In life, things happen at the wrong time. Just when you have no money, something breaks, something needs to be repaired or something needs to be replaced. When you are unprepared for medical bills, can not pay for medication or have dental emergencies, aren’t you glad that you have pay-day loans available to you to help pay for everything.
If you wake up in the middle of the night with flu symptoms, what are you to do. You did not pay for your flu shot this year and now you are in a fix. How are you going to pay for the doctor and medication without money? Pay-day loans!
When life has got you down, a pay-day loan is just what you need to help get you back on your feet. You can get them within 2 minutes on-line. Approval is almost immediate and you can have the money in your bank account within an hour.
Pay-day loans are brilliant, well at least for the people that run them. If you fell for the sales pitch above, you might find yourself in crippling debt. If you really were sick, would you really want to have a loan that you can not pay off causing you more undue stress? Pay-day loans are the biggest con of all time. They prey on the poor in their time of need.
The problems with pay-day loans is that they are too hard to pay off. They can have interest of up to 36%. What this means is that if you do not pay the loan off in 3 years, you will owe 2 and a half times the amount that you borrowed. Suddenly that $1000 you borrowed is now $2500. In another three years it will be $6000. If you can not afford it now, will you be able to afford it tomorrow? If you have a pay-day loan, you have just screwed yourself.
Instead of using a pay-day loan, learn about saving money. The idea of saving money is that you will have money saved up for that rainy day.
Written by Mary Nicole Hicks. Read her latest article “How to grow your net worth” at http://www.pickbrains.com/articles/grow-your-net-worth. You can reprint this article as long as you link to http://www.pickbrains.com/
Tags: debt, finance, interest, loan, money, payday, problems, sick
