Online payday loan, Fortunoff and you
Normally, I wouldn’t advocate that you get an online payday loan to buy “stuff,” but if it could end up saving you money in the long run, why not?
U.S. retailer Fortunoff has filed for bankruptcy, which means we might soon be seeing “going out of business sale” banners on their buildings. The company sells jewelry, dinnerware and furniture. If you’re on the market for any of these things, read on.
Liquidation sales
In an earlier article, I shared the truth behind liquidation sales. For the purposes of this article, here is the important part:
The best prices on merchandise can be found at the retail store before the merchandise is turned over to a liquidator. Prices are usually at their lowest the week before the going-out-of-business sale begins, when the company is trying to sell merchandise while they can still profit from it instead of selling it to the liquidator.
Given this fact, if Fortunoff is unable to sell the company, and it ends up going out of business, there will be a small window during which you can get the very best prices on the very best stuff.
Timing is everything
So, if Fortunoff announces it will go out of business and begins deeply discounting items before the “going out of business sale” signs are hung, it’s time to strike.
But what if that moment hits, and you’re low on cash? Should you get a payday loan to take advantage of the savings? Well, that’s a problem for the calculator.
Do the math
Find out the discounted prices of the items you want to buy, add the fees that come with a payday loan. If this total is less than what you’d pay for the items at regular retail price, an online payday loan might be a good idea. That way you don’t run the risk of someone else snatching up the items before your next payday. You also don’t run the risk of the prices going back up after the company turns its merchandise over to a liquidator.
Most importantly, when you take out an online payday loan, be sure that you’ll be able to repay it on time.
Not to sound Machiavellian or opportunistic, but watching for going out of business sales can save you some serious green. You may not even have to think about getting payday loans, if you find some good enough deals.
I’ve always meant to take advantage of these kinds of sales, but never actually done it. However, looking at the photo for this post, I was hoping for something along the lines of cheesecake… then I’d be there
Great idea! Thank you so much for sharing this. Despite the fact that I love the idea of having new furniture, dinnerware and especially jewelries, I would much rather save money than to spend it, or in other words, waste it. However, how you explain it makes so much sense! Thanks again!