Quintessentially Quilly

So this whole ordeal with the bank (see: I Am Not At Home) made me think about personal loans.  Because the debit I was left with at the end of my marriage, I am of the general opinion that if I can’t afford something I don’t really need it.  Amoeba agrees with me and that is how we live our lives.

A couple of times when I was in college I took out payday loans, but they aren’t something to be taken lightly for frivolous reasons.  The interest on a payday loan can be quite steep.  Both times I used the service it was for emergency purposes — once when I was stranded far away from home.  (If you read the other post you’ll know what triggered this memory.)

Both times I used cash advance services, I was told the interest rate upfront, and the amount was the same whether I paid the loan back in 5 minutes, or on the last second of the agreed upon date.  These days I understand there are lenders like MoneyNowUSA who actually provide a database so that when one applies for a payday loan, s/he can get the lowest APR possible.  I also understand MoneyNowUSA approves 4 out of every 5 people (over the age of 18, with valid USA checking accounts).

Of course, just because you can get approved doesn’t mean you should take out a payday loan.  The loan periods are usually quite short and even with the best APR, the financing is going to be a significant percentage of the total.  If you take out a payday because you have persistent cash flow shortages, you are going to just keep ending up further and further behind.  Better to examine your expenses and cut a couple of luxuries.