Leviticus 25:37: Thou shalt not give him thy money upon usury, nor lend him thy victuals for increase.
Your local payday lender often won’t care about scripture or scruples but sometimes their business is a necessary evil. If you meet one or more of the criteria below you can consider a payday loan. At least these loans are safe, won’t appear on your credit, and give you cash very quickly.
Electricity: You can use a payday loan to pay your electric bill if the provider is about to cut your power. Don’t let your food spoil! It is reasonable to call the power company; if you’re a loyal customer who pays bills on time they might strike an agreement.
Heat: If you have no choice it is alright to use a payday loan to keep your heat turned on. Be judicious about how much heat you use, limiting it to what you need to function. Much like with your electricity it is possible to appeal for help directly to your gas company.
School costs: Financial aid disbursement often occurs weeks after the semester begins. This lag might make cause problems if you can’t afford books. Scholarships and employer reimbursement are contingent upon good grades. A loan to buy course materials might be in order if you’re stuck. I prefer going to the library to find an old edition of the book. Little actually changes between versions and you can get the book assignments from a classmate.
Credit card debt: On the face of it this seems silly since payday loan APRs are higher than credit card rates. Should you miss a payment on a credit card most contain a provision to make your interest rate rise permanently; this may eventually cost more than a payday loan would. The larger your balance the more you stand to lose from the APR rising to 29.99 percent. If possible keep an unused credit card unused in your wallet for these occasions.
Car problems: If transportation is required to get to work then a loan may save your job.
Anonymity: Applying for a payday loan online saves one the embarrassment of asking for help in person. Applying in person can be a mortifying experience injurious to your pride; it’s better to make just a few clicks to get yourself back on your feet.
Credit problems: If your credit is awful you will find yourself anathema to traditional lenders. If there is an urgent matter an online payday loan might truly be the last resort. Later, order a free copy of your credit report from each of the major bureaus to see if it can be improved.