Why Get a Small Dollar Loan

There’s a saying that money can’t buy you happiness, but you know as well as anyone else in your financial situation that you can’t reduce life’s complexity’s to such a pithy aphorism. You also know the people who say these sorts of things have probably never had to make the choice between buying enough groceries and paying off extra data usages on their cellphone bill — between covering the month’s rent and paying off a surprise trip to the mechanic’s.

You can say with certainty you’d be a lot happier if you never had to choose. Your mood would greatly improve if you earned enough paycheck to paycheck to cover your regular expenses as well as those unanticipated charges that put strain on your finances. Unfortunately, until your boss gives you a significant raise (an unlikely event) you’ll need to look elsewhere to cover those additional burdens. The next time you find yourself at a financial crossroads, stuck between paying for a budgeted expense and a surprise bill or charge, look to a small dollar loan for assistance.

They’re also known as short term loans — for two reasons. Primarily, their repayment is due by the time you receive your next paycheck, so you have less time to pay off this product than other forms of financial assistance. Secondly, these financial products are meant to provide temporary financial relief for those who need a payday advance. Their purpose is to provide a stopgap when payday is too far away to cover the cost of your responsibilities and you don’t have enough savings set aside to help.

Typically, these short term loans are limited in size, in addition to their repayment period. Many of the top online direct lenders that provide these financial products regulate their loans, restricting them to amounts no greater than $1,000. This control, in accordance with state lending laws, is a way to ensure these loans remain a responsible choice for those who need help. By keeping their loans small, they help reduce the chances of these loans’ repayment becoming an additional financial burden.

You should find it easy to integrate your loans’ repayment into your budget. If you can’t, then you could be setting yourself up for financial hardship. If you can’t repay its full amount by your next paycheck, then you’ll be hit with interest and late fees. That’s why it’s incredibly important to assess the rates, terms, and conditions of any loan you’re thinking of applying for.

If used properly, small dollar loans are a safe and responsible way to cover your financial difficulties. Though The Beatles may have been right about money not being able to buy anyone love, having enough of it can come with a certain feeling of relief, knowing you don’t have to choose between one need and another. Use a short term loan responsibly, and you’ll know how it feels.

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