They say, when it rains it pours. Sometimes life is like that. It seems when one thing goes wrong, other things follow. When you are living paycheck to paycheck, additional financial struggles can create major problems. It seems like everything that breaks down, comes undone, or crashes and burns costs money. When that happens, where do you turn?

The payday loan industry was built to help people, who need extra cash quickly. Their mission is to help customers, who find themselves in tight financial situations, with nowhere else to turn. When your car is broken down on the side of the road, you need your car repaired as quickly as possible, so you can continue to work. Where do you find the funds to complete the repair? A payday loan can be the perfect solution. You can apply on line and have the money deposited into your bank account generally the next business day. You need money as quickly as possible. If you have a smartphone, you can apply on line and receive a quick decision.

The greatest thing about Payday loans is that lenders want to lend you the money you need, instantly. Even if your credit is bad, even if you are late on your rent, as long as you have a job, they can help. So by the time the tow truck comes to take your car to the mechanic shop, you can have an application in, a decision made, and know the money is one its way.

The biggest complaint, from regulators, about payday loans is the interest rates are too high. Let’s take a look at that. For the most part payday loans work off fees rather than interest rates, so for a consumer this can be hard to compare. When you are taking out a payday loan generally the terms are laid out. Do make sure you understand what you are paying and what the consequences are for not paying the loan back in full the next payday.

Let’s say you take out a loan for $100 to get your car repaired. The payday company charges you $15 for the 7 day loan, until your next payday. While this translates to an annual percentage rate of 782.14%, the alternatives could be worse. If you miss a day of work it could cost you well over $50.00. If you overdraft on your account it will cost you $35. If you write a bad check it costs you $35 from the bank and up to $35 from the person you wrote the check to. That’s a total of $70 dollars. All of a sudden the $15 doesn’t sound so bad at all. The key is to be disciplined and pay the loan back as quickly as possible.

So the next time you receive a letter saying the power is being cut off, or your bank account will be short of money, but bills need to be paid, don’t pay high bank fees and reconnection fees. Contact a payday lender and let them work for you. There is nothing like having a friend by your side, when everything else goes wrong.