So you are in a tough spot. The car payment is due and you had to spend the money on an unforeseen expense. You just received your first notice from the bank and you can't make payment on time. What do you do? You can ignore the bill and start thinking about taking the bus to work, borrow the money from your friends or family, or you can take advantage of an unsecured short-term loan commonly referred to as a Payday Loan.

Should you get a Payday Loan? Before making the decision, consider the following:

- A Payday Loan is not meant to be a long term financial solution. Exercise sound personal financial practices and live within your means. Use a Payday Loan only for those unforeseen and critical expenses. DO NOT BORROW MONEY TO BUY THAT NEW TV YOU'VE BEEN WANTING!

- Make sure to prepare for the payback. Remember, because the note is guaranteed against your next paycheck you'll need to plan on how to make up the shortage until your following payday. We suggest cutting all necessary spending until the Payday Loan is paid back. Also, look for ways to work overtime so you can increase your next paycheck amount.

- If you can't payback the entire Payday Loan on your next paycheck, be sure to pay down as much as possible. The interest rates on Payday Loans will hurt you IF you do not make timely payments.

If you are still on the fence and not sure if you should borrow, keep in mind a Payday Loan is a good thing to have around when you need it. So borrow if you are disciplined enough to manage the payback period. If you can't you're better off asking you mom to lend you the money.