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Paycheck Loans: Users Make A Personal Choice

Users defend paycheck loans

Emergency money problems are often solved with fast paycheck loans. For some people, quick cash in the bank is a great solution to time sensitive needs. Being able to distinguish between a need and a want is too often the culprit to budget disasters. In order to have successful budget strategies, these types of fast cash opportunities must be saved for extreme circumstances.

Is paycheck loans convenience a better choice?

There is no argument that the direct paycheck online loans are convenient fast cash loans. The problem lies in using them to solve a cash problem rather than fine-tuning a budgeted plan in order to prevent money issues. Too many borrowers would rather pay a fee for extra cash rather than cut back on a comfortable lifestyle. This fact was brought to light in a PEW study where a large majority of users reported their quick cash preference over cutbacks. For many, these loans are an easy way out of an impending problem rather than taking the time necessary to prevent future problems. Unfortunately, money problems tend to run deep before help options are explored.

Once a person is in a financially vulnerable position, many money options have already disappeared. People who habitually used credit cards in order to afford extras or live beyond their means will often fall upon direct lenders once credit is no longer available. Bad habits are tough enough to break, but when your household becomes dependent on them, it makes it even harder to break.

Some borrowers will defend the direct paycheck loan as not really creating debt but rather getting a head start in spending their next paycheck. For those who work hard to manage their paychecks, that argument sounds ridiculous. Since these direct loans carry with them high interest charges, using this money to support a working budget is not a financially sound decision. What works for one may not work for another, but personal finances are just that, personal. No one’s budget looks exactly like another’s. Too many variables occur to make a ‘one-size fits all’ budget strategy.

It would make sense to many that as soon as problems start reoccurring too frequently that financial help is needed. The necessary help is more than a credit card or paycheck direct lender can provide. Money help is a surface fix, finances run deeper than that. Recipients may need counseling on how to change spending habits or learn how to create a proper budget based on income rather than expense. Too many households are living in the struggle to get by from one month to the next. It would take a major budget education overhaul to rid the need for paycheck online loans or multiple lines of credit in order to fix household problems.

With the government in its own budget crisis, any idea that the government could help fund such an overhaul is forgotten. Personal finances will remain a household chore. We can try to help each other make our income work, but until a person is ready to receive the help, other money avenues will remain priority.


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