But this is the 21st century, and holding money in a non-interest bearing (or very low interest bearing) account makes very little sense. Also, in a tight economy that money will no doubt find a use pretty quickly. In the past several decades, credit cards became by default to rainy day fund, allowing us to borrow up to certain limits when we needed the cash.
Personal payday loans fill the gap
Alas, the credit card concept has fallen on hard times. Millions have cut the plastic because those $5000 and $10,000 and $20,000 credit lines meant digging a debt hole as deep – with as much as 29% APR interest charged on unpaid balances. For individuals who had those balances and fell behind, they may have lost their card privileges and ended up with credit rating scores too low to qualify for a new card elsewhere.
Which gets us back to the matter of emergencies. How do you plan for a healthcare deductible, a car repair or emergency travel if you do not have spare cash?
A payday loan is one answer. You simply need to have a job and a bank account in order to get this type of personal loan. Very bad credit might get in the way of getting such a loan, but if you have less than perfect credit you likely still qualify for these paycheck cash advances.
Set up to be convenient to working people, paycheck cash advance loans are relatively easy to request. You might spend five or more minutes with an online application, then wait just an hour or less to get the loan confirmed. You will have your cash by the next day, ready for whatever emergency comes along.
* Guest post by Elisa Hayden
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