Any other alternatives to payday loan? - Page 2

gibbles · #16 (**permalink**) 02-08-2008, 10:10 PM

That's one of the problems I have with all this rage against payday loans. It's like that old notion "guns don't kill people, people kill people." Payday loans are basically just loans, what matters is that you know when and how to use them. It's such a sad state when people aren't financially educated enough to use good practices.

realworldknowledge · #17 (**permalink**) 03-14-2008, 02:09 PM

Quote:

Originally Posted by Dru

People who use payday loans seem to be doing it over and over again because they do not budget properly. High interest, over and over again, still equals high interest. I had a guy working for me several years ago who fit this profile. He always had a payday loan, and he was always broke, in spite of the fact that he was paid quite well. His philosophy was he didn't care how much something cost, as long as he could afford the payments.

Actually pay day loans are set up in theory so that once one makes the jump to obtain one, they will need to come back time and time again. If you take an advance on your income you for "x reason" you still need the income for previously obligated items. Vicious repetitive cycle.

murk · #18 (**permalink**) 10-19-2009, 03:13 PM

NEVER DO THE PAYDAY LOAD ....you'll get in a very bad cycle

tnmccask · #19 (**permalink**) 11-12-2009, 08:53 PM

Quote:

Originally Posted by Dru

I disagree. I believe the majority of people who use payday loans do it time after time after time. They are not always in urgent financial need, but they tell themselves they are. Urgent need is like when the car breaks down and you can't get to work, not when you spent too much on cable movies or your cell phone and now you don't have money to go eat out. It is a lifestyle some people allow themselves to get into. Unfortunately it is a little like gambling; the house always wins.

I used to have a guy working for me who was like that. He was always in hawk to the loan sharks. His theory was as long as he could afford the payments, he was alright. He was garnished on a regular basis, and he was always looking for an early paycheck, even though he earned pretty good money.

People who are aware of the cost of doing business with these creeps take one look at the agreement and realize that ANYTHING would be better than borrowing here. Car title loans are even worse I think. You get sucked into the vortex of debt and are lost forever until you claim bankruptcy or get bailed out by someone.

The best answer I have heard so far was actually done as a parody on "Saturday Night Live" with Steve Martin. You may find it on U-Tube.

The answer was, if you don't have the cash, don't buy it.

☺ This is totally correct. Don't get in the habit of using payday loans. It is a sign that you are not exercising good money management habits. It is important to establish an emergency savings so that when you do have an emergency, the cash is there and you don't have to worry about fees or finance charges from borrowing. Once you start, it will be hard to get out of it. Especially if you're in a tight financial situation; you will become dependent on it. That will not be good for you.

littleroc02us · #20 (**permalink**) 11-16-2009, 02:34 PM

Quote:

Originally Posted by ryan123

Hi All,

We all know that payday loans are not healthy loans, so what are alternatives to it?

We know people who take payday loan are basically under urgent financial need and are with poor credit standings. SO what are the alternatives to payday loan?

Thanks,
Ryan

Get another job and save up the money to pay your bills.

stuart45 · #21 (**permalink**) 08-19-2010, 03:29 AM

There are definitely ways to use short term or payday loans for a personal gain, but only if a person understands how to use them and uses them responsibly. a payday loan has come into existance only because of keeping in mind the cash emergencies that need to be fulfilled and the payday being far away.

jasmines · #22 (**permalink**) 08-25-2010, 03:36 AM

Do you have any credit cards? If so, try using a cash advance on one of your credit cards ...but remember No job and bad credit is not going to be attractive to anyone. Maybe you could sell some of your stuff.

mikefinance · #23 (**permalink**) 09-25-2010, 12:29 PM

0% APR Balance Transfer cards my friend are the only alternative

mikefinance · #24 (**permalink**) 09-25-2010, 12:30 PM

Either that or the 0% purchases and just pay the minimum to save cash.

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