23
2007
Payday Loans - The Good, The Bad And The Ugly
Do you ever find yourself a bit short on cash between paydays? Well, don t feel alone because it happens to most people that live paycheck to paycheck. Emergencies can happen like car repairs, unexpected medical expenses, guests show up out of nowhere, you get sick and lose needed money from your previous paycheck, ect. Have you ever considered getting a “Payday Loan”? Do you even know what a Payday loan is? Let me explain.
Payday loans are designed to lend you money on a short term basis. You simply apply for the loan, either online or in person and provide them with proof of income. The Payday Loan company will then verify your information and and give you a loan, but you must also pay a fee on top of what you borrow. These fees can be quite high, so I recommend that you only borrow what you absolutely must have and pay it back in full on your next payday.
You can get a payday loan of up to $1000, depending on your income and ability to pay back the money and fee associated with the loan. I recommend that you re careful when borrowing because this type of loan can get out of hand very quickly and you ll end up paying a lot more back in fees than what you bargained for. Example, if you re unable to pay the entire amount back on the due date of the loan the company will “let it ride” until your next payday, but you must still pay the fee. In other words, you re now paying two fees for one loan. This can go on and on until you pay off the balance in full, including the current fee.
Payday loans can be a big help when you are in a bad situation and need cash fast. The only thing that I suggest, as I stated before, is that you get in and get out. Get your loan, pay it off next payday and don t do it again unless there s another emergency. Use it as an asset, but don t abuse it.
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