Why use payday loans!
Restored from the Empower Network archive (2011–2017), lightly edited to meet our current advertising standards. Views are the original author’s.
Why use payday loans!
Just been reading this article on Payday loans.
First of all I did not they were so common, I have been away from the UK for 8 years and back then you got overdrafts or loans from banks or used your credit card. It looks like another trap that will get people to spend money they have not got!
“How I broke free from the payday loan trap
Sometimes we all need a little cash injection before payday – but beware of the pitfalls of payday loans”
Last year an estimated 8.2 million people took out a payday loan – and I’m ashamed to say I was one of them.
What exactly reduces someone to resort to the sky-high fees of a payday loan? In my case the simple answer is panic. Even with the average amount of 4000% annual interest, the most sensible of people will still take out these loans. In my case I had been duped out of a lot of money by someone I cared about and I needed a quick fix… fast. With direct debits looming and no way to pay them I saw it as my only option.
But this is what payday loans are supposed to be for, right? A short-term solution, rather than a long-term one. But this is the problem. It is so easy to get tangled in the payday loan web, as they are so readily available – even to those of us with awful credit ratings. Most payday loan companies are responsible lenders and will only lend you the amount you can afford to pay back. But seeing as some companies don’t check your credit rating you are open to accruing more debt. http://uk.finance.yahoo.com/news/break-free-payday-loan-trap-131700039.html
I hope that after reading this that people will fall into this trap. I don’t lik to say but it maybe better to keep some of the bills unpaid, best talk with them and see if you can make a payment plan.
This video may help with ideas about finding the cash needed..
21 Ideas to Help You Raise VIDEO
Also think about starting a home based business for extra income.
Click here for more details