Is It A Good Idea To Get A Loan To Pay An Electric Bill?

November 2, 2021 | Louis Tully

needs a payday loan to pay electric bill

We know that there are some people who may consider a payday advance to pay an electric bill. On this page, we are going to help you determine whether this may be a good idea.

How To Make Sure You Need A Loan To Pay An Electric Bill

We are not going to tell you definitively that a loan to pay electric bill is the best choice for you. This is because it may not be. Whether you take out a loan or not should be a carefully considered process. It will be completely dependent on your own personal situation.

What we will go through is the things that you may need to consider before making the final decision to borrow cash.

Talk To Your Electric Company

If you are missing just a single payment and believe that you can cover it with your next paycheck, then talk to your electric provider. Companies do know that people may struggle to pay their bills sometimes. Before a bill goes late, pick up the phone and talk to the electric company. They may allow you to delay the payment. The situation might get really complicated though if you get into a habit of not paying your bills on time.

See If You Can Use Other Options To Cover Your Electric Bill

You may also want to see whether you have other ways to get your hands on cash. This may include:

  • Asking friend, family members whether they can lend you cash
  • Working a few extra hours at work
  • Selling some of your possessions on Facebook Marketplace or eBay
  • Considering a small amount of online work

If You Do Need To Get A Loan To Pay Electric Bill...

In some cases, you may find that you have little choice but to consider a loan to cover your electric bill. If you do need a loan to pay electric bill, then make sure that you can genuinely afford the repayments. If you do not have a way to repay your loan, then don't take it out. If you do, you are just saddling yourself with two bills that need to be paid rather than one.

You should also ensure that you only borrow just enough cash to cover your electric bill. The less cash you borrow, the easier it will be to pay the loan back. It also ensures that you do not end up spending any extra cash frivolously. Cash Cow offers you to borrow between $100 and $300 with payday loans in Louisiana.

You should also consider taking out that loan as soon as you know that you have no alternative options. While the Cash Cow process can result in you receiving the cash that you need as soon as the same day, it is still important that you pay your electric bill quickly. You have to remember that if your electric bill goes even a day late, you may end up having to deal with late payment fees and a blotch on your credit report.

You should also ensure that you work with reputable lenders. We here at Cash Cow have helped countless people in Louisiana cover the cost of emergency expenses such as electric bills. The process that we use has been designed to be fast and to help ensure that you get the cash when you need it with the minimum amount of fuss.

got a loan to pay an electric bill

Need A Loan To Pay Electric Bill? Cash Cow Could Be An Option

If you need to borrow cash to cover an electric bill, Cash Cow can loan you out between $100 and $300. In order to obtain a payday advance from us, you will need the following:

  • A checking account
  • Your most recent paystub
  • A state-issued photo ID or a driver’s license

The inquiry process can be started online. We have a short form on our website that you can fill in. One of our friendly representatives will then reach out to you to discuss your loan inquiry. If we believe we can help, you will be asked to come along to your local Cash Cow location where you will undergo a few final checks and be asked to sign some forms.

If you do qualify for a payday advance, you can receive the cash that you need as soon as the same day. If you apply a bit later in the day or at the weekend, then you will receive your cash the next working day.

We are able to consider people of all credit types.

applying for a payday advance by phone

Inquire About A Payday Advance Today

If you believe that a payday advance is an option for a loan to pay electric bill, then consider Cash Cow. Our lending process is fast and efficient. Start by filling in that short form for Louisiana payday loans on our website today!