About 56 million American students will be heading off to school soon as summer ends. As early as now, parents are already preparing for back-to-school essentials -notebooks, paper, backpacks, books, pencils, pens, shoes and clothes are basic back-to-school needs that can easily add up and become a huge expense for a household to handle.
Moreover, schools today are using computers, software and other computer-related learning materials.
In fact, according to NRF (National Retail Federation), consumers will be spending nearly 15 billion dollars on back-to-school essentials this year as compared to 14 billion dollars last year.
A family of school-aged children, as surveys revealed, will be spending at least $400 per child on back-to-school essentials this year and to most parents, this is an expense which they have foreseen, but failed to plan for it since they only have enough to live by. This is the number one reason why payday loans get so much attention this time of year.
To those with no or bad credit history, payday loans can help them by offering instant cash for back-to-school expenses with no credit check.
"A payday loan is indeed very helpful to us" says Norman Cvetkovic. In fact, we turn to payday loans every start of the school year to help us through -two of our kids are in elementary and two are in high school and with a $500 budget for each of them, our school savings fund is barely enough."
Payday loans are short-term loans needed to be fully paid within 14-30 days and provides almost instant cash which are directly deposited into your checking or savings account. Payday loans have a fixed interest of $10 for every $100 payday loan amount borrowed.
"No matter how carefully I manage our finances, I can not seem to save for back-to-school expenses and so we turn to payday loans during this time of the year." Says Alicia Marx, mother of 3 high school students. "Payday loan is already a tradition for us every start of the school year. I obtain a payday loan and shop for back-to-school essentials as early as school ends so that I will have the time to take a $500 payday loan every month - that means three payday loans in three months time." For Alicia, this is a strategy she has been doing for 5 years now, and it has been very effective for her.
To make the most out of their payday loan, most consumers reveal that they will shop online or go to mass-merchandise discount stores where everything are at discounted prices from pencils to clothing.
Other shoppers are waiting till school draws near, when discounts will be more attractive.
While you are busy shopping for back-to-school essentials, keep in mind that more expenses are coming like school programs and other events, so it is still important to set aside some extra cash to put you in a much better position so to manage your finances.
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