If you need or want a new mobile phone then you may wonder
how you will afford it. If you want a cheap phone that does not do much then
you may be able to afford it but most of us want something that will provide us
with a lot more than the basics. This is understandable as it can be a very
useful piece of kit to have, but it can be very expensive. If you have no
insurance and your phone is lost, breaks or is just not working that well, then
you will want to replace it and may wonder how you will be able to afford that.
It might be that borrowing the money for it could be the best option for you.
If you are considering a payday loan it is worth noting how it works so that
you can decide whether it is the best option for you.
- No credit check – as a payday loan needs no credit check then this means that they are available for more people. You do not have to worry about whether you have a good or bad credit score like you will tend to do with most other loans. This means that payday loans are available for most people. So, whether you have a good or bad credit score you will still be able to apply for a payday loan and be confident that there is a big chance that you will
- Fast to arrange – It is likely that you will want the money really quickly so that you can replace your cell phone. It is easy to feel very lost without one. Some loans will take a long time to organise and therefore will mean that you will have to wait around a long time before you can get the money that you need to buy the phone. A payday loan can be organised very quickly. This means that you will be able to get the phone faster. The loans can actually be arranged in just a few hours and sometimes even outside of normal working hours. This means that you will be able to get a replacement really quickly.
- Quick to pay off – A payday loan has to be repaid very quickly. The idea is that you just borrow the money for few weeks until you next get paid. This is great for anyone who does not really like being in debt or owing money. They will not have to owe the money for long. As soon as they have the money, when they get paid, it will be used to repay the loan all at once. This means that it will be cleared and any concerns about being in debt will be gone.
- Easy to Arrange – some loans are complicated to arrange. You have to fill out all sorts of paperwork and answer all sorts of questions and it can be difficult. With a payday loan the process is made easy. You can even apply online or over the phone if you wish. There is not a pile of forms to complete and it means that you will be able to get the application done very quickly.
So, as you can see there are a lot of advantages to using a
payday loan to buy a new cell phone. With the loan being available to most
people, being fast to arrange and easy and quick to repay it can be an ideal
option. It is worth comparing it to other loans first though. We should always
check to make sure that it is the right option for us. With all loans, the most
important thing to be sure of is that you are capable of repaying the loan.
With a payday loan that one lump sum payment can be tricky for some people to
manage. Make sure that you are prepared for it. If you are aware of when you
will be paying it and how much it is, you will be able to make sure that there
is enough money to pay it. You may need to spend less on other things and
perhaps find ways to earn more so that you can pay it and manage the cost of
all of the other things that you also have to buy. Having a quick look back at
some checking account statements will allow you to see what you would normally
buy and what money you need to spend and you will be able to work out what
needs to be done. It might seem like a hassle but it will be worth it as if you
do not repay the loan on time you will have to pay extra charges and if you
manage this but cannot pay for everything you need afterwards you may end up
needed a second loan. Both will cost you more money, so being organised to
start with can be a great advantage.
If you are a parent then you will know how tricky parenting
can be. The fact that you love your children so much can mean that you will
want to help them out in all sorts of ways. As babies they will rely on your
completely but as they get older, they will get more independent. However, even
when they are grown up parents will still have a tendency to want to look after
them. This means that whenever the children are in trouble, they will want to
help them and this includes in financial trouble. Therefore, when something
happens, such as them getting a payday loan, parents may want to step in and
help. Sometimes this can be a good idea but sometimes it may not be. It is
worth thinking things through quite carefully.
Will they manage alone?
To start with it is wise to check whether they will be able to manage on their own. It can be best to just leave well alone and if they are managing let them do so. It can be easy to offend your children if you offer to help them when they do not want help. It can therefore be better to leave them to it. Sometimes even trying to give them advice on what to do can be difficult and you might be greeted with defensiveness or they may even get offended. Therefore, it is best not to consider offering any help unless they ask for it.
However, even if they do ask for help you should think hard
about whether you are going to give them any. It may sound very mean but there
are some very good reasons why you might consider not helping them.
Will they learn?
Firstly, you need to think about whether they will learn if you help them out. If you rescue them from financial difficulty, whether that means repaying a payday loan or anything else it might mean that they do not learn from the experience. They may feel that it does not matter if they do not worry about looking after their money as there will always be someone who can come along and help them out. This is fine if you know that you will always be there to help them but this is unlikely. You will be likely to not be around as long as them and so there will be a point when they will no longer be able to come to you for help and they will not know what to do. They could end up getting into serious financial trouble without you there and so if you can teach them now how to manage their money properly, this situation could be avoided. It can be hard to help in this way, but if you are able to carefully explain the situation and why you
Can I afford it?
It is also really wise to ask yourself whether helping out is something that you can afford to do. You might think that if you have the money available now then you can afford it, but it is wise to look into the future as well. Think about whether you might regret helping because you might need the money in the future. You might be better off putting that money aside so that you can use it to fall back on. You might need to replace items that wear out, do repairs, move apartments or pay to study new things. You might need healthcare, holidays, a car or all manner of things and everything you need will cost money. It is therefore really wise that you make sure that you take care of your own needs. If you do not do this then you could regret helping them out financially and it could have a negative effect on your relationship with them. You will also need to think about whether they might start to rely on you more and more. Once you help them once they might keep asking for more and more help. This could mean that you will run out of money and not be able to help them again. This could be a big problem as they may be reliant on you and suddenly have a lot of financial problems and no longer be able to get any help for any of them.
So as much as you might want to help, it could be wise not to do so. It might be that you will be causing more problems than you solve. It would be ideally better if you can help them to manage themselves or allow them to learn from the situation. This might keep your relationship better with them in the long run and will mean that you will have more money if you need it in the future. It may seem very hard but it could be the best thing that you can do for them.