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Sometimes we face such situations when we really need some money, but actually there is no opportunity to earn it. In this situation we are thinking about payday loans. They are the most convenient; you do not have to spend a lot of time waiting for an approval of your loan application and you do not have to give a lot of different documents to get it. Unfortunately, there are cases when people take payday loans to spend money on something ridiculous.
Payday loan is a good source of money for those who need it immediately. But anyway it is a loan and you have to pay back the money you borrow. So, before taking any loan you should think of where you will get money for repayment and be sure whether you can pay this money back or not. Sometimes people are not able to demonstrate such responsibility and take payday loans without even thinking that the day, when they will have to pay the bills, will certainly come. They take a loan guided by some insane reasons and after it, do not know how to pay it back. So, what are these reasons?
Loan for a wedding day
Some people are so obsessed with an idea of luxurious wedding day that they are ready to spend millions of dollars on it. But what can they do if they have only one hundred dollars in a pocket. There is a way out! Payday loan! They celebrate their wedding day and then understand that they have to pay back quite a big sum including interest and fees. And of course these debts affect their married life a lot.
Loan for shopping
There are people who cannot imagine their life without buying some new clothes, shoes or jewelry. They cannot wait for their salary to come to buy some new clothes. And because of that they go and take a payday loan and then spend all the money shopping around. When the day of repayment comes they do not know where they can take this sum of money and some of them go to another organization that provides payday loans and take another loan to repay the first one.
Loan for gadgets
TV sets, computers, laptops or smartphones are the things that many people get payday loans for. But, again, they are not worth it. The reason is that gadgets are not essential goods; you can easily live without them. It is senseless to buy a gadget with the help of a payday loan and then repay the money including all the fees. It is better to save some money and when you get the sum sufficient to buy the gadget you need, you can easily do it.
Loan for addictions
Gambling, drinking or smoking are not the right things to spend money for, especially the money you get from payday loan. Spending money on it you harm not only your health, physical and mental, but your financial position as well. It is 100 per cent obvious that people who borrow money for such purposes will have problems with repayment, because they will spend this money for their addictions and will hardly think of paying it back.
Loan for socializing
Of course, it is great to enjoy your life and spend your time with your friends clubbing, for example. But if you do not have enough money for your social life it is not the reason to take a payday loan. Everybody likes spending time with pleasure, but people who have little money by the end of the month should be more careful with their spending on social life. Otherwise, they are risking to get themselves into financial difficulty.
Payday loan can help people who really need money to buy necessary things, but, also, it can do a lot of harm for those who borrow money guided by some insane reasons. If you need to buy some unimportant things, such as gadgets or new clothes, it would be better to save some money or earn it somewhere (work some extra hours, for example). And in this situation you will not have to pay any money back.