The Truth About Payday Loans

By: Paul Wayne

The Truth About Payday Loans

I routinely read other pages related to payday loans and cash advances. Today, I can across an article disquised as a letter. It was titled something like "Help me, I can't afford Christmas presents!" and a few other varients of the same.

I am not one to judge or decide how one should spend the cash they receive from a cash advance, but really, Christmas presents are not an emergency. Let's put this in perspective. Having one's electricity turned off is more of an emergency. Running out of food is an emergency! Most of life's necessities can become emergencies if you don't have them. But c'mon Christmas presents! Use a payday loan wisely!

Let's say you take out a $1000 payday loan for these emergency presents. You have now entered into a contract to pay back the $1000 plus all the fees and interest. For most people, this will cause a bigger financial crisis when they cannot afford to pay off the loan on time an incur more refinance fees every week or two. How has your life improved? Seems like you have entered into a Christmas trap that is hard to get out of! I don't advocate using credit cards for this purpose either, but it is a MUCH better option if available. Even the highest interest rate credit cards are extremely cheaper in the long run than an emergency cash advance. Use a payday loan wisely!

Yes, I am in the business of 'selling' cash advances or paydayloans, however you want to phrase it, but I strongly advocate responsible use of these types of loans, not frivioulous purchases that you will regret later! Of course, if you are applying for a paydayloan, you have probably been financially irresponsible in the past. To get out of this cycle you must change the way you operate. Don't borrow money unless you absolutely have to! Use a paydayloan wisely!

Do I want you to click on one of the ads and increase my revenue? Of course I do, that's business. Do I want you to go into debt for Christmas presents? NO, spending some quality time with the people you are buying these gifts for will cost you nothing and not hurt you down the road (and probably be remembered longer than the trinkets you bought). Use a payday loan wisely!

If you have read previous posts on this blog, you will see that I was where you are now, hurting for money and taking out stupid amounts of loans to meet these 'needs'. Looking back now I can honestly say that I could have done without 90% of the things I spent the money on! Use a payday loan wisely!

Before you get a paydayloan, all I ask is that you seriously think about it before digitally signing the dotted line! Please! This is the truth about payday loans!

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