What You Need to Know About Paycheck Loans

If you’ve ever experienced having a new job, and you’re waiting for that paycheck to come in, you know that it gets tiring waiting for it to hit your account, especially if you’re in need of that cash. If you’re not strapped for cash, it’s always a good idea to save your first paycheck.

A cash advance is easy to get and can be a lifesaver, even more so if you know how and where to get one. There could be a myriad of reasons why you’d need a cash advance, it could be unpaid bills, surprise expenses, medical emergencies, all of which are completely valid. Whatever your situation may be, a cash advance is something that can help you out in times of need.

Photo by Emil Kalibradov on Unsplash

In the case of needing a cash advance before your paycheck, there’s a solution for that. The aptly named paycheck advance is something that you can get from your employer or from payday lenders. They’re designed to help you with short term costs which you will need to pay the moment you get your next paycheck. 

With that being said, you should familiarize yourself with what payday loans are, and how payday loans work. 

So what exactly are the advantages and disadvantages of getting a payday loan?

One of the biggest advantages of payday loans is that it’s easy to acquire. As long as you are above the age of 18, have the important documents on hand, like government and official IDs, as well as a proof of income. You don’t even have to go to an actual bank to get one, you can do it in the comfort of your own home with online banking!

They’re so accessible and easy to get that even someone with poor or no credit score can apply for one. Some lenders might require you to use assets as security (i.e. cars, property, etc), but with payday loans, none of that is required. You can still be eligible to borrow money without putting personal properties on the line. 

As with all loans, there’s disadvantages attached to them too. One that you should think about, is that they can be very expensive to pay off, especially when you factor the interest rates which can vary a lot. You could easily find yourself in a debt cycle if you are not careful. Not to mention some companies take unpaid balances seriously, and you could easily find yourself with some future headaches.

All of this means that you should only ever borrow what you need. While it might be tempting to borrow large sums of money, it isn’t really wise to do so. Check around to see if it’s right for you, some lenders have different terms of conditions, so you have to keep that in mind as well.

Should you get a payday loan? That’s something that you have to really think about. As much as possible, outweigh your pros and cons, and really do your own research before getting one. It might be a good idea so long as you think it’s reasonable and you’re sure that you can repay it back even with the interest fees. 

If you however decide to get one, it’s always a good idea to look around for more information. A good resource is https://moneymutual.com/cash-advance/. 

Things I’m Grateful For

Thank you, God, for the gift of life. 🙏

A surprise gift from my long-time friend, Lanie.
My fave cake from my daughter.

I’ve got a lot of things to be thankful for on my birthday this year. I’m happy to share that my health status is quite okay now. Based on my latest blood workup, there are no traces of fats in my liver. Weight loss is one of the factors that help my liver heal from fatty liver disease. I’ve lost almost 30 pounds primarily due to adhering to a low-carb diet. I eat everything in moderation, but I eat more veggies now. I’ve also added chia and flax seeds to my drinks.

Financially, we make ends meet. Despite the limited source of income, we’ve managed to support our youngest through college. We are looking forward to our son’s graduation this year. 🙏

Life and Mozzarella

I wolfed down four slices of mozzarella-rich pizza just now. I love how mozzarella feels like sticky, gooey bubble gum in my mouth.

Photo by Fatima Akram on Unsplash

It is life’s simple pleasures that help us realize: that we should live in the moment. The sheer bliss of pizza between my teeth made me cherish the moment for what it was, yummy and cheesy. For one brief moment, I let go of all my worries. I stopped thinking of the mistakes I made earlier today; and abandoned all my fears about tomorrow’s things to do.

If you think about it: all we have is the here and now. Yesterday has already passed, so there’s nothing more we can do about it. Tomorrow has yet to happen, so it’s also an exercise in futility to keep thinking about it. If we let the present moment pass, it’ll be gone forever. So we should make the most of NOW because that’s all we’ve got.

Maybe I should have pizza more often.

(Written by a friend 11 years ago. Updated)