Here’s the truth: Payday loans are convenient. Perhaps that’s why 12 million Americans take out payday loans each year, but what are they using their payday loans for? Let’s take a look at some of the most common uses.
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Today, over 75 percent of Americans are living paycheck to paycheck. Because of this, buying groceries and other essentials can get tricky when a person encounters unexpected expenses, such as emergency car repairs. In situations like this, people turn to payday loans to feed their families.
When you need essentials like this immediately, turning to payday loans makes sense. You can get as much as your paycheck is worth, and there are very little requirements. Oftentimes, you simply have to have a job, have a bank account, be a legal resident, and be 18 years or older. Simply fill out an application, and upon approval, you’ll usually receive funds by the next business day.
When faced with the same emergency car repair situation, people who might already have their other expenses covered might turn to payday loans to try to cover the unexpected cost of the car repairs.
Why do people do it? If your only way to get to work is with your vehicle, you want to get it repaired as soon as possible, and without extra money when you’re broke, you can’t get to work to make more money, so people tend to turn to payday loans to help them through difficult times like this.
If you’re short on cash and need car repairs immediately,visit CashNetUSA to apply for a payday loan.
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One statistic shows that 69 percent of first-time borrowers use their loan to cover reoccurring expenses. This includes groceries, utilities, and, of course, rent and mortgage payments.
Because this is a type of payment that you can’t miss and that has a deadline, people need to do what they can to get money to pay their bills. House payments are among one of the more expensive and time-sensitive costs in life, which means that countless people are turning to payday loans to pay bills like this when they just don’t have the money.
Utilities are another expense that you can’t just leave alone. Without finding a means of money to pay for utilities, a person could suffer much more than a few extra bucks. If they lose power, they’ll have to throw away food from their refrigerator and freezer. If they don’t have running water, they can’t take a shower, have drinking water, or cook. If they’re disconnected from the outside world, they won’t be able to connect to the Internet, potentially hindering their search for employment.
In short, skipping your utility payments could cause chaos in your life, and that’s why many people turn to payday loans to help cover these expenses.
With more insight like this into the many uses of payday loans, we can better see why they’re beneficial to 12 million Americans each year.