livingdebtfree

Around town there are so many of these Pay Day Loan and “Get Your Paycheck Early” Advanced check businesses. But is it really a pay day?  I remember when I worked for a company and their customers would call in needing to make a payment. I would hear over and over about them having these Payday loans services that would basically taking out extravagant funds out of their checking accounts. They would take all of their money and prevented them from paying others bills which in turn made them late on their bills.  I watched a story on the ABC Evening News about a woman who had about 4 of these pay day loans out costing her over $3000-$5000 which I believe are several paychecks for her.  I remember at one time I had thought about trying those pay day loans however the high fees and interest rates turned it into an option that I could not do and I am glad that I did not do it. It would have been even more disastrous.  So this woman now is struggling severely with paying her bills and along with these huge pay day advance loans too.

So all in all I would say that if you really need to do these type of payday loan advances then really do consider the pros and cons of doing this option. Make sure that you only do it once and when it is time to pay for the loan, pay it off right away as time goes on the interest will continue to build.  I would say that is like a horrible credit card.  So find ways to bring in a little extra income or build an emergency fund account.

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