I've been doing a bit of investigating into Cash Doctors' payday loans, but I'm still not sure if it's the right option for my situation.

To borrow, or not to borrow: that is the question...

Everyone gets short of cash every now and then, and this can really hit home when something unexpected crops up, like a bill, or even a night out with that special someone. Payday loans are a convenient answer to all those cries of "Oh no! What am I going to do? I don't get paid until next week!!!"

With all the critics of payday lending out there the reputation of payday lenders is one that has taken a beating, but when the need arises, there are plenty of reasons why getting a payday loan is more convenient and affordable than that of a personal loan or credit card, one of the most significant being that it is short term.

Long-term loans are a good source of credit, but are not always the best option. The key is weighing up the need with the cost. Credit Cards and personal loans from banks can rope you into contracts that you'll be stuck with for long periods of time. If all you need is a quick cash fix to tide you over until next payday comes around, then you'll just end up paying far more than you ever intended, not to mention more interest as the loan is for a much longer time period.

Imagining a payday loan as a 'financial taxi' is great way to appreciate its convenience.   Most people would get a taxi for a 15-minute journey, but they wouldn't get a taxi for a 1-hour journey? The shorter journey in the taxi would be convenient and economical for the passenger, but taking a one hour journey in a taxi would rack up an outrageous fare. Like the 15 minute taxi ride, payday loan consumers will benefit when their need is quick and short-term.

Of course there are times where a credit card or personal loan are the better option, but rarely when all you need is a quick cash injection. With a payday loan, you'll receive your cash quickly and easily, and your debt is paid back within a month of receiving the loan. You're saved from your cash emergency without the hassle of being tied down by the constraints of a long-term contract!

So which would you choose?

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