rocket finance

Use Only in Case of Emergency

I was at a Rotary meeting a month or so ago and I overheard the mayor of our city and a banker bemoaning the fact three new “cash advance” or “payday loans” type businesses had recently sprung up in our area. I have never  had the occasion to use the services of such businesses, but I was immediately struck by the fact that neither of these men were anywhere near having problems financially. I am a little closer to having need of such a loan, so I didn’t want to be so quick to judge.

It is difficult for me to immagine having to borrow money against a future paycheck, but there are a lot of things that could easily happen and put our family in a situation where we were day-to-day in our finances. A few doctor bills, a job loss, major car or house repair, etc. – and we could be in deep financial problems. Payday loans usually have exhorbitant interest rates, but sometimes the alternative is worse.

 However, if I ever had need of such a loan, I would not go immediately to the payday loan place down the street, but I would do a great deal of research on the internet and elsewhere in order to get the best deal possible.

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