Friends, family members, and acquaintances are the sources of fun and happiness. They also inspire, motivate and teach us on several life aspects.
My friend by the name Bill is a sensible and straightforward person. We first met in college and since then we have enjoyed each other’s company. Like many guys of the present generation, Bill can spend more than what he earns and that too ever quickly. His extravagant habits land him in financial tight spots at many times.
After the most recent salary raise, Bill’s aspirations rose higher, and which was quite predictable. He decided to buy his own new apartment and decided to pay for it in EMI or equated monthly installments. He was sure that he can save the EMI each month and his calculations used almost every dollar of the salary he receives. Bill moved to the new apartment around 6 months ago and his wife gave birth to his first child soon. Financial emergency and predicament were soon to follow, and Bill’s finances were going to outsmart his logical and calculative thinking.
We, i.e. Bill and I were traveling in Bill’s car after attending a concert around 2 weeks ago. We soon found that we were chased by a police car. The siren was on and the red-blue lights were flashing. We turned our eyes to the speedometer and the reason was clear. The speedometer showed 90 mph!
The officer came to us and asked for the driving license and car registration papers. Bill knew where they were (inside the glove) and was quite prompt in handing them over to the officer through the window. Speeding above a limit was an offense on the road we were traveling, and the office told Bill that we were being given the speeding ticket. The officer also told Bill that he had an unpaid ticket as well, that was around 2.5 years old. Bill had forgotten about that. The officer told my friend that he needs to pay the older ticket soon, or he may be imprisoned for a week.
Bill’s plans were unraveled and were in jeopardy. He had to pay the monthly EMI of the home loan. The old speeding ticket was of $450 and there were also chances of late-fee or fine as well. He had no source of money except his salary. I was myself engulfed by the hospital bills that I had to pay towards the treatment of my mother’s chronic illness and was not in a position to help.
We started discussing the ways to get money. If money was not paid, Bill might have to face imprisonment. Though the duration was short, his reputation would be hit and he may also lose his job. I suggested to him to reach a bank for a loan. He promptly nodded.
I reached to Bill’s apartment after a week time. He was happy. I immediately knew that the money problem has been resolved. I asked him straightaway from which bank he got the money, assuming that the answer would have some information that I could use as well in future. Bill said that no bank provided him the money. He said he reached to a couple of banks and both of them declined his money. One gave the reason that the amount was too low, and the other one was skeptic of Bill’s financial portfolio as his CIBIL score was low.
Bill next told me that he got a PayDay loan. He said that he searched for loans online and reached to a website of a direct lender who had reputation and years in the lending business. As there were no middlemen, the interest rate was low. Also as the loans had to be repaid in a short span of time, the interest does not add up to a large amount. The lender was satisfied with whatever CIBIL score he had. He said he got $400 from the lender and the whole process was online, did not require any paperwork, and the loan amount reached his bank account in less than a day. I was stunned and positively excited. I knew what payday loans are, and now I find them quite useful in times of financial emergencies.
I found Bill’s effort rewarding. He solves the problem responsibly and with the least of financial risks. He also gave me insights into payday loans and I will also use them in future.
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