Do I Need a Payday Loan? Take the Quiz to Find Out!

Need cash and looking at your options? You’re in the right place!

Payday loans can be an accessible solution when you find yourself in a financial bind without other means to access cash quickly. Take our quick quiz to determine if a payday loan is right for you!

Millions of Americans live paycheck to paycheck and struggle to make ends meet. In a state like California, one of the most expensive states to live in, it isn’t surprising that residents actively seek financial relief to catch their breath in between paychecks. This article aims to clarify the considerations for those contemplating a payday loan and answer common fast cash and payday loans questions. 

There are several benefits to taking out a payday loan. When in a financial fix, I often ask myself, “How can I borrow money and get it instantly?” The answer is to consider taking out a payday loan like millions of Americans do every year. In fact, there are 7 types of payday loans for fast funds that people can utilize depending on eligibility. Read up on payday loans California law before making a decision. 

If you’re in a position where you think you need a payday loan, answering the questions below can help you decide if this is the best decision for you.

Take this self-assessment quiz to see if a payday loan would help

Sometimes life happens and you need money fast. If you are considering a payday loan, this five-question quiz may help! This quiz discusses other quick cash alternatives, what some loan companies look for in an application, and how payday loans are commonly used. Of course, every lender is different, and your personal financial decisions are up to you. This fun self-assessment quiz is purely for entertainment purposes.  

1. Do you have an emergency unexpected expense that you need to pay?

1. This expense is necessary, but it is a recurring expense.
2. I need money now! This expense is necessary for my family or for my job.
3. The expense is large and important.
4. Not really. I do not actually need to buy the item or service.

2. Will a few hundred or a few thousand dollars help cover that expense?

1. I only need around $100…
2. Several hundred dollars would cover the expense.
3. A couple thousand dollars is a good place to start.
4. No. This expense will cost tens of thousands of dollars.

3. Is the expense necessary or time sensitive? (For example, is it necessary for survival, for your job, or important to you and your family? Can it wait until your next payday, or will there be a fee for missed payment?)

1. It’s necessary for me and my family, but it can wait until my next payday.
2. I need to make this payment now. It cannot wait until payday because I will either owe a late fee by then or will lose something I need like my house, car, or job.
3. This purchase is time-sensitive.
4. This purchase is neither time-sensitive nor necessary.

4. Do you have other options for how to cover the necessary funds?

1. I might be able to borrow from a friend or get a credit card. I think my credit score might be good enough.
2. I don’t have other options or I don’t have a lot of time to explore options.
3. No. I do not have the best credit, nor do I have friends or family that can help. Getting a part-time job isn’t fast enough.
4. I have savings or a credit card that I could use. I could easily cover the purchase. I just do not want to dip into those funds.

5. Are you over 18, live in a state that permits payday loans, and have a bank account open in your name? Do you currently have a job?

1. I don’t want to answer that.
2. Yes. I am over 18. I live in California, or a state that has payday lenders. I have a bank account open in my name. I currently have a job, social security benefits, or do gig work.
3. I am 18 or older and have income or benefits. However, I live in a state other than California.
4. No. None of that pertains to me.

And the results are in!

If you answered mostly A. A payday loan may be one solution for you!

Request Funds

Online loans can help people in a bind who need quick cash. They are typically used to pay an emergency expense. However, it is recommended to look into other forms of fast cash first. Consider a traditional bank loan, secured loan, or even a credit card. See if you have friends or family that are willing to loan you money. If none of these solutions work for you, then a payday loan might be the answer. Read more about how fast our loans are. 

Tip: If you are a first-time borrower with no credit history, you can still apply! 

If you answered mostly B. Sounds like you may need a payday loan.

Request Funds

Payday loans can be super helpful for some individuals like you that need quick cash. They are typically used when you do not have other lending opportunities. Consider payday loans when you need quick cash for an emergency expense. Discover more about California loans. We have same day funding* and no hard credit check!

If you answered mostly C. Other immediate loan options may be a better fit.

Request Funds

When you need quick cash, a payday loan or a personal loan may be able to help.  At Net Pay Advance we offer payday loans in California along with installment loans and line of credit loans in the remaining states we’re licensed in. There’s no hard credit check, and it’s the same 5-star customer service our payday loan customers enjoy.

See what loans we offer in your state.

See which loan options are available in your state

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If you answered mostly D. Sounds like you might have other solutions.

Payday loans can help people in a bind who need quick cash for an emergency expense. However, they are known for being expensive. You might want to consider a different loan like a traditional bank loan, or even a credit card. If you have friends or family that could lend you money, that might be another option. If you do not want to take out a loan, you could also look for a part-time side job or gig to help cover the bills. Budgeting your finances might also be a solution. Check out this Beginner’s Budgeting Guide on how to create your first budget. It breaks down the budgeting process and makes it super easy.

No matter your response, it is important to remember that your personal financial decisions are entirely up to you. This fun self-assessment quiz is purely for fun and entertainment purposes. 

Were you surprised about the answer you received? Keep reading to learn more about why people get payday loans. Below are answers to several fast cash and payday loans questions you must check out:

Need to borrow money instantly?

Here’s a few additional questions to ask yourself when considering if you need a payday loan:

How will I use the money?

Online payday loans should be used for emergencies or required expenses. We recommend that you avoid using online payday loans to pay for expenses that are not urgent. Payday loans were designed to help consumers bridge the gap between paychecks, especially if you’re at risk of overdrawing on your account.  

For example, if your car broke down or you had to make a sudden trip to the emergency room and can’t pay the fees out of pocket, an online payday loan can be a valuable resource.

How quickly do I need cash?

The beauty of payday loans is that they are designed to get approved applicants their cash fast. Most traditional lending institutions require several days from initial application to underwriting to ultimately deciding on approval or denial. Finally, the applicant receives cash, sometimes up to a month after applying.

We know that when you’re in a financial bind, you don’t have weeks to wait. You need money in a matter of hours.

If this sounds familiar, then a payday loan might be for you. Complete our online application in minutes and receive a decision quickly. We have live representatives that can help with completing the application if there is any confusion. 

The best part is that approved funds are transferred to your bank account quickly. We deposit approved funds directly into your bank account so you don’t have to worry about making any extra trips to the bank and can feel free to use the cash however you deem necessary.

Is this expense necessary?

Again, this goes back to the “How will I use my money?” section above. Going deeper into how you will use the money and what warrants a “necessary” expense.

Think about what you’re spending as a need vs want. I need to fix my car because that’s how I get to and from work. I need to buy groceries so that my family and I can have meals this week. Or it could be I need to have a washer and dryer so that my family can clean clothes to wear. Rather than using a single pay loan for an unnecessary purchase like a new pair of shoes, getting your hair done, or the latest iPhone, put it towards something you need.

“Wants” can wait until you either save the money or until your next paycheck. “Needs” are a purchase that must be made now.

Will I be able to pay back my loan?

The nature of payday loans goes back to their name, your repayment schedule is based on your pay dates.

Net Pay Advance offers extensions on your due date if you need a little extra time to make a full payment. Also, customers that have a valid debit card on file can re-apply the same day they pay back a loan if necessary. There is a promise-to-pay plan that can be set up for customers to make payments easier.

How much money do I need?

The best rule of thumb with payday loans is to only borrow what you need. The borrowing fee is calculated based on the amount you take out, so the less you borrow, the lower the fee.

Online payday lending can be a quick resource for people that are unable to pay for unexpected expenses that are bound to happen. If you or someone you know is in a situation where they don’t have the money at hand, have maxed out their credit cards and have an urgent expense, a payday loan may help. It’s a quick, easy solution that can help before their next paycheck.

How can I borrow money and get it instantly?

The answer is simple – request a payday loan from a lender that is legit and licensed, like Net Pay Advance. In just a few simple steps, you could get approved and access funds fast!  

If I need a payday loan immediately, I know where to go. And if you ever need a payday loan quickly, apply for cash today!