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Thursday, February 10, 2011
Using Payday Loan To Solve Temporary Credit Crunch Situation
Most of us at one point of time or another might suffer from credit crunch due to a lot of unforeseen circumstances such as accidents, house broken in and many more. This is not to say that we never have a proper budget to cover when bad things happen, it is just that sometimes bad things happen so drastically until we might stumble upon credit crunch.
Of course, a good way to avoid temporarily credit crunch is to save up to six or even a year of salary, but what if we run into credit crunch situation when just started to work? How are we going to have six months of salary in our savings? Not possible.
During the credit crunch situation, first of all, it is best to get financial help from family and friends, who can provide financial assistance without charging interest. By doing this, we can repay the debt to them in the following month when we have our first paycheck.
However, sometimes, the financial situation is so bad that even with the financial assistance from family and friends, it is still to be resolved and because we just started to work, it is not likely we can get any personal loan or credit cards from any banks due to low credit score.
This is where payday loans might come in handy as one can get payday loans almost instantly and without requirement of any proper documentations and credit score, but do take note payday loans interest are quite high - which is why after we get our first paycheck, the money should go to the payday loan first.