Lending Money to Yourself With Payday Loans

Regardless of whether you work in investment banking, are in banking operations or are drawing frappacinos as a barista down at the local caffeine emporium, you probably could use a cash advance once in a while. The reasons for this are universal: We all run up against an empty checking account once in a while, just at the time when a little cash is pretty important.

Make that very, very important.

But banker, butcher and candlestick maker all share something else in common. When short on cash, each of them can get a payday loan against their next paycheck. If they have a job, have a bank account (where the loan would be received) and are 18 years of age or older, the person can borrow money that they then pay back in the next paycheck (or several, depending on the terms agreed to between lender and borrower).

You can even get one of these loans if you have poor credit. In fact, payday loans are often called bad credit loans (even though people with perfectly good credit can use them as well).

Why would you take out a bad credit loan if you don’t have bad credit and a good job? Several scenarios come to mind:

You decide you do not want a charge on your credit cards, either because you’re trying to keep a lid on the balance, or you would rather pay cash for something.

You don’t have a credit card, or the charge limit has been reached.

You are opening up a new bank account and this is one of its first deposits.

You need to purchase something where they do not take plastic of any type.

Bad credit loans obviously offer you options that might come in handy some day – regardless of whether you work in banking or something else.