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Should I Use Savings or a Payday Loan?

There are often dilemmas that we face when we are considering what to do with our money. We need to make sure that we make the right decisions or else we could suffer both financially and emotionally. The problem for most of us is that we have not had any formal financial education. This means that we need to try to work things out for ourselves. It can be difficult making decisions and it is not helped by the fact that the decision e make could alter depending on our own financial situation. Therefore, picking between one product and another, for example I not easy because it will depend on our needs and capabilities. Even so, it can be the case that we will make the same thought process when we are deciding whether to choose between different things. For example, if you want to buy something but you have the choice of using your savings or borrowing using a payday loan then there will be different consequences of making each decision.

Advantages of Using Savings

  • If you use your savings account you will not have to pay the costs of the loan. All loans have costs usually you are charged interest and you might be charged a fee as well. These costs will vary depending on the lender but they will always be there and so if you use your savings instead you will not have to pay those additional costs.
  • It can sometimes feel stressful if you owe money. Some people feel worried about owing money to people and they want to repay it as soon as they can. They may worry that taking a loan will make them feel stressed and not want to do it. If this is the case then having a payday loan will be a good idea as there will be no need to worry about it.
  • With a loan you will have to pay it back at a certain time. However, although it is likely that you will want to repay your savings at some point, you will not have to stick to a specific timetable for this. This means that you will be able to repay the money at your leisure and this means that you will not need to take such extreme measures to be able to find the money that you need.

Advantages of Using a Payday Loan

  • If you have your savings in a notice account or tied up in a bond with a specific term or something like this then there could be a chance that you will not be able to get your money out. If you do, it may mean that you will have to forfeit a bonus or interest. It might be the case that this will be more expensive than the cost of the loan. Make sure that you check to see what the situation is with your savings and calculate how much money you will miss out of if you use the savings instead of a loan.
  • Some people do not find owing money stressful at all. They do not worry about borrowing. In fact, there might be some people that find it harder to cope knowing that they do not have any savings. They may rather borrow and still have some savings available in case they need more money and have no more borrowing options available.
  • With a payday loan you will normally need to repay it all in one lump sum. This means that you will just have the one repayment and the loan will be gone. This can be really great as it means that you will not need to worry about it and you will have to get it repaid quickly. For some people this is a really good idea as they may not have the self-discipline to repay their savings as they may just end up spending the money so getting a loan and being forced to repay it will mean that they will not lose the money they have saved.

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