Almost 80 percent of Americans live paycheck to paycheck with little to no savings.

While it may be embarrassing to admit, odds are you’re included within this statistic — and that’s okay! Not everyone has the same financial story, and we all have our own struggles.

The good thing is that there are helpful financial tools for people who are struggling like you. One of the more popular tools is a payday loan.

Curious about payday loans? Keep reading to discover the main reasons people get affordable payday loans.

1. Car Repairs

You’re driving down the road and all the sudden you get a flat tire. Now what? You call a tow truck to get you to work, but the whole time you’re worrying about how you’re going to pay for the tow and a new tire.

Many people encounter emergency car repairs but don’t have money right away to cover the costs. You need a vehicle to get to work, pick up children, and run your daily errands.

Instead of panicking and financing a whole new car, try applying same day loans. You’ll get the money to cover your repair and can be back on the road in no time.

dollar, bank note, banknote
anaterate (CC0), Pixabay

2. Medical Expenses

Your partner gets sick. Your child breaks their arm. You need emergency surgery.

All of these are horrible medical emergencies. The last thing you need while sitting in the emergency room is to worry about how you’re going to pay for everything.

While medical insurance helps with emergencies, we all know they don’t cover everything. So if you need help covering a co-pay or buying prescription medicine, consider a payday loan.

With a payday loan, you can turn your attention toward helping your loved one recover. You’ll never have to hesitate to get them the medical attention they need.

3. Emergency Home Repairs

Unless you’re a renter, emergency home repairs are bound to happen. Leaky roofs, broken appliances, and broken pipes are just a few of the problems that may happen at any moment.

These unexpected repairs are often costly but necessary. To keep your family and home safe, apply for a payday loan.

In most cases, you can get the money within hours. So by the time the repairman shows up at your house, you’ll have the money to write them a check.

contract, business, document
Picsues (CC0), Pixabay

4. Travel Costs

There are many reasons you may need to travel across state lines in short notice. An extended family member may die. Your boss may send you on a business trip, but you need to pay for your expenses upfront and be reimbursed later.

Both of these reasons are perfect examples of when a payday loan comes in handy. Instead of missing out on an important family event or business opportunity, you can travel in ease.

Use the money to pay for a flight ticket, gas, or even a rental car. Book a hotel and eat while you’re traveling without scrounging for change.

5. Sudden Unemployment

Many experts are expecting another economic crash as early as 2020. When the economy turns bad, businesses cut labor forces to stay afloat. At any second, you or your spouse could lose your main source of income.

If that happens, you can always apply for unemployment and start to search for a new job. But, unemployment takes time to kick in. Finding and landing a new job isn’t always immediate.

Use payday loans to get you through this tough time. You can use the money to pay for your everyday expenses like groceries and gas. That way you can concentrate on finding employment and worry a little less about how you’re going to pay your bills.

6. Added Privacy

Close family and friends are often a great source if you need a little cash to get you to payday. But sometimes sharing your financial situation can be a little bit embarrassing.

If you want to keep your financial struggles to yourself, use a payday loan for added privacy. No one has to know if you don’t want them to. This allows you to get back on your feet without worrying anyone.

For an added layer of privacy, find a lender in a neighboring town, or use an online resource. That way, you don’t run the risk of running into someone when walking in to receive your loan.

7. Bad Credit 

Living paycheck to paycheck and having bad credit seem to go hand in hand. In fact, one-third of Americans have a credit score between bad and fair. When you’re living on a limited income, it’s easy to miss a payment or have a high debt-to-income ration.

The horrible thing about bad credit is that most lenders consider you a risk, which makes it very hard to receive traditional financing.

This is another way that payday loans come in handy. Many online payday loan lenders offer no credit check loans. As long as you can prove your income, many are willing to lend you money.

So the next time the bank denies you, don’t feel bad — just head online.

Use Affordable Payday Loans Wisely

With all the great reasons, it’s easy to see why many people turn to affordable payday loans when times get tough.

While payday loans are a good tool to use when you encounter an emergency, they should be a last resort. The way that lenders make money on these loans is by charging you high-interest rates. So you end up paying more than necessary for the money, which can dig you deeper into financial trouble.

If you want more financial tips to help get your life on track, bookmark the Financial section of this site and check back often.