What can you use a Payday Loan to pay for?

Often loans are designed for certain things. For example a mortgage is buying a home and a student loan for paying for a course. However, payday loans are not set up to pay for something specific and you will not get asked what you are using the money for. However, it is worth thinking about what you are using the loan for and whether it is the right use for it.

Unexpected Bills

If a bill arrives that you had forgotten about or were not expecting to appear quite yet, then you could find that you are struggling to have the money available to pay for it. It may be possible to phone the company and ask if they can let you pay less or if they can delay the payment until you have the money available, However, if this is not possible, then you could be a risk of having a service cut off or being evicted if the bill is for your rent or a utility. This means that you will need to pay it or else you could be in a really difficult situation. This is the sort of situation that a payday loan was designed for. They are so easy to set up and quick to apply for that it means you could have the money within a few hours and then you will not need to worry about that bill.

Emergency Items

If you run out of thing that you need to buy and they are really necessary then you may wonder where to turn. You may have no food to feed your children, need a piece of compulsory school uniform, have to replace a broken down fridge or something like this, then you will not be able to wait for the money. It could be that you are a long way from pay day and therefore just cannot hang on until then to be able to have the money available to pay. In this situation a pay day loan can again help you out as it is so speedy, you will be able to get the money that you need really quickly.

Making Ends Meet

It may be that you get towards the end of the month and find that you have run out of money. It is so easy to do and many people manage to do it. This means that if you have anything that you need to buy then you will have no money to be able to get it. If you are just a few days away, then you may be able to manage, but it all depends on whether you have paid for everything you need to or whether you have extra bills to pay or need to buy food and other things. It is worth thinking carefully before getting a loan to make sure that you really do need it, but if you do, then you should find that you will be able to apply and get the money you need easily.

Car Repairs

Every car owner will need repairs to their vehicle at one time or another. It can be really expensive and you may find that you do not have the money to be able to afford it, especially if it is a long time since you were last paid. This means that you may need to consider a loan to pay. If you can leave your car off the road for a while and manage without it, then you might be able to wait until you next get paid before you need it. However if you rely on it to get you to work then you need to make sure that you can get there. If you cannot get a lift from someone else then you will need to get the car fixed or else you will not be paid for your job. Therefore a payday loan could really help you out as it could cover the cost while you wait until your next pay day to repay it.

New Mobile Phone

If you have a problem with your mobile phone and it breaks or if you damage it and you have no insurance then you may need to find the money to replace it. For some people a phone is not essential and they will be able to wait to replace it but for others, they will use it to keep in touch with friends and family and it may be their only device for watching television or connecting online. This could mean that it is something which would need replacing right away. Some people have insurance so the cost of this would be covered, but for many people it is an expensive extra that they decided not to bother with and therefore have to pay for it themselves. However, phones are expensive and it could be too much to pay, especially if it is a long time since you were last paid. If this is the case, then you may consider borrowing the money using a payday loan. These loans will be able to provide the money quickly so that you can replace the phone and you will be able to wait until your next pay day before you have to find the money.

Pay off a Payday Loan

Sometimes people find that when their payday loan repayment is due, they do not have enough money to cover it. They may have other bills which are paid first or just not be paid very much and find that although the direct debit is set up to pay it, there just is not enough money. If you cannot pay back a payday loan then there are charges and so it can be worth looking at ways that you can pay it off and using a payday loan is one option. It is worth calculating the costs though and seeing whether you will be better off paying it off this way or just waiting until you next get some money to pay off the original loan.