"The Money Anxiety Therapist Talks About Cash Advance Pay Day Loans."

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Question from harried working man in Reno, NV:

My wife and I used to make enough money to take two vacations a year and eat out in restaurants every week. But since she has been unemployed, we’ve cut out all that. While trying to get by on just my single income, I’m finding how brutal life can be. When we’re short on cash for paying bills, what happens? We get slapped with late fees. And when our checking account runs dry and an automatic debit hits, we get overdraft “non-sufficient funds” charges that really hurt. If the timing of expenses and my paycheck were a little better, I know we could avoid many of these penalties. I don’t know what we could do that would be different before my wife begins working again.


For whatever it’s worth, you are far from being alone. This is a common story and common situation in this economy. But as you know from coming to us, the secret to survival is to come up with a plan and use all the tools that are available to you.

Can we assume you have eliminated most or all unnecessary expenses? I know some people find this insulting. They tell us, “of course we have.” You mention vacations and dinners out. But also consider the monthly charges for things such as cable TV or anything else that may not absolutely be necessary. I sometimes use what I call “the 1995 question.” This is where you ask, “Did I live without this thing OK in 1995?” For some people, it might be the 1985 or 1975 question. But either way, it’s a method for questioning whether or not something is essential. Remember, the public library has free books and most have free DVDs – something that can make a Saturday night at home just as entertaining and a whole lot cheaper.

Next, address the cash flow timing problem. This is where cash advance payday loans might make sense. If it’s just a matter of timing – if you earn enough money to cover your basic bills and emergencies, but simply do not have enough money at the right times – then you should consider a cash advance payday loan. Here’s why:

  • You work for weeks before you get paid. So if you are “borrowing” against a future paycheck, in a way it’s about getting your money in “real time” as opposed to a delay.
  • If you will suffer higher penalties and fees without the cash, then you should weigh the costs of that against the costs of the loan.
  • There is always stress involved with all things money, even more so when you’re running short. Is it psychologically more beneficial to get a cash advance payday loan than to deal with nasty phone calls and letters?

If you decide that such a loan is right for you, decide which of three methods you would choose:

Storefront: These are the old cash advance payday loans places that are found in many neighborhoods. They tend to be time consuming, and you have to settle for their terms unless you have the time to visit several stores to compare offerings.

Online 1: Visit any online payday cash advance loan website and apply there. But again, you should shop around to compare loan terms.

Online 2: Taking the same approach you might follow when buying an airline ticket, use an aggregator website that looks at your needs and matches you with an online lender. One such site is The "Month-Payday-Loans (dot) Com" (https://month-payday-loans.com - fast 3-month cash advance).

In any event, you might find that addressing the problem head on – instead of just letting it happen to you – is a great way to relieve yourself of stress. No one needs that, no one wants that. Good luck!