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Why Payday Loans Are Not a Good Idea

There are some things that are just not good for us, and payday loans are one of those things. Payday lending is an all-too-common practice that provides consumers with short-term, high-interest loans against future earnings. Since payday lenders often don’t require credit checks for new borrowers, they’re popular among consumers with subpar credit as well as borrowers who lack bank accounts. Many financial professionals refer to payday lenders as “lenders of last resort.”

Why?

Well, many payday loans come with terms of just a few weeks plus they carry alarming annual interest rates of up to 300 percent or more. Additionally, most will have high startup fees and aggressive due dates. These features can add substantially to their total cost. Borrowers who fall behind on their payments or suffer unexpected setbacks like job loss can quickly become overwhelmed by this debt burden.

The Alternatives

We suspect that if you struggle with high credit card debt and a meager income, you’re probably looking for ways to bolster your finances. Many consumers who deal with similar problems turn to payday lenders for access to short-term capital. Unfortunately, as the saying goes, if it seems too easy maybe it’s too good to be true. Taking a payday loan can have unintended and often severe consequences putting you in a worst place from where you were when you took the loan.

Don’t Settle for Quick Fixes

Trust your gut that you can weather this financial storm. The worst time to make such a decision is when you feel there is no other way out. Call one of our counselors. Let us help by giving you practical advice. In the meantime, don’t sell yourself short – payday loans are never a good thing to do, no matter how you try to swing it. Why not start turning things around with helpful tips from our debt management articles?And if its credit card debt or other unsecured debt that keeps you up at night, CreditGUARD certified credit counselors will work with your creditors to reduce your rate and stop harassing calls. Give us a call today.

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