Payday loans are not just for employees with lower paying jobs, it goes deeper than that. Have you ever truly stopped and considered what happens to anyone when they are suddenly faced with an unexpected expense? While those who are poor just do not have access to the cash, those who often have a lot of money do not always have cheap access to the cash either. Complicating the matters of accessing their own cash can be the loss in interest, penalty fees and various other charges that can make using someone’s own money quite expensive. A solution is often needed when the usage of their own money is very expensive and a payday advance can be the perfect solution.

While you may not realize it, for those who have ever thought about borrowing against their retirement fund it is a highly expensive loan to take out. Not only does the money get taxed against you at the end of the year but also at the same time, the money is also charged interest until it is paid back, and in addition, you are losing the interest that the money could be accumulating. This can easily turn into $100 or more in fees for a very small loan amount. Looking for an easier way to handle this need is something that a lot of people have, so obtaining a payday loan can be a very cheap option in the face of the alternatives.

While the interest rates for a payday loan are certainly not cheap, they can be much cheaper than all of the fees that are charged by using a retirement account. However, of course this is not the only option that you have available to you. Someone who has a very well paying job, such as the $100,000 a year job, they might not be able to afford to take the time off from work to go to apply for a small loan in the event that the money is needed. Let us take for example the average hourly wage that a $100,000 a year employee makes. If you figure, they are only working 40 hours a week this averages out to a nice tidy sum of just over $48 dollars an hour. If you were forced to take more than a single hour off from work to go apply for a traditional loan you can see how a payday advance can quickly become a much cheaper option since you would not need to take any time off from work.

Looking at the overall math of the situation can really help you open up your eyes and see exactly how everything can affect your finances. While saving money is always a primary concern, you should always look at the wide range of costs, rather than just the initial costs of the loan itself. If you are looking at a payday loan that only takes a few minutes to apply against a traditional loan that can take at least an hour or more you are looking at a huge difference in the total costs for your short-term cash needs. While most might think that only the lower class people are in need of a payday loan they can also be quite helpful for those with very good jobs as well.