I Have Don't Have a Checking account.

I receive my paycheck by Direct Deposit Paper Check .

I take home $1200 + $1000 - $1199 $800 - $999 less than $799 per month.

I have No 1 2 3 4 + returned items or overdrafts on my last bank statement.

A pay day loan can actually provide a potential lifeline for someone struggling to pay the rent or mortgage on time. Whether it should be used to pay for a vacation is another story, but that’s the consumer’s call to make. The smart thing to do before deciding to take out any type of loan (from the bank or online) is to check all other available sources, such as borrowing from a family member or friend first. A word of warning: if you do decide to take out a pay day loan, at least make sure that it is paid off punctually and in full.

Other than that, here goes to pros and cons of taking out a pay day loan:

Advantages

• Speed of availability. A pay day loan can usually be approved and payment received on the same day, subject to the provision of qualifying paperwork.
• No credit check. It is possible for those with bad or adverse credit, county court judgments, defaults and bankruptcy to get a Pay day loan.
• A Pay day loan can be used for anything. No restrictions exist in terms of what the money borrowed can be used for.
• Helps prevent late rent and mortgage payments. Late payment can result in bad credit or adverse credit so paying on time is important. In certain situations, it can prevent eviction or repossession from happening.

Disadvantages

• High rate of APR. Interest rates can be pretty high. A pay day loan represents the most expensive form of borrowing on the market, but it is sustainable provided the money is repaid within the agreed timeframe.
• Paying bills next month. If struggling to make the repayments this month, it will become even more difficult to make any repayments the month after. The interest paid on the payday loan will leave less disposable income, although this could be overcome by working additional overtime.
• Uncertainty. If a fresh emergency happens it can be difficult to find the money to repay the payday loan on time. This can result in adverse credit or bad credit, making it difficult to secure further credit in the future.
• Provides only a short term financial solution. The loan is only realistically a short term source of borrowing.

It is up to you to know if your situation dictates the need for a quick payday loan or not. Only you know yourself good enough to know that you are doing the right thing, so you’ll have to decide for yourself. As you have just read, there are two sides to this issue, so you’d be better off knowing the whole truth before you make any decisions. Good luck!