Payday loans are short term loans that are meant to provide some financial relief in tough times. These loans are usually given out with the intention that the borrower will repay them after receiving their next paycheck. Emergencies that may require you to withdraw such a loan can occur at any time. Unexpected medical problems, car troubles, and unforeseen unemployment can all lead you to seek financial assistance at your local payday loan office. However, there are certain times of your life that you are more likely to take out a loan of this nature, and knowing what these times are can help you to better prepare for them, giving you ample time to save and possible help avoid having to get monetary help in the first place.
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Of course, the time that you are most likely to withdraw a payday loan is when you are unemployed. Unfortunately, there is only so much that you can do to prepare for this situation. Creating a savings account and putting money aside when you are employed can help to ease the financial stress should something occur that causes you to become unemployed. Obviously, this cushion will contain only a finite amount of money to rely on during a jobless period, and should this period last longer than expected you may have to turn to other means of support to get you through. One such resource that you can rely on is unemployment. This is an insurance policy (sort of) that you pay into exactly for such moments. Unemployment is guaranteed for a year after you are approved, and although it only gives you a percentage of what you were making before, it is something at a time when anything helps.
A second life changing situation that often brings the need for people to take out a loan is divorce. This can be a difficult time for anyone for multiple reasons, and the financial strain that it causes is just one of the factors that contribute to the stress at a time like this. The reason that divorce is so monetarily distressing is that both you and your partner have come to rely on each other's income. When half of your income is suddenly taken away, the financial repercussions can be tremendous. Unfortunately this situation is also difficult to prepare for, especially because no one gets married while entertaining the possibility that it may not last. However, once you become aware of the fact that you are heading towards divorce, the best way to minimize your need for financial assistance through a loan is to reduce your budget to fit your new income. This may mean downsizing your living space, getting rid of or selling unnecessary luxuries, and making other sacrifices to get through this tough time.
Should you become disabled, you will become much more likely to withdraw a payday loan. Unsurprisingly, 12% of disabled people have taken out such a loan. Several factors contribute to this statistic, including a reduced ability to gain employment due to physical restrictions, an increase in medical bills to pay for any treatments or medications this disability may require, etc. The only ways to prepare for such a situation is to make sure you have good health insurance and a sizable savings account. By preparing for this and other adverse situations, you can reduce your reliance on payday loans when they do come up.
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