Top 5 Reasons People Get Payday Loans

August 21, 2020 | Emma Frost

In times where you feel strapped for cash and unable to handle whatever challenging situation comes your way, a payday loan is an option that can give you the freedom to handle what you're struggling to deal with. Accidents and emergencies are common and, when they strike, we’re rarely given enough time to figure out our financials. This can leave us feeling panicked and stressed out, but luckily there are loans out there, like payday loans, that can offer you financial relief for whatever you’re dealing with, whether it’s an emergency or a necessary purchase. Before we jump into the top reasons people get payday loans, let’s cover what a payday loan is!

What is a Payday Loan?

A payday loan is a fast-loan option type that is intended to provide you with up to $1,000 in financial relief without the waiting and hassle of traditional loans. It’s a loan option that specializes in getting you money quickly, often on the same day that you apply on. Whereas other loans often have a long deliberation and application process, you find out whether you’re approved or not in a matter of minutes. All you have to do is submit a short application that can be completed from the comfort of your home and a representative will contact you to invite you to your nearest store location for a meeting. During the meeting, you’ll be asked to provide the following pieces of information:

  • Your driver’s license or state-issued I.D.
  • A blank check from an active checking account in your name
  • Your most recent pay stub.

We won’t worry about conducting a credit score search because payday loans aren’t dependent upon your credit score for approval. Regardless of your credit score, you can be approved for a payday loan. To find out more about how much money you can receive on your loan, please visit this blog which breaks this down for you.

Now that you know what a payday loan is, here are the top examples of how you can send a payday loan.

Top 5 Reasons to Get a Payday Loan

1. Medical Bills

In the United States, healthcare is among one of the most expensive bills you can receive, even with insurance. Hospitals, on average, cost about $4,000 a day. While insurance can help to bring this number down, many people are stuck with the leftover costs and are left scrambling to find extra money within already tight budgets. Payday loans can help you handle these bills, making sure you're taken care of when insurance doesn't cover the full amount!

2. Emergency Repairs

Some of the largest assets in our lives are things like our homes and vehicles and any sustained damage can be devastating. The repair costs of such items can be astronomical and, if you live in an area that is prone to natural disasters, this is a common worry. When you get into a fender bender or a window shatters during a storm, a payday loan can help minimize any potential damage to your budget.

3. Moving Costs

Moving is another expensive obstacle that many people face at one point in their lives, but did you know that the average cost of moving locally is $1,000? And that’s only when you’re moving within the same town! This amount isn’t necessarily all that you’ll pay to move, especially if you’re moving into an apartment, which can sometimes require you to pay a second month’s rent to move it. Payday loans can help you move with ease without breaking the bank.

4. Furlough

Many of us, especially in the last few months, have found ourselves facing a period of furlough. For the many who live each month paycheck-to-paycheck, we’re left scrambling to amass enough money to bridge the gap between paychecks. Aptly named payday loans for their intended use to bridge this gap, a payday loan can be used to help take care of a gap just like this.

5. Large Purchases

There are many large purchases in our lives that can make us feel like we’re spending too much at once. Purchases such as buying a plane ticket to travel home, making a down payment on a house or a new car, and buying a new appliance are all examples of large, albeit necessary purchases that can affect a budget. Payday loans can help you handle any of these upgrades.

Payday Loans – The Bottom Line

No matter what financial challenge you find yourself facing, payday loans are an option that can help you handle it with confidence and finesse. Don’t settle for struggling through your financial emergency. We serve several locations throughout Florida, making sure you're never far away from financial assistance. Visit the Fast Payday Loans, Inc. website, and start your application today!