Americans opting for payday loans on the rise

Considering how the costs of living are steadily rising it should come as no surprise that more families are living from paycheck to paycheck. This trend has been steadily increasing for the last several years and shows no signs of letting go. Helping families cope with the additional expenses have been a slightly increased minimum wage, but this has barely even begun to assist those workers who were making slightly better than minimum wage.

Overall, the economy for many people looks scary and bleak and tends to leave a stack of bills unpaid and emergency fund accounts on the empty side. Problems always occur when it is time to try to decipher exactly how to pay all of those bills and restore the funds that were in the emergency account. No family wants to be completely broke, but with the costs of living steadily rising and pay raises coming less frequently more families are finding themselves in this position.

To help fill the gaps that paychecks leave behind many families have been forced to seek out new and creative ways of covering expenses. The most popular tends to be the payday loan advance simply because of how simple they are. Almost anyone can qualify for the loan and the amounts are small enough to be helpful, while still allowing a fast payoff to keep them from being a huge burden on expenses continuously. Families that are struggling to stay afloat find that often a payday loan is one of the few things that can really be helpful.

Consider that when you apply for a personal loan you are required to use something that you own as collateral, in addition to the massive stack of paperwork that must be provided, as well as in addition to a credit check and time off from work. This can create some problems when it comes to ensuring that everything goes well and smoothly during the entire process. You simply cannot imagine how difficult the process can really be. A payday loan on the other hand can take less than 30 minutes from start to finish and can generally be easily arranged on a lunch break making them highly time efficient.

With no sign of relief coming in terms of lower costs of living, it will be very difficult for families to continue making ends meet. There is almost nobody that is starting out and able to really pull the money together to meet all needs. Unfortunately, raises are scarce, and bills are plenty and struggling to cover them all can be a hassle. Consider as well the problems that can occur if you miss work for a day when you already heavily rely on a paycheck. Without the money that you have come to count on, you are in a financial bind quite quickly.

Payday advance loans are not the magical solution to all financial problems, but they are certainly a great option when things are a bit tight to help you survive until you can catch up on bills. Working with a responsible payday lender and using the loans responsibly can help you ensure that you are always able to take care of your family’s needs, without having to struggle or feel as if you are drowning in debt.

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