August 12, 2020

Should I use a Payday Loan to Buy a new Mobile Phone?

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.