These loans are against your future pay check.

They are very bad. Stay far far away from them!!! They interest rate on them is almost like that of a Loan Shark.

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-Jesse

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Payday loans are a rip off. If you really need cash that bad, ask your employer for a payroll advance. These are typically free.

In my younger years I had low paying crummy jobs and lots of debt but never once had to go to get a payday loan. With payday loans you will always be behind the 8 ball.

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Personal Money Tips Blog at http://blog.personal-money-tips.com/

Do employers give payroll advances often? Are they easy to obtain? I never really looked into these.

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New graduate with an emphasis in debt counseling.

Payday loans have their upside and downside like any other loan. They provide the cash that you need when you need it and in a timely manner. There are also fewer restrictions. The cash amount is generally small as well unlike personal loans. The fees can be quite high though because it is such a short term loan. Also if you miss your payment you can find that the fees get even steeper.

Just a rule of thumb when it comes to payday loans... ALWAYS make sure that you can live off of the money left over after you have paid off the loan. Otherwise you might have to take out another loan.

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Payday Information

Well, ISN'T THAT THE POINT?

Keep making payday loan, after payday loan, after payday loan, then..... make another pay day loan until your outstanding loan is more than your next paycheck. Then borrow some more, perhaps you can make it up on volume!

A person can't get out of debt by borrowing money.

Don't get me wrong. I have nothing against the payday loan businesses.

But when a person pays $250 interest for a ONE WEEK $1,000 "loan" that's a little much.

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Gary Spicuzza, *SAFE
Copyright 1956
No Rights Reserved
*Self Appointed Financial Expert

That may be true Gary, however there are other people out there besides yourself.

A very small amount of these people, use the payday loan business as their only and last venue for money. High fees with a small loan may look to be a better deal than going bankrupt or having your car reposessed.

In my previous post I was merely stating the pros and cons of the Payday loan industry and laying out a basic understanding of the payday loan clientele.

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Payday Information