When You Should and Shouldnt Take an Online Loan
Considering applying for an online loan? When it comes to finances, the saying’s often true: when it rains, it pours. An online loan can help, but is it the right choice for your situation?
Considering applying for an online loan? When it comes to finances, the saying’s often true: when it rains, it pours. An online loan can help, but is it the right choice for your situation?
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
<strong>When</strong> <strong>You</strong> <strong>Should</strong> & <strong>Should</strong>n’t <strong>Take</strong> <strong>an</strong> <strong>Online</strong> Lo<strong>an</strong><br />
Considering applying for <strong>an</strong> online lo<strong>an</strong>?<br />
<strong>When</strong> it comes to fin<strong>an</strong>ces, the saying’s often true: when it rains, it pours. An online lo<strong>an</strong> c<strong>an</strong> help, but is it the right<br />
choice for your situation?<br />
The last thing you w<strong>an</strong>t is to end up with a lo<strong>an</strong> that puts you in more of a fin<strong>an</strong>cial bind th<strong>an</strong> the one you’re already in.<br />
<strong>When</strong> <strong>You</strong> <strong>Should</strong> Apply for <strong>an</strong> <strong>Online</strong> Lo<strong>an</strong><br />
Short-term online lo<strong>an</strong>s c<strong>an</strong> be a helpful option for making large, one-time purchases, m<strong>an</strong>aging unexpected expenses,<br />
or getting caught up on bills.<br />
Some inst<strong>an</strong>ces where it makes sense to apply for <strong>an</strong> online payday lo<strong>an</strong>:<br />
Paying for Unexpected Expenses<br />
This is probably the most common reason to take out <strong>an</strong> online lo<strong>an</strong>. Unexpected expenses are usually, well, pretty<br />
unexpected. <strong>You</strong> may need a sum of money in a hurry to get back on your feet.<br />
Some unexpected expenses might include:<br />
Car accidents<br />
Family emergencies<br />
Household repairs<br />
Vet bills<br />
Moving<br />
Dental emergencies<br />
Vehicle repairs
Making One-Time Purchases<br />
Buying new furniture or new A/C for your home c<strong>an</strong> be effective uses of short-term lo<strong>an</strong>s. Just play it smart. If you’re<br />
taking out a large lo<strong>an</strong> to put money down on a new car that may be out of your monthly price r<strong>an</strong>ge, it may not be<br />
worth the risk.<br />
Paying Bills Due Before <strong>You</strong>r Next Payday<br />
An online payday lo<strong>an</strong> could be a good option for paying bills that are due before you get paid again. We underst<strong><strong>an</strong>d</strong> the<br />
need to make every dollar last between checks. Payday lo<strong>an</strong>s are designed to help you pay your immediate expenses.<br />
The full lo<strong>an</strong> bal<strong>an</strong>ce is due on your next payday.<br />
<strong>When</strong> <strong>You</strong> <strong>Should</strong>n’t Apply for <strong>an</strong> <strong>Online</strong> Lo<strong>an</strong><br />
Sometimes, a short-term lo<strong>an</strong> isn’t the best option for your needs. While having extra cash could be helpful, you could<br />
be adding extra weight to your overall debt when you factor in interest <strong><strong>an</strong>d</strong> fees.<br />
Some inst<strong>an</strong>ces where it doesn’t make sense to apply for <strong>an</strong> online lo<strong>an</strong>:<br />
Paying Off Another Outst<strong><strong>an</strong>d</strong>ing Lo<strong>an</strong><br />
We don’t recommend using one to pay off <strong>an</strong>other lo<strong>an</strong>. Even if you pay off the lo<strong>an</strong> principal, you may still have<br />
outst<strong><strong>an</strong>d</strong>ing interest to repay. <strong>When</strong> added on top of the new lo<strong>an</strong>’s fees, you could end up in deeper debt th<strong>an</strong> when<br />
you started, with just as much trouble paying it all back.<br />
Paying for “Nice to Have” Expenses<br />
A beautiful designer h<strong><strong>an</strong>d</strong>bag you’ve been eyeing for months. The latest version of your choice smartphone. A trickedout<br />
enh<strong>an</strong>cement to your car.<br />
These are all large purchases that may be outside of your current fin<strong>an</strong>cial needs <strong><strong>an</strong>d</strong> goals. We call them “nice to<br />
haves.” Remember that <strong>an</strong> online lo<strong>an</strong>, like a credit card, isn’t free money. <strong>You</strong> could be paying off that designer bag for<br />
months, even after you’ve stopped obsessing over it. In these cases, we recommend saving up money to purchase<br />
instead.<br />
Imagine how great you’ll feel when you buy a “nice to have” with money you’ve saved? <strong>You</strong> c<strong>an</strong> even buy it in cash to<br />
feel like a true boss.<br />
Is <strong>an</strong> ACE online lo<strong>an</strong> a good choice for your needs? Learn more today.
Change language