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300 Dollar Payday Loan How To Get It Wisely

Penny works a sales rep for a pharmaceutical company and has to drive to all corners of Los Angeles and even travel to other cities like Sacramento and San Francisco to sell her company's patented drugs. She was pretty good at her job, but this month she faced lots of problems in completing her monthly targets. It was only 5 days for the month to end and she was still short of 5 clients to fulfill the quota. And this was when her laptop conked!

Penny had saved all of her presentations and other data about the varied medications on the company's server. However, it could only be accessed via a laptop/computer and not on smartphones. Additionally, employees were forbidden to download data onto computers that were not owned by them.

$300 loan

Penny had already used up all the expense money granted to her for the month. Hence, she applied for an easy loan. Her loan was quickly approved and she immediately purchased a cheap laptop. She then download the company's secure software, accessed the server, and download all her presentations and other files. She was eventually able to get the 5 additional clients and meet her monthly sales quota.

Penny repaid the 300 dollar loan when she received her paycheck. She also paid $18 in fees and 21 percent as interest. The cost of the payday loan thus totaled to $381.

However, that amount is minor when compared to the fact that she was able to meet her monthly target and subsequently receive the quarterly bonus. If Penny had not taken the loan to buy the laptop, she would not have had the opportunity to meet the new clients and close the deals with them.

The story of Penny is applicable to lots and lots of us, especially small business owners. A 300 dollar payday loan can be very useful for a small business owner who does not have the few hundred dollars needed to purchase additional supplies and expand his monthly sales. Thus, if the owner of a small bakery unexpectedly gets the order to make a big wedding cake, but is short of a few Benjamins, then he/she can easily apply for a 300 dollar payday, get it approved quickly, buy the needed ingredients, bake the cake, make the couple really happy, earn extra income, and gain an new grateful client.

Using the above examples, what needs to be understood about Payday loans?

Penny took out the payday loan only because it was an emergency expense and she did not have other options. She took the loan to buy a laptop to serve her need of the hour.

  • Penny repaid the loan with the fees and interest charges as soon as she received her next paycheck. It is vital to repay as soon as possible because most payday loans come with weekly fees. Repayment of the payday loan at the earliest will permit borrowers to revert to their normal budget sooner than later. It is most important to remember that extending the period of a loan comes with increased charges and interest.
  • Penny did not take a bigger loan to get an expensive laptop, but instead used the $300 loan to meet just her most essential requirement. She bought a cheap laptop with the small loan so that she could go back to work and finish her quota. Penny knew that it was easy and fast to get approved for payday loans and that even individuals with bad credit can avail of it. She took a loan to meet her most basic requirement so as to avoid repaying a big amount. It may be noted that there are certain states that cap the amount of money that people can borrow so as to ensure that the borrowers restrict the loan amount to something that they can afford to repay. For example, Washington State limits the loan amount to $700 or thirty percent of the gross income of a borrower.
  • The 300 loan was used by Penny as an investment and not as an expense. The cost of the loan may have increased to $381 in the end, but if she had not gone for it, then it would have meant her falling short of her quota. In Penny's story, the payday loan not just helped her meet her target but also allowed her the opportunity to get the bonus check.

In conclusion, it can be said that payday loans are a safe and easy option for emergency expenses. It is not as bad as what gets reported in the media. Such loans are popular even in other countries like Canada and the UK, and many borrowers in these countries do not find payday loans to be deceptive. One must also know that the Federal Trade Commission closely regulates payday loans sector in the US and takes all steps to protect the interests of the consumers.

All borrowers just have to understand when to go for a payday loan and how to manage it. If you borrow in the smart manner like Penny, you are least likely to become a victim of a debt trap.

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He worked as an attorney practicing insurance defense and commercial litigation. He covers lenders, bank accounts, mortgage rates, refinance rates, and borrowing and savings tips. You can reach Chris Miller at chris.miller@siloans.com.