I know a few people personally who have used these short-term loans in order to get by a rough financial time. Their stories have many similarities with different outcomes. It is interesting how their views towards cash advance online loans changed once the money was spent.
Tale 1 - We'll call him Bill
Bill's financial tale of woe didn't sound too much different from many others who end up applying for the fast cash relief. Bill had gone through a divorce and his finances were in shambles. Not only was he trying to afford a new place to stay, but he was also dealing with all the payments which were in his name. He was hoping to make it through with the least amount of credit score damage. When he had to come up with a down payment for his new apartment, he reached out to the online cash advance loan lender.
This quick cash put Bill into his new apartment before someone else could scoop it up. He was happy that he was approved for the loan, but now needed to worry about the payoff. He wasn't quite sure how he would afford the full payoff with his next paycheck, but he managed to work out a payment plan for himself. Bill would take the next three paychecks to pay back the loan. The expense grew by extending the loan, but with each payment, the interest charge was smaller. It was his way to start a new life and the extra money he had to pay was worth its weight in gold.
All in all, Bill was pleased at having this money opportunity available to him. He wouldn't go out of his way to get one again, but knows when things are tough, it is better than falling apart.
Tale 2 - Let's call her Penny
Penny is a single mom trying to handle life pretty much on her own. She rarely receives child support and is always struggling to make ends meet. She applied for a cash advance, received less than what she wanted, but then used the money to buy groceries and new shoes for the kids. When the cupboards and refrigerator are empty, the price to borrow money doesn't matter. Penny often uses her charge cards for these purchases but the lack of child support has kept her from making payments.
The fast cash was helpful, but then Penny had to face adding this new debt to everything else. Budgeting became more stressful and the money it took to pay the fees robbed her other payments.
Penny ended up defaulting on the loan, cursing at the high interest fees and how they ruined all her hard work to keep her budget together. She would never use the short-term loan service again and made it her mission to tell anyone who mentioned the subject.
The two stories are very different yet had similarities. Neither could get money anywhere else, both were in a pinch for fast cash, but the outcomes were different due to how the payback was resolved. It is often the case of Penny that a person cannot afford the loan and finances crumble further because of them. The idea that she got food on her table was overlooked by the default loan. Bill managed to make it work. He didn't like paying the extra, but he knew his life could have become more chaotic if he hadn't applied.
