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Most people who need a temporary financial boost could do without that need if they would have a budget in place from the beginning of the month.

Especially people that live paycheck-by-paycheck should have such a budget in order to eliminate the need for a pay-day loan.

Yes, there may be circumstances when such a loan is needed but it shouldn't be the norm.

An emergency budget may solve those problems but it will be hard for someone who already strech their finances to set-up one (it will be worth the effort but it needs to be included in the monthly budget)

I recommend that a separate account will be set-up for the emergency account and that an equal amount every month will be transferred into that account. An automatic transfer will make sure that the funds will be added into the 'emergency-fund' rather then spend on somehting else.

An adjustment to the current life-style may be needed in order to budget.

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It is not smart to play it safe but it is safe to play it smart.

A better budget = a better lifestyle because less stress is worth a million dollars.

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In reply to Dru's comment...

Yes this is a very high annual percentage rate, but it is irrelevant when you consider the fact that most payday loans have a life of six weeks (at most).

It all depends on the policies of the company. You are right to be wary as getting into debt is a big decision. It just means you need to carry out a bit of research first into the company policies.

Some have cut of periods for the interest, so if a client gets into trouble with their repayments then interest is cut off. This means it doesn't get out of control and end up being an amount that the client is never going to be able to pay back. After all, if the clients can't pay back what they've borrowed, the company will end up with absolutely no money.

Another factor to look into is how they work out how much you are eligible for. Some companies will work out how much you can borrow based on your total income AFTER your rent/mortgage payments. This means you are not left in the lurch when these bills come because you have to pay back your payday loan first.

People who use payday loans seem to be doing it over and over again because they do not budget properly. High interest, over and over again, still equals high interest. I had a guy working for me several years ago who fit this profile. He always had a payday loan, and he was always broke, in spite of the fact that he was paid quite well. His philosophy was he didn't care how much something cost, as long as he could afford the payments.

That's one of the problems I have with all this rage against payday loans. It's like that old notion "guns don't kill people, people kill people." Payday loans are basically just loans, what matters is that you know when and how to use them. It's such a sad state when people aren't financially educated enough to use good practices.

Actually pay day loans are set up in theory so that once one makes the jump to obtain one, they will need to come back time and time again. If you take an advance on your income you for "x reason" you still need the income for previously obligated items. Vicious repetitive cycle.