Planning to apply for a quick cash loan online? There’s one key thing you need to know before going ahead – payday loans aren’t for everyone. There are certain situations where a short-term loan won’t help you. At PPL, we help a lot of people with our online payday loans, so we understand just how important these financial products can be to so many people.
In this article, we’re going to point out 5 things you should never do with your cash loan. Tell a payday company that any of these are the main reason for your loan and you’re sure to see some delays in your application. We’ll start with:
1. Buying Bitcoin
Payday loans are meant for emergencies, not investments. You might have heard about loads of other people making large sums of money by buying Bitcoin and waiting for their value to soar, but a cash loan isn’t your route to getting some of the action. These coins are a huge gamble even for those that claim to be cryptocurrency experts.
Why are they so risky? Because just like shares in a company, the value of Bitcoin can drop at any moment. It’s only a matter of time before the first huge drop in value hits and you don’t want to be the poor person who just paid top dollar for a whole bunch when they do. People who knew to buy when the risk was very low several years ago are the real winners. People who are buying now at top prices are the ones giving those initial buyers their success. Remember all those pyramid schemes that took off in the early 2000s? This is not too different.
2. Hitting the Casino
This is another no-no. Gambling is not very different to currency or share trading. At the end of the day, the odds are heavily against you. The odds have to be against you so that the casino can make as much money as possible. If you want to gamble, you should be doing it with your own disposable income and with amounts that you can afford to lose comfortably.
3. To pay the deposit on a credit card
Borrowing in order to borrow from somewhere else is like digging yourself into a deeper and deeper whole. Getting a low interest credit card can feel like mission impossible when you have a bad credit score, but it’s never a good idea to take out loans to pay for larger loans. A payday loan will cost you around the same amount as the charges on a credit card, so it’s effectively like doubling up on the level of interest and fees you’ll owe.
If you need cash desperately, the best thing to do is apply for the exact amount you need from a payday company directly. Cards can offer you a much larger limit yes, but you should always try to avoid increasing your debt level.
4. Buy things you don’t need
We all need to try shopping and spending less on a daily basis. Not only would this be better for the planet, it’ll also hugely beneficial for our wallets. One of the main reason people find themselves short on cash is due to overspending. If you’re in gainful employment, there are always going to be little habits you can adopt to improve your savings. Think about dropping luxury brands, spending less on pricey TV subscriptions or eating out less. If you’re thinking about spending a cash loan on any of these things, you seriously need to reconsider.
5. Trips away
Payday cash loans are meant to be paid back right away, so taking a trip while you owe is way out of the question. A holiday is a luxury purchase, it’s not a necessity. We’ve had to refuse a handful of applications in the past because applicants have repeatedly claimed inappropriate intentions. We want our loans to help people when they’re short on funds. Our main concern is that you experience a fast and efficient loans process that gets you the money you need to get through the month when things are tough.
Think a payday loan sounds right for you? Get in touch with our customer service team today and we’ll do our best to get back to you as soon as we can!5 Ways That Cash Loans Should Never Be Used Click To Tweet