Payday Loans Online
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Payday Loans: The Debt Sandtrap
Thinking about getting a payday loan? Find another way. Companies providing payday loans online are taking advantage of people who find themselves in emergency situations and are looking for an easy way out. Sure, you can get $100 today, but it’s going to cost you exponentially more money down the road and you’ll land yourself in a constant cycle of hopelessly trying to dig yourself out of massive debt. If you aren’t already there, you may end up in bankruptcy court.
Here’s some free advice: hold a garage sale, sell some stuff on Craigslist, take a few odd jobs, return some cans, mow some lawns, offer a haul-away service — do anything you can to not take that payday loan. Do not take a payday loans online.
Here are five reasons you should do anything but take a payday loan:
- High interest rates. Most companies offering payday loans do so at an outrageous interest rate. The rate will be hidden by making it seem short-term or only such-and-such dollars, but figure it out — what interest rate are they really making off of you for your relatively small loan? If you average it out over a year, you will find that it’s usually around 300%. Don’t be bamboozled.
- Short payment terms. In most cases, you need to pay off the loan by the next paycheck and — if you don’t? — you’ll end up paying fee after fee. Which brings me to my next point:
- Fees. If the lender makes you sign up for direct debit from your bank account and the funds aren’t there? Fees. If you don’t have enough money to pay off your debt and you need to rollover your debt to the next pay period? Fees. If you don’t pay on time? That’s right — fees. Fees add up, and soon you’ll be looking for another loan to pay off the payday loan.
- Harder to get out of debt. Once you’ve taken that loan — how the heck are you going to pay it back? You weren’t able to afford the bills this month — how do you expect to pay it back next month? If you can’t pay it off, what do you need? Why, another payday loan! Right? As a famous-in-some-circles character once said, “It’s a trap!” Find another way to get the money you need.
- There are other, BETTER, ways to get money. There are a lot of ways to make money and you need to explore them before taking the “easy” way out. For instance: Get paid to write an article (how do you think I’m getting my coffee money?); sell your soul (okay, maybe some old books or that old game system you have lying around that — let’s be honest — you’ll never play again); pick up some odd jobs off of Craigslist or the classifieds; pick up a temp job; have a skill? — offer lessons. If you look around and think about it, there are a million ways to make money. Do it.
- There are other BETTER, ways to borrow money. Need to pay for a hospital bill? Try to set up a payment plan instead of taking out a loan; a lot of places are happy to set up a payment plan as long as you are making your payments on time. Make sure you negotiate a payment plan that you can stick to and make your payments on time. Take out a low-interest loan from a family member or friend. Burned all of your bridges from borrowing money in the past? See #5, above — get out there and make some money. Don’t run yourself into bankruptcy and destitution just because you wanted or “needed” some fast cash.
- The stress and shame of a stupid and desperate decision will haunt you. If nothing else, you are going to feel like an idiot for acting impulsively in taking a payday loan instead of exploring other harder, but better, options. Don’t torture yourself. Take a moment to breathe — you can do this. Can you set up a payment plan for that hospital bill? Can you negotiate a lower interest rate on a creditor-carried loan? Can you sell anything? Can you get a cash advance on your paycheck from your employer? Can you cancel that Netflix subscription? Are there any other subscriptions or services that you don’t need in your life? Can you cut back on Amazon spending?
Figure it out. Take control. Take responsibility. You can get this done without a payday loan and you will feel much better about yourself and your finances in the end.