While many may think payday loan providers can be a seedy lot, there are times when getting a cash advance makes fiscal sense. Imagine this scenario. You just moved to a new city to start a new and better job. With most employers you will work at least one pay period before receiving your first pay check. This could mean that you’ll be working there 2-3 weeks before getting paid. Maybe this is usually okay, but what happens when the deposit you put on your new apartment was a little more than expected and then the alternator on your car goes out? You already knew that money was going to be tight until you got settled in but without transportation you can’t even get to your new job to start getting settled in. Now, say you need $600 to get your car repaired but that would deplete your checking account and you’d be eating Ramen noodles for the next two weeks while hoping you could scrape enough gas money just to get to your job.

This is a case where payday loans might make sense. Granted, they may be higher interest than a traditional loan, but if you pay it back as soon as you get your first pay check, it won’t be that bad. And if it allows you to get to work to start getting your life moving in the right direction then this could be a valid solution. Another advantage of these loans is that they can usually be completed in a day whereas a traditional signature loan with the bank could easily take a week or more. Do note that if you find yourself starting to rely on payday loans, you might need to consult a financial adviser. Check out the National Foundation for Credit Counseling at 1-800-388-2227 before you let it get out of hand.