A: When you need money to pay your bills, and you just can't wait.

Payday loans are a financial tool that can help you get the money you need at the end of the month or in-between paychecks when you find yourself short on funds and with a pile of bills that need to be paid. Generally, these short-term, unsecured loans are used when people run into a larger emergency expense, like a car repair that just can’t wait until your next payday. However, it’s possible that a payday loan may not be the best option for your situation. To make sure that you should apply for a loan, you should be able to answer yes to these three questions:

#1. Can you pay off the loan in full when it comes to term?

#2. If you can’t pay your loan in full, would you be able to afford the monthly payments?

#3. Could you live off of the money left over from your next paycheck after you make the payment for your payday loan?

Of course, it is important to explore all of your alternatives before applying for a payday loan. However, if you have already looked at your options and found that you still would be unable to cover your expenses, then you should consider applying for a loan. Make sure to take the time to read about how to properly manage your payday loan to learn how to pay off your loan on time.