We all land up in financial hot waters on a number of occasions and it is difficult to decide what to do in order to maintain our liquidity. To me, going to a pawn shop, selling my goods on eBay, breaking into my savings bank account and borrowing money from friends and relatives was never a good choice. I tried never to borrow anything from anyone. But one fine day, I was forced to borrow some money. I would not go in too much details of what happened to me, but I must say that I needed $1000 really fast and my liquidity was next to nothing.
I had heard a lot about payday loans, so I thought about giving them a try. I went to the website of one of the payday loans companies to find out that they were indeed giving a loan of $1000 instantly. I filled a form and immediately got a reply from the company on my email. They confirmed by details and within 20 minutes they verified all my details. My income is $5000 a month, so I was found to be a good candidate for a loan of $1000.
They also sent me a loan agreement. I am very careful with my money so I read the complete loan agreement in one go and it was only then that I replied to the company about my decision to get the loan from them. In just a few more minutes, I received a message from my bank stating that $1000 had been credited to my account. I was amazed at the speed at which these loans are processed. I used that money in order to get what I wanted. This object that I bought was actually meant for reselling. So I decided to bargain a little and saved $100 on the purchase. I bought that object for $900 and then sold it for $1700.
I had to pay $1300 to the payday loans company after 3 days i.e. my payday. I had clearly saved $800. Of these, I deposited the extra $300 that would cover my interest above the principal amount and made sure that the rest $500 were always with me as cold cash for any such situations of cashless-ness in the future. This way, I handled a payday loan with an interest rate of $300 above the principal amount of $1000 and saved myself from any further financial trouble.
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