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Have you ever tried payday loans?

1745 Views 25 Replies 17 Participants Last post by  UsmanBrahin, 
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Are they really so bad as I often heard? Personally I don't have any experience with them.
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mikejosephman
Oh how I wish I could have stuck to a plan like my grandfather.
He paid cash for everything. He paid off his first house before he retired.
He served 35 years in the Air Force and claimed a Master Sergeant pension.
He then spent 20 years as a school superintendent. He paid cash for every
car he ever owned plus trade-in. He lived a simple life without credit cards,
cell phone bills, or any kind of loan.

Our generation (80's to 90's kids) and those that follow(ed) will never learn how
to budget and spend only within what we make effectively. We are products of our
environment, and the credit/loan business makes billions off of us because we can't manage our income as a whole.

Nowadays, we just have to have the latest everything. It's not always the keeping
up with the Jones' mentality, it's keeping up with ourselves. You'll never keep up
with the Jones'. They made way better financial/career decisions than you did.
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antizombie
I'm 20 and the idea of living today's "normal" lifestyle terrifies me. People are spending 1-12.K a year on a new phone. A PHONE. I just don't get it, and I don't get spending money you don't have. I was fortunate enough to have parents who were smart with their money and taught me how bad loans/buying for the sake of buying can be. The rampant consumerism that's been enveloping us doesn't lead anywhere good.
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Xymox
It's a legal type of a short-term financial help and it has many benefits in fact. And the main idea for such loans is nice too because sometimes you really need a certain amount of money and it's not always possible to borrow them from your friends/family or open a credit line. In such cases payday loans can be really helpful.
On the other hand there are serious reasons for such bad opinion about them. With payday loans you can borrow different amount of money https://paydayloan.network/ and get in it in cash which is very convinient sometimes too. There won't be any credit check and filling the application for them is very fast and easy too.
But as I said above it's a short-term financial help which means that you'll need to repay all money no more than after a month. Their interest rates are extremely high as also additional fees and if you can't meet the repayment terms, you'll be in a big trouble. It's usually the main reason for being caught in a debt circle and it's a typical situation for many payday loans companies.
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mikejosephman
In all cases, asking for an advance from your employer is a safer bet.
In the past I have had agreements with my bosses to get a full paycheck,
sometimes two, upfront and have them paid back over the next 3-4 paychecks.
Zero interest, collateral is your job itself, and you build trust instead of a wall
of debt. If you are a star employee they have no reason really to refuse.
My boss even straight up paid for a set of new tires for my car once, instead of
loaning me the money. He could have said tough tacos.
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-Spitfire-
Xymox said:
It's a legal type of a short-term financial help and it has many benefits in fact. And the main idea for such loans is nice too because sometimes you really need a certain amount of money and it's not always possible to borrow them from your friends/family or open a credit line. In such cases payday loans can be really helpful.
On the other hand there are serious reasons for such bad opinion about them. With payday loans you can borrow different amount of money https://paydayloan.network/ and get in it in cash which is very convinient sometimes too. There won't be any credit check and filling the application for them is very fast and easy too.
But as I said above it's a short-term financial help which means that you'll need to repay all money no more than after a month. Their interest rates are extremely high as also additional fees and if you can't meet the repayment terms, you'll be in a big trouble. It's usually the main reason for being caught in a debt circle and it's a typical situation for many payday loans companies.
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Borrowing money is always a bad idea, when you have the option to simply manage your money properly and save up.
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U
I stumbled upon this thread and thought I'd chime in on the topic of payday loans. While they can be tempting in a pinch, it's important to be cautious when considering this option. Payday loans often come with high-interest rates and fees, which can make them difficult to pay back. If you're ever in need of financial assistance, I highly recommend seeking out the advice of a professional like a mortgage broker in Swansea. They can help you explore your options and find a solution that works for your specific needs and financial situation. While payday loans may seem like an easy solution in the short-term, they can end up causing more harm than good in the long run.
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