There is a plethora of reasons that people get pay day loans. Pay day loans can be brutal when it comes to interest, but there are times in one’s life where they may need to obtain one (or many more). I however, am only going to list the top 10 reasons I was given by people in my community as to why they have obtained a pay day loan.
Reason 1 Gambling debt; sometimes when you feel lucky, you aren’t so lucky and lose more than you could afford. I spoke to a gentleman who gambled away all the money he and his wife had set aside to go on vacation, she had not noticed until the check she wrote to electric company had bounced.
Reason 2 Death or emergency in the family; we are often not prepared for the sudden death of a loved one and must obtain funds quickly to travel if you live far away. Airline tickets to fly to my own mother when she was given 48 hours to live was almost 1800 dollars.
Reason 3 Dog got hit by a car (or some other medical emergency); let’s face it, being a responsible pet owner can be expensive when it comes to emergency vet visits.
Reason 4 Car broke down; sometimes things like this happen and people cannot afford to go without transportation. I had my engine blow one very cold day (60 below zero) while on my way home from work. It is not easy to come up with two thousand dollars to buy a new engine and then another 1500 to have it installed.
Reason 5 Christmas and birthdays; it can be difficult to purchase gifts for your loved ones at times.
Reason 6 Doctors visits; insurance is a very expensive luxury anymore and many people do not have it, but emergencies still exist and people still must pay medical bills.
Reason 7 Washer or dryer broke; these things happen at the most unpredictable times and we must pay to either repair or replace these machines that are so important to our personal hygiene.
Reason 8 Your husband is an idiot and decided to buy a big screen television and put it on the credit card. If your husband is anything like the husband of the poor woman that this happened to, he took it out of the packaging and set it up and threw away the receipt before you got home. This sadly happens to many people, and perhaps wives are capable of this as well.
Reason 9 Your 8th grader vandalized some ones property and you must pay for their damages. It is all fine and dandy to make a child pay off a debt, but in the mean time the damage needs to be fixed quicker than they can work it off.
Reason 10 Paying for college text books; it is essential that the correct text books be purchased and in hand by the first day of class. Text books can cost as much as $200.00 or even more; our poor students of today generally cannot afford that kind of upfront purchase (at least not the self paying ones).