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A Matter of Money

So this whole ordeal with the bank (see: I Am Not At Home) made me think about personal loans.  Because the debit I was left with at the end of my marriage, I am of the general opinion that if I can’t afford something I don’t really need it.  Amoeba agrees with me and that is how we live our lives.

A couple of times when I was in college I took out payday loans, but they aren’t something to be taken lightly for frivolous reasons.  The interest on a payday loan can be quite steep.  Both times I used the service it was for emergency purposes — once when I was stranded far away from home.  (If you read the other post you’ll know what triggered this memory.)

Both times I used cash advance services, I was told the interest rate upfront, and the amount was the same whether I paid the loan back in 5 minutes, or on the last second of the agreed upon date.  These days I understand there are lenders like MoneyNowUSA who actually provide a database so that when one applies for a payday loan, s/he can get the lowest APR possible.  I also understand MoneyNowUSA approves 4 out of every 5 people (over the age of 18, with valid USA checking accounts).

Of course, just because you can get approved doesn’t mean you should take out a payday loan.  The loan periods are usually quite short and even with the best APR, the financing is going to be a significant percentage of the total.  If you take out a payday because you have persistent cash flow shortages, you are going to just keep ending up further and further behind.  Better to examine your expenses and cut a couple of luxuries.


  1. they have these new cards out I heard that you pay in advance and then when you travel or if you need to buy something somewhere, its already paid for. Its like cash in the card and parents get them for their kids to teach them not to spend like money grows on trees:)

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