Loan Payday – Get out of Debt Quickly

A payday loan is meant to provide people who are short of funds quick access to money. The money is expected to be paid back quickly – this is not to the detriment of the borrower. It means that the loan is paid back and out of the way and does not have the opportunity to accumulate an untold amount of interest. It also means you are out of debt quicker. This means that your loan payday is the day that you are debt free. Sometimes we might have budgeted incorrectly or have not expected a bill to arrive when it has so we have made no concessions in our budget for it. You can get a payday loan, pay the bill then your next payday is your loan payday – pay the loan and you are now debt free.

It is not rocket science, in fact it is so simple that anyone can get their head around it. A small short term loan to get you out of debt, the loan is then paid back easily (with a competitive interest rate) and then you are completely out of debt. Because payday loans are typically quite small and are a short term cash injection, it means that you don’t have to worry about a debt hanging over you for the long term. A credit card is an example of a debt that seems to stick around forever. For people who have reached the limit of their credit card and are having trouble making payments that actually eat into the debt are generally perpetuating their own cycle of debt.

Don’t touch that credit card if a bill has arrived unexpectedly. All too often it might just seem easier to pay the bill then make the minimum repayment (which is nothing but interest) in order get a bill out of the way. The problem with this is that the bill is not exactly out of the way. A payday loan can mean that your bill is actually out of the way on the date of your loan payday. It is essentially paying two bills with a single payment.

After your debts have been paid you have nothing but financial freedom ahead of you – the same can’t be said for credit card debt where you are essentially paying interest without actually touching the real debt on the card. Keep that credit card in the freezer, if you have a credit card and it has no debt then consider getting rid of it because there are much better ways to get emergency funds when you need them.