Firsthill Psychological Services
April 28, 2020
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A Payday Loan Helped Me Through

Author: Administrator
I could tell you about a time I needed a payday loan and how that payday loan kept me from getting evicted from my apartment. This story is a good example of how a payday loan works and how it can be used. I applied for a payday loan when the people I babysit for were unable to pay me for the service I was providing to them. I receive unemployment cash from the government due to a disability and I babysit for a family in my building. The cash I receive from the government and the amount I get from the family in my building is barely enough for me to get by each month.

I had to apply for a payday loan this time last year because the single mother of the family I babysit for had been laid off from her job. A payday loan came in very handy when my monthly income was reduced and I needed extra cash.

To apply for the payday loan, I went down to the public library and did a web search for payday loans online. I completed the payday loan application to receive an online payday loan and provided the payday loan business with all of the information they requested. The payday loan representative that I was connected to online wanted to know personal information about me such as my name, address, birthday and bank account information. The payday loan representative also wanted to know about my income. I was able to provide the payday loan representative I was connected to with proof that I received a monthly check from the government because of my disability. The next thing I did in order to complete my payday loan application was to hit the "submit" button.

I am so happy to share that the payday loan I applied for was approved in the amount of $100 at an APR interest rate of . The total amount of my payday loan was due thirty days later. The $100 that I borrowed from the payday loan lender was deposited directly into my bank account and I was able to use it that very day at the grocery store. This $100 that I borrowed from the payday loan business was enough for me to keep myself warm and fed and by the time the payday loan was due to the payday lenders, the single mother in my apartment building had found another job and I was able to resume my babysitting job for her.

This story is an example of how a payday loan was very helpful to me last year when my income was unexpectedly minimized. The $100 payday loan was enough to help me make it through the tough time until my situation improved. Because I borrowed a payday loan in the amount of $100 plus an APR interest of 10%, the cash I had to repay the payday loan lenders was $110. This amount is a higher than the amount I borrowed, but it is the price I was to pay in order to have the privilege of borrowing cash from a payday loan business. I have not had to take out a payday loan again since that day, but if I ever had to do it again, I would not hesitate for a second.


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