Payday Loan Payback

I just paid back my payday loan

A few days ago I got a $250 payday loan because I couldn’t pay my utility bills on time. Read I Saved Money with a Payday Loan. After eight months of unemployment, I had depleted my meager savings and had been pushing the deadlines on my bill paying. Then I got disconnect notices on all my utilities at once, and I had nowhere to turn. My rent was due, also. I had just gotten a paycheck and I could pay the minimum amounts on all the utilities, but then I’d be short on the rent. I could pay the rent, but then I couldn’t stop all my utilities from being disconnected. I needed more time or more money. I couldn’t get more time, but I got a payday loan. It got me over the hump, and I just paid it back.

Better than the alternatives

I didn’t like getting a payday loan. But I liked the alternatives even less. The loan cost me $37.50. The penalty for paying my rent late would have been $80. I didn’t even bother to add up what the connection fees and deposit requirements would have been if my utilities had been disconnected. Either way, if I hadn’t gotten the payday loan, I would also probably have had to risk bouncing a check just to eat until my next payday.

Glad I got it and glad it’s over

I used the payday loan to pay the minimum amounts due on my utilities and used my paycheck to pay the rent. I used the next paycheck to pay back the loan, the balances on my utility bills, and my car insurance. And just as I had hoped – I even got my hair cut. I got my next paycheck a couple days ago, and now I’m back on track.

I don’t like borrowing money.  I don’t even keep credit cards.  But I was happy to get that payday loan and I was even happier to pay it back.