Payday loans. Those two words should be inducted into the
cuss word hall of fame.
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These lovely little soul-trapping schemes are enough to make a person who is in debt want to scream.
I don’t knock anyone who uses them; I have been there myself-numerous times. But I want to make sure everyone out there is aware that these life-sucking soulless places are not your friend.
I recently had to take out a payday loan for $500. Hey! Don't judge, it was that or not have electric and food. So, when I signed my name 12 times and initialed on the page in 3 spots (not exaggerating) I knew that this was going to be rough. Rough doesn't even begin to describe it.
Somewhere in the fine print I am pretty sure they require a pint of blood and your firstborn as part of their “convenient repayment plan”.
For the $500 I borrowed I now am making 6 payments of $157.50 which totals to $945 at the end of my loan. That should be illegal.
These places prey upon people with bad credit and those who live paycheck to paycheck. I understand that a business is out to make money, but that much???
And what happens when you are late on a payment, oh they just tack a lovely late fee onto the end of your loan. If you miss a payment altogether, you better hope and pray that you have the funds to just move to Mexico.
I wouldn't recommend missing a payment for any reason, not only will they process your check through your bank, which will bounce. Then your bank will come after you for writing bad checks. No joke, you could end up in jail all because you broke down and took out a payday loan.
These lovely little soul-trapping schemes are enough to make a person who is in debt want to scream.
I don’t knock anyone who uses them; I have been there myself-numerous times. But I want to make sure everyone out there is aware that these life-sucking soulless places are not your friend.
I recently had to take out a payday loan for $500. Hey! Don't judge, it was that or not have electric and food. So, when I signed my name 12 times and initialed on the page in 3 spots (not exaggerating) I knew that this was going to be rough. Rough doesn't even begin to describe it.
Somewhere in the fine print I am pretty sure they require a pint of blood and your firstborn as part of their “convenient repayment plan”.
For the $500 I borrowed I now am making 6 payments of $157.50 which totals to $945 at the end of my loan. That should be illegal.
These places prey upon people with bad credit and those who live paycheck to paycheck. I understand that a business is out to make money, but that much???
And what happens when you are late on a payment, oh they just tack a lovely late fee onto the end of your loan. If you miss a payment altogether, you better hope and pray that you have the funds to just move to Mexico.
I wouldn't recommend missing a payment for any reason, not only will they process your check through your bank, which will bounce. Then your bank will come after you for writing bad checks. No joke, you could end up in jail all because you broke down and took out a payday loan.
Here is my advice to anyone who might be considering one of
these types of loans…DON’T! See if you can borrow some money from family or
friends. Call the places you have bills through and see if you can postpone
payments or make smaller ones instead of taking out a loan.
If you don't have these options available to you, don’t be afraid to call around to the different loan places. A lot of them will offer no interest on first time customers, or if you have been there before for returning.
Just remember, your debt does not define who you are. It is just a reminder of bad choices that hopefully you have learned from.
Until next time…
If you don't have these options available to you, don’t be afraid to call around to the different loan places. A lot of them will offer no interest on first time customers, or if you have been there before for returning.
Just remember, your debt does not define who you are. It is just a reminder of bad choices that hopefully you have learned from.
Until next time…
Great advice!
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