Credit Loan > Financial Articles & Money Management Strategies > Fast Loans: The Key to Easy Money?

Fast Loans

“Do you need money fast? Then come see Fast Eddie at Fast Eddie’s Title Loans! We can loan you money in as little as 30 minutes! And, you can still keep your car!”

“Why wait 30 minutes AND risk losing your car just to get a fast loan? Come over to “It’s Always Payday”! We’ll hold your personal check until you get paid! You don’t have to worry about someone else having the title to your precious car!”

How many times a day are people bombarded with radio and TV ads similar to the ones above? And, how many times a day does a person actually find him or herself thinking, “You know, that might not be such a bad idea.”

Well, it might not be. Emergencies didn’t get their names by being expected. And, emergencies happen every day. Your car breaks down, and it is your only source of transportation to and from your job. Or, your daughter becomes seriously ill and you know that you have to walk into the urgent care center or emergency room with at least an insurance co-payment. And, neither of the situations can be put off until the next day.

This is where “same day” loans they are sometimes referred to, can be a good idea. You know for certain that you will be able to pay the loan off when your next paycheck comes, or that you will be able to access the money in some other way by then, so you go ahead, complete the little bit of paperwork that is required, get your money, and take care of business. When the loan comes due, you pay it, along with any applicable interest and fees, and that is that.

If that is how the scenario plays out, then it is/was/can be a good idea. However, one must be very careful and much disciplined, because the temptation to make this a regular thing can be very strong.

The TV and radio ads make it sound so easy (even with the quickly-spoken disclaimer, “Make sure you can afford to pay back what you borrow” tacked on at the end of the commercial), and the employees at the “same day” loan place certainly do their best to make it as painless as possible. Because of this, it is very easy to think, “Oh, well, one more time won’t hurt.”

You must be willing to walk away from the urge to use this type of service indiscriminately. Remember why you HAD to do it in the first place, and take steps to assure that such a situation will not arise again, if you possibly can.

If you find yourself getting close to a similar situation where you feel it might be necessary to use a “fast loan” service again, take a moment to step back and see if there might not be another way. If your car is on the verge of breaking down again, find out if there is some way you might can go ahead and get some preventative maintenance done that will keep it running until you can afford to have it fixed without having to borrow money from anywhere.

If you feel that a medical emergency might occur again (perhaps because the condition that caused the first one is chronic or there are other extenuating circumstances) check and see if you qualify for free or reduced-price preventative medical care. This will not only keep you from getting into a financial bind, it will benefit the sufferer.

Fast loans are available, maybe too much so, but they can and do have their uses. A little caution and common sense will allow them to remain a source of help, rather than a source of stress.

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