all of your credit card fees, repayments, annual account payments and the interest, it could be a wise move to get rid of credit card debt from your life and instead, when you find yourself needing urgent cash for groceries or an overdue gas bill, perhaps obtaining an online payday loan would be a better choice in this situation. When you put something on your credit card it can be forgotten about quite quickly and the burden is put on you to make sure you repay the amount as soon as possible. Taking advantage of an online payday loan will mean that the repayment will be scheduled for you and the loan will be repaid quickly. There will be no lingering payment after payment to the credit card company. With an online payday loan the payday loan lender will disclose the full cost of the loan to you prior to you accepting the loan.
Payday Loans Beat the Banks and Credit Cards
If you work out the figures on what it will cost you if your bank account is repeatedly overdrawn or all of the fees and charges associated with your credit cards, online payday loans will definitely be a better alternative solution when you simply don’t have enough cash for the necessities in life. When used sensibly and sparingly, online payday loans can help you beat some of the high fees you are currently having to pay.