STAY AWAY FROM THEM.
Have you ever tried payday loans?
Are they really so bad as I often heard? Personally I don't have any experience with them.
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If you can't afford it when your payday normally is, you definitely can't afford to take a loan on money you don't have. Save your money, budget, and buy when you can legitimately afford it.
Yes. Exactly. Thanks for explaining. Basically what happens is you get a loan worth your next paycheck, and then the place gets your next paycheck when you get paid. However, the interest rates these places charge are INSANE. Like hundreds of percent or more. This leads to most people being drug into a cycle of payday loans.If you can't afford it when your payday normally is, you definitely can't afford to take a loan on money you don't have. Save your money, budget, and buy when you can legitimately afford it.
They are pure evil. Purely made to take advantage of people who are already unfortunate.
Always try to avoid buying stuff on credit, and definitely never buy anything un-essential on credit. I was a genius once and bought my G&G UMP with my credit card, that gun probably cost me close to $1000 because of that.
A car loan or mortgage can help build credit history along with showing responsible personal finance when done right. Payday loans don't do any of that.
I avoid loans probably more than I need to but that was ingrained early. If I have a steady paycheck and can see career advancement in the coming years, then I can use loans to help pay for large/essential items. Try to pay off loans as early as possible because it reduces interest payments. And really try not to use loans on for things that depreciate in value over time, airsoft included.
I avoid loans probably more than I need to but that was ingrained early. If I have a steady paycheck and can see career advancement in the coming years, then I can use loans to help pay for large/essential items. Try to pay off loans as early as possible because it reduces interest payments. And really try not to use loans on for things that depreciate in value over time, airsoft included.
Avoid using any kind of short term loan.
Ask family and friends to borrow first, they aren't in the business of making money off you.
If they can't help, reassess whether the purchase is actually worth borrowing for.
Businesses like payday cash advances and vehicle title loans are designed to keep you in debt.
Ask family and friends to borrow first, they aren't in the business of making money off you.
If they can't help, reassess whether the purchase is actually worth borrowing for.
Businesses like payday cash advances and vehicle title loans are designed to keep you in debt.
And the people that deregulated them are scum of the earth...
all good advice here.. unfortunately there are idiots who just dont know how to handle money and are one day millionares, which make businesses (cough) like these exist. SLEEP on your purchases guys, cmon.. this is living life 101 unless you want hard mode LOL
Good advice. I've been fortunate to never have had the need for a payday loan, and years ago when I was single, I had it all. A new house, new truck, $200k in the bank... then life happened. Got married. Invested in a business with the wife. Sold new home & moved into an older home in the country. Ended up being a lemon, lost $100k on that house, lost $150k+ in the wife's business, now I'm in debt $50k with what I co-signed with the wife and her business. I now have turds for vehicles, pay far too much for rent, have step son/daughter-in-law & grand children (twins) as dependents.SLEEP on your purchases guys, cmon.. this is living life 101 unless you want hard mode LOL
My lesson if I were to do it again: Trust your gut on major purchases (my gut said no to that lemon house) & don't invest into a business.
Do not do it. Struggle for a little while! Payday loans will put u in a deep deep hole.
I used to work for a bank, a big bank that has a rather poor reputation, well deserving of that. I saw many customers who did not think much about taking out payday loans and got completely trapped in the cycle of paying back and borrowing again. Because, by definition, a payday loan sacks a chunck of your next pay for the purpose of paying back the loan with a HUGE interest, what ends up happening in so many cases is that the borrowers never have enough money left over to live on after the loan has been repaid. What, then, do they do? They take out another payday loan. And again. And again. The process repeats while these poor people keep paying an exhorbitant (I would say extortionist) amount of interest until they somehow come across some extra cash or someone bails them out, telling them never to take another payday loan again.Are they really so bad as I often heard? Personally I don't have any experience with them.
When I was in the retail banking operation, I so much wished I could have told my customers "DON'T DO IT! This bank is ripping you to pieces." That is one of the big reasons I left the bank.
Never borrow money from family!!!
Never borrow money from family or friends your relationship with them will be strained. If you can't buy something with cash you can't afford itAvoid using any kind of short term loan.
Ask family and friends to borrow first, they aren't in the business of making money off you.
If they can't help, reassess whether the purchase is actually worth borrowing for.
Businesses like payday cash advances and vehicle title loans are designed to keep you in debt.
True, if you don't pay them back, or make excuses, or they see you spending money you supposedly "didn't have". Otherwise, it can actually strengthen your relationship if they are able to trust you financially.
I see your point. Personally I do not borrow money from family, I actually don't borrow money at all, but if you borrow money from family and don't pay him back on time, your relationship will be strained. But I'm not trying to tell you how to live your life, you do youTrue, if you don't pay them back, or make excuses, or they see you spending money you supposedly "didn't have". Otherwise, it can actually strengthen your relationship if they are able to trust you financially.
Right, but borrowing from a non interest charging source is much better than traditional institutions. You have a flexible payment plan, and you don't get bad marks on your credit.
I have borrowed and been given money from family members, every time it has been paid back in full or as a gift. Not all families are vindictive about money.
I have borrowed and been given money from family members, every time it has been paid back in full or as a gift. Not all families are vindictive about money.
In general, the best policy is to not borrow money at all. The single exception to this rule is buying a house, but if you can pay for that one without borrowing money, that's obviously preferable.
Actually ... I borrowed my mom's money to fully pay our house mortgage..
She lowered our interest substantially so it's a win win, versus her $ sitting in a bank doing close to nothing
She lowered our interest substantially so it's a win win, versus her $ sitting in a bank doing close to nothing
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