Your Personal Guide To Payday Loans

Life is full of surprises. Some of these surprises are welcome, such as finding money in the pocket of an old pair of jeans, or seeing a double rainbow after a heavy midday storm. Other events that can catch you off-guard may not be so welcome – breaking an arm, getting a flat tyre, or being the victim of a crime. Whatever the case may be, you’ll be happier knowing that you can deal with life’s emergencies as they arise. That’s why payday loans are one of the best crisis management tools at your disposal.

Payday loans are basically short-term loans that provide you with cash when you need it, usually when payday is still a few days or weeks off (hence the name). These types of loans are small (often not more than R6000, which is what Boodle Loans offers), but they can make a massive difference in emergencies. The repayment period for such short-term loans is also usually short, as the idea is that you can pay back most or all of the money when your salary gets paid.

What Should Payday Loans Be Used For?

Payday loans can be used for almost anything, but you should try to take care of the important things first. If you have your eye on a limited-edition gadget or a meal at a ludicrously expensive restaurant, consider holding off until you’ve ensured that any emergencies are taken care of. Of course, sometimes an emergency could very well be obtaining some material item that can’t wait for payday. It’s okay to indulge every once-in-a-while (after all, it’s your money), but you also need to remember that it’s still a loan, not a lottery payment – it needs to be paid back.

Budgeting is essential, whether it’s to allocate funds from your loan or during normal month-to-month expenditure. The most important part of your budget is that you need to stick to it. Temptation to spend your money on unnecessary items can be great, but you’ll be fine if you stick to a rigid budget. Payday loans offer some cash flow flexibility, but make sure you include the repayments in your next budget. Don’t let one emergency cause another.

Prevention Is Better Than A Temporary Cure

You can’t control every single event or outcome in your life, but it pays to be prepared for anything and everything. The three main ways you can do this is by keeping track of expenses (using the abovementioned budget), watching or reading the news to stay updated on the latest economic developments (especially anything that will affect you personally), and saving as much money as you can. Payday loans aren’t huge, so it helps to have some extra cash on hand to top off your loan money.

When disaster strikes again, you’ll be happy knowing that you are capable of handling it. Life is meant to be lived on your own terms!

Visit our homepage and use our handy calculator to calculate your loan and repayment amount.

Disclaimer: Boodle Pty Ltd is a Registered Financial Services Provider (FSP 50848).