While lots of people are quick to attack the validity of payday loans there are often times where they are the best option. In cash emergencies, same day loans are what are required to get you out of a financial hole, as waiting for an overdraft extension or credit card limit raise often take longer. Some banks though, let you do this online, so make sure you check. This could be a cheaper financial solution if it is readily available.

So what are good uses of same day payday loans? Good uses of payday loans are extremely handy when for example, your car breaks down. You need to get to work every day and don’t have quite enough money to pay to get it repaired until the end of the month. Not only will getting a payday loan help you afford to fix your car much quicker, in some cases it could be a cheaper option that having to hire a replacement car or to pay for travel if you commute a reasonable distance.

Another good use of same day payday loans is if you were to be a bit tight of money due to an unforeseen event. It could be that you could afford to get your car fixed but ended up a little short, it could be that you had to finish paying for your child’s school trip or some other perfectly reasonable situation that leaves you just needing to access a small amount of cash until you get paid.

The situation that you are in and whether it justifies getting a payday loan is something only you can decide. If you want to get a same day loan to try to beat the queues in pre-ordering an iPhone 5, then that is up to you. Is it a good idea? While it isn’t necessarily a good idea to borrow money for such a thing for many people, if you can afford and are happy with the repayment costs a payday loan is a highly convenient solution.

Convenience is the main thing payday loans were designed for, in situations where they were needed. This is why they cost that little bit more. Because they that little bit more accessible, there is also that extra risk to the lenders.

If you are considering getting a payday loan, please decide whether it is the best solution for your needs and be sure that you can afford to repay it. If you can, brilliant! If you can’t then don’t commit to one as not paying it on time could cost you more money. Before you commit speak to one of the organisations that can offer you free, and independent financial advice.

Image credit: wwarby (flickr)

Topics #Guest Posts #Loans