The pay day advance is sometimes royally abused by borrowers... hence the high interest rates. Some people want to take out an extra £ 800 to cover an extravagant Christmas for the kids, even when they know they aren't making enough money to cover bills and regular living expenses. Some people mistakenly borrow the most they possibly can, without giving much thought to the consequences if they cannot pay back in time. Some want to go on vacation with their money or feel the urge to shop coming on. This is not what payday advances are all about. This is also not what credit cards were designed for, but purchasing power can be so tempting to meet every deep-seated human desire, to keep up with the Joneses and to try to buy one's way into the next social class.

However, to be a £10 payday advance borrower, you need to understand the purpose of the money you're taking out. The intention is to give you enough money to help you scrape by until the next payday. Simply put: If you only make £500/week, do not borrow £800. Likewise, if you're coming up £100 short to pay your heating bill, do not take out £300 "just in case." Once you pay off your initial loan, you will be entitled to get future payday advances (it's always easier once you're on file), but you are better off low-balling and paying the money back right away, as intended, rather than ending up worse off than you were before.

Payday advances encourage responsible borrowing and repayment. Lenders understand that most of us aren't stellar savers and that even the most prepared can be hit with a huge car repair bill or medical expense. For those hard-working individuals, a payday advance may be all they need to prevent a cataclysmic disaster. Even if you've messed up in the past, you can start fresh by seeing where you went wrong and preventing the same problems for the future.

For many poor financial situations, it's helpful to keep a record of expenditures to see where you might cut back if need be. It can be shocking to see how much money is spent on eating dinner out or filling up your gas tank. Additionally, your mortgage or rent payment should be no more than 30% of your monthly income. Many people spend almost half their income on housing, which will never help them get ahead. You may need to pick up a second job or put more hours in to reach your financial goals. Debt consolidation is another tool to be used cautiously. For the here and now, there is the payday advance to allow you breathing room.

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