Posted on: 22 October 2015
As a musician, you are probably aware that the finances of a performing artist can be complicated, involving regular expenses, taxes, insurance, and shows with late or little payment. There are several times that you might need a little extra money to keep performing in a professional capacity. Below are five worthwhile expenses that may require a payday loan to help you get to the next paying gig.
New Instruments and Equipment
If your instrument is lost, stolen, or broken, you need to replace it as soon as possible. Losing time practicing because you cannot afford a new instrument can equate to lost gigs and lost income. Having to cancel a gig because your instrument was damaged can look unprofessional and make it more difficult to get work in the future.
As a musician, the only way to get noticed and make money is to always sound your best. This can only be accomplished if you have the best equipment. You may have to throw down some extra cash to take your amps up a notch in quality or purchase the best strings for your guitar. These expenses can quickly pay back their cost by improving your performance.
While these are valid reasons to seek payday loans, they make the most sense when you have already booked a paying show in the near future. Because payday loans are short-term loans, you will usually have to have the funds to repay them within two weeks or a month.
Often, the bulk of your payment for a show is a percentage of the cover charge at the venue where you are playing. This means that having more people who are there to watch you will increase your overall income. Being able to fill a venue will also increase your chances of being invited to play there again. Paying for the design and distribution of quality promotional materials before a gig may make the difference between breaking even and getting a decent sized paycheck from your performance.
Publicity materials can be a risky investment. It is important that before you take out a loan for them you do your research about the venue, your target audience, and the designers or printers you will be working with.
A professional studio can take your sound from immature to professional, making it easier to sell your music and attract a crowd at live performances. However, it is important that you are careful about using a payday loan for these expenses. Generally, you will want to budget studio time into your yearly expenses and save up to afford it. However, if you become aware of a great deal for a limited time, a payday loan can help you take advantage of it.
Most of the time, the returns on the investment in studio time do not happen quickly enough to pay back your loan in time, though. For this reason, you might consider an installment loan or only take out a loan if you can pay it back through an unrelated income stream.
If you are taking out a payday loan for any of the above reasons, it is important that you know you will be able to pay it back by its due date to avoid extra fees. Having a written contract between you and the venue owner or booking agent that lays out your percentage of the profits from the show can prevent you from getting into a situation where you will be unable to pay back your loan. Additionally, you should ask other musicians that play the same venue for an idea on how quickly you will be paid. If you are unable to make your loan payment, you should talk with a lender, like those found at http://www.paydayexpresscashadvance.com, as soon as possible about options for rolling your loan over or making a partial payment.