Payday Loans Applied Online ? Intelligent Folks ... - Finance Join

Let?s cut to the chase here ? there is a time and a place for payday loans. If you are in such extreme, dire straits and need a sizeable chunk of money NOW, payday loans online may be your only option. Here we are talking about situations where the health or life of you or your loved ones is in danger, and all your other options are exhausted- no friends or family to loan you money, can?t get a personal loan from a legitimate bank, no government aid available, and so forth. There are very, very few situations that fall into this category.

The overwhelming amount of payday loans aren?t taken out of true necessity. It?s almost universally better to go hungry for a few days, take the bus, deal with your landlord?s complaints, etc., than to delve into the quicksand that is a payday loan. If you are in such dire financial straits and have no other means of obtaining a loan, how exactly are you going to repay the payday loan? We always like to believe that things are going to get better, that a raise or windfall of cash is right around the corner. Even when that does happen, though, chances are another situation requiring money will arise.

Payday loans all too often trap you in a cycle even more vicious and insurmountable than credit card debt. The interest rates are absolutely staggering, sometimes more than an equivalent APR of 100%. More likely than not, you will need to take out another loan to repay the next loan, and so on, and so forth. The loan company will make it easy for you to do so at first, until they have you trapped in a cycle of debt. All you wind up doing is moving up your payday by a week or two that first time.

And at a cost of perhaps 5-10% or more of your earnings. If you are in such a dire situation as to require one, do whatever you can to pay off the loan entirely and get out of the trap fast. Borrow from friends, pick up odd jobs, scrimp and save, go hungry, whatever it takes. Under no circumstances should you allow yourself to be beholden to the loan company for more than a month. Don?t be another victim of these financial jackals and their burgeoning industry of ill-gotten gains.

Source: http://financejoin.com/loan/payday-loans-applied-online-intelligent-folks-need-not-apply/

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