Skeet Shares
stuff I find interesting
Sunday, December 31, 2006
Broke before payday?
Have you ever noticed that financial emergencies always seem to arrive just as you’ve finished using up your last paycheck? The boy breaks a tooth and the only dentist available wants you to pay the deductible up front. Your annual insurance premium comes due a month before you thought it was supposed to. Your brother is rescued from Katrina’s flood, but has only the clothes he is wearing (yes, this one is really my experience.) Some things can’t wait until next payday.

My little island of Oahu has numerous military facilities, and many of my friends are in service to their country. Their paychecks are reliable, but frequently don’t stretch from payday to payday. I’ve known for a while how they handle their financial emergencies, and now has sponsored this post so I can tell you their secret. When my friend’s step-daughter needed emergency medical care while hubby was out to sea, and when their roof leaked during monsoon-like rains, they were able to get payday cash advance loans to deal with the crises. A cash advance loan lets you borrow against your next paycheck. They’re easy to qualify for, and has a directory of services available in your area. You’ll also find other financial services available on their site, so you can bookmark them as your one-stop site for all of your financial needs.

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Blogger BrettBum said...
Happy New Years!

Blogger Imran said...
Wow, that sure comes in handy for a rainy day. I know I have been in that situation many a times, early in my marriage. Tough times.

It would be good if the scheme was available here too, especially for newly weds who have just set-up home.

Question: What happens if the advance was taken and spent, but the next paycheck did not materialise due to unforeseen circumstances, like being fired or quitting the job, etc?

Happy New Year!

Blogger skeet said...
Imran, my understanding is that the borrower would need to have money actually due to them. Pay periods usually end at some set period before the payroll is issued to the employees. For many companies that can even be two full weeks. So you've got money "on hold" that you've already earned and could borrow against, but which will not be paid quite fast enough to meet your need. As long as you've got money due to you, you should be able to borrow against it. This site lists US lenders only, but maybe there are some where you are, too.

Blogger Imran said...
Makes sense.

Good innovative idea. I think there is one like it here in Singapore. It is called James from GE Money, if I'm not mistaken.

Thanks for explaining it to me.

Blogger Dirk_Star said...
See, I read every post down to the one with the beautiful mermaid swimming around in it!

And you thought I only read the top part...

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