Is taking a payday loan still a thing to be ashamed off?
A few years back, I would have never thought of getting a short term loan, never mind a payday loan, this was for people who couldn't manage their finances- I hear my mum say. Nowadays a short term loan is not something to be ashamed off; people take loans to buy a car, to renovate their kitchen, to book a holiday etc.
Why have payday loans take up increased?
Cost of living is an important factor on the increase of payday loans, people's salaries are not covering unexpected expenses such as a big gas bill or the need to fix the car and they'll use a payday loan to bridge the gap between now and their next payday. Take myself as an example, I know for a fact that in June I have got extra expenses: contents insurance renewal, dog insurance renewal, gas and electricity bills - these are one off expenses that overstretch my financial situation, therefore getting a payday loan is a good option to help me until payday.
All depends on the urgency
The choice of taking a payday loan sits closely with how urgent you need to pay a bill or whether you have to paint that room - the question is: can you avoid taking a payday loan? Some things are unavoidable - not paying a bill will incur in extra costs, fixing your car is necessary to get you to work, however small decoration projects or getting that special Prada bag are things that can wait.
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