I admit it.
I've done it.
I've gone to get payday loans. Cash advances.
I've signed the papers promising I'm not going into bankruptcy.
At the time, it felt like such a weight off my shoulders.
I quickly learned that getting it once, quickly led to a bi-weekly necessity.
If you need $300 and you don’t have the room in your budget to pay back $360 in 2 weeks, you just can’t get ahead.
That’s right, the interest rates on those “micro loans” or payday advances is somewhere in the neighborhood of 500% to 543%.
That makes a loan of $500 worth $600 in 2 weeks.
That’s how these companies make their money.
You almost have to be addicted to them just to stay afloat.
How did I get out of the loop?
I called creditors and made arrangements for my bills so that I could make the payment to the Advance place one final time.
I swore to myself that I would never fall into that trap again.
It’s just not worth the financial downspin that it caused.
My advice-if you’re considering a payday advance, talk to your creditors and see if there’s something you can push back or arrange a payment plan.
In the long run, you’ll be much better off.
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2 comments:
payday advances I believe that if payday loans are used in the correct way they can be good and help those people out who have financial needs. With the economy the way it is those with financial needs should check into it! I think this web site is one of the best ones I have seen yet.
If you are considering a payday advance loan. Just look into it. You will be surprised at what you find. A lot of these lenders actually have great prices and have no faxing payday advances. Just look into it, you'll see.
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