If you are looking for a payday advance, chances are your savings account is empty – or at least it better be. Payday advance loans were designed for people who lack the savings to cope with financial emergencies as they come up, and thee only reason you should apply for a payday advance loan is if you lack the savings to pony up the dough on your own steam. So what’s this whole deal about the savings account payday advance? Why are they even an option?
Why savings account payday loans are necessary
The simple answer behind the savings account payday advance is not everyone has a checking account, but most people have some form of savings. Living paycheck to paycheck will as its difficulties, and those difficulties are compounded when you cash your checks rather than deposit them into your bank accounts. For those who do this, the savings account Denver payday advance is their only line of financial defense at that critical moment when you are out of cash, run out of funds in your savings and are in dire need of a little help. The savings account payday advance is in existence because not everyone needing emergency financial aid has a checking account. End of story.
The story has a dangerous ending
The story behind the savings account payday advance is simple enough – it fills a void. But that filling is so dangerous for your financial health in most cases the user would be better off without:
- your savings must not be used as an expense account, but as a resource for emergency aid just like the payday cash advance itself.
- taking out a savings account payday advance is much more than a cost you cannot afford, but a choice you will have to deal with for months – and possibly years – to come.
Giving your lender access to your checking account is one thing – its just like writing a check. But access to your savings account is access to your financial security and fast payday advances are a great weay to lose that security for a long time. The moment you give that up is the greatest day in a payday lender’s life – the day you loose all your financial independence and rely on their loans for every time you run out of cash.