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I need a loan for $438 in order to pay off the rest my first semester in college. I need this money loaned to me because at this moment I can not cover the rest of this cost.

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I am going to chose a Payday lender over a bank. "A payday loan is a very short-term, high-cost loan that gives cash-strapped consumers the money they need until their next paycheck" (Credit and Debt 2). I made this choice because the amount I have to pay is not an extremly high amount. For this reason it should not take me long to pay it off. I am also still a student and therefore have not really developed my credit score. "payday loan will typically not impact your credit score" (Credit and Debt 2). I would not want to start off my credit score badly which is one of the reasons as to why I did not choose to use a payday loan. I have a pretty good job so I should be able to pay this off quickly before it gets too costly.

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"each loan inquiry lowers your credit score a little bit" (Credit and Debt 3). I did not want to use a bank because I really wanted to avoid messing up my barely developed credit score for something that I could easily payoff. I am still a student and rely on my parents so I do not live paycheck to paycheck. If I did I would not use this type of loan because then I woud probably get stuck in a circle of debts which I am trying to avoid at all costs. If the amount was anymore than it already is, than I would use a bank. They are more lenient and are not necessarily as costly. Honestly the only reason I chose payday loans over the bank is because of the scenario this is. I know I would be able to payoff this amount before 31 days and I would not have to worry about this anymore. If I used a bank than it probably would not have been as much money but it would have lessened my credit score. It is not worth it to screw up my credit score for something that can easily be settled