Have you looked at your bank’s overdraft fees lately? They may be higher than you realized, and they aren’t decreasing anytime soon. In fact, most banks have increased their overdraft fees and other bank fees in the last couple of years. That’s more money in their pockets and less in yours.
But sometimes you just can’t seem to avoid going into overdraft. You have an expense that has to be paid and the money simply isn’t available in your account to pay it in full. So you make your payment, it gets covered by the bank and you are left to pay overdraft fees.
But what if you could avoid those fees entirely and save money when you start to run short? You would have to have another way to get money other than your regular income. That’s where payday loans come in. Usually, these loans are used to cover expenses that cannot be otherwise paid at the time. Then the consumer pays back the loan in its entirely when their next paycheck comes in.
Doesn’t that sound like a similar situation to when you are faced with an overdraft fee? If you know that your bank account is going to go into overdraft, then you can do something about it and avoid that fee altogether.
Now payday loans are not free, by any means. You will still have to pay back some additional cost on the loan, no matter how quickly you pay the loan back. But if you pay back in a timely manner and avoid any interest or late charges, then you can cut your costs considerably.
It all works out very conveniently for you as well. The payday loan can be approved quickly. Usually approval occurs within hours of your application. Once you are approved, the money will be sent to your account within 24 hours. That means you can have the money in your back account and waiting to avoid that overdraft fee.
You’ll still have to pay the various fees for the payday loan, but they could be far less than what you would pay to your bank. It’s best to compare the two costs to see which one is higher so you can make the best decision and save yourself money.
There are lots of smart ways to use payday loans, and if you know what you are doing, you can avoid getting yourself deeper into debt with one of these loans. Just be sure you are ready and able to pay the loan back in a timely manner. These are short-term loans, and as such, if you take a long time to pay them back, you could end up with considerable fees. But paying them back quickly can ensure you have the money you need without a lot of extra expenses.