After paying my last bill of the month I was down to about $5, which is pretty much how it always is. I didn’t worry though. My pantry was full of groceries and we had what we needed. We may have to watch every dime, but we usually do okay. Unfortunately we didn’t have anything in savings any longer. Last month a major car repair had wiped out our entire emergency fund, and until I finished paying that bill there wouldn’t be room to save more.
That’s when my daughter picked up a nasty bug. My job doesn’t offer health insurance. When one of us gets sick we usually have to go to the urgent care clinic. Our local one charges $125 before they’ll even see you, to say nothing of any medicines they might prescribe. As her fever rose I knew I wasn’t going to be able to wait two whole weeks to get her seen.
I Tried Everything
I tried to talk the urgent care center into simply billing us, but they weren’t interested. My parents are on social security and don’t have a dime to spare. We don’t do credit cards—not on our budget. There was just nowhere else to turn. One of my friends suggested using one of the payday lenders. I was pretty worried about this since my credit isn’t fantastic, but she assured me that they made bad credit loans too and that credit didn’t really matter when you got a payday loan.
At first I made a big mistake…
I’d never taken out a payday loan before, and I accidentally approached a payday loan broker first. Big mistake! My e-mail inbox was soon stuffed with spam! I knew I couldn’t trust any of those lenders. I did a little more digging and was finally able to find a direct payday lender instead.
It was easier than I thought it would be
The whole process was much easier than I thought it would be. I called the company and gave them my employment information and bank account information. I thought I’d have to fax a whole bunch of stuff, which didn’t really thrill me, but as it happens they didn’t ask me to fax anything. They just verified my employment and approved me. The money was sitting in my bank account the very next day. I took my daughter to the clinic and got her the care she needed.
Repaying the loan
The only major drawback of the loan was knowing that I had $222 coming directly out of my bank account before I even touched my paycheck. I’d taken out $200, but the $22 was the interest on the loan. I still had to adjust my finances to account for the unexpected expense of the doctor’s visit, and things got pretty tight for a bit. Still, we made do. My daughter was well, so $22 was a small price to pay.