Select Page

Bad Credit Payday Loans

One thing that has got to be questioned in regards to the financial system we have, is the cash advance/payday loan. When you think about it, no one wants to have to use a payday loan unless there is no other way out of a horrible financial situation, although getting the loan will actually make your problem worse instead of better. You should consider all of your other options before deciding on a bad credit payday loan or cash advance.

You will pay at minimum 1000% interest bad credit payday loans, or any other type of payday loan as well. The speed at which these loans grow is unreal. So if you want to borrow $1000, then even before your kids start school again, you will have to pay back $2000.

For the most part, I observe very little difference between addictive things like gambling and drugs, and bad credit payday loans. They are much alike, since people get caught up in a terrible circle, and have not a clue how to stop it. There are times when the loan gets paid off, but then they are left with no money to pay bills or other things. What does the person do when this happens? They decide they need more payday loans for bad credit.

For people who get caught up in this, at minimum they will have 10% less money than before. What is the reason for this? The reason is because if you are able to pay back the loan in two weeks, then you will have to pay $10.00 for every $100 you borrow. This kind of interest is unimaginable, and if you cannot make all of your payments on time, then you can find yourself in a very bad situation indeed. When you fail to make payments on payday loans with bad credit as mandated, you will have to pay late fees, compounded interest, and convenience fees as well. As long as they have their hooks into you, you can forget about getting out of this financial disaster, since the fees are enormous.

Most often these types of loans are referred to as payday loans for bad credit, since people with poor credit can get them, as long as they have a job and back account. They should actually be called this due to the fact that the are responsible for making people have bad credit. You do not use personal discipline, and you have to live on barely any money, since all of it goes to pay for the loan.

I would most certainly say, do NOT use payday loans with bad credit. If it turns out that you have no other choice, look around, and find one that can give you at least a small savings on interest rates. Although this will be in no way a sound financial choice, at least it will be the best of the worst that is available out there.

About The Author

Ben Todd

Ben was a seriously broke graduate student with bad credit who after finding himself rejected for any sort of credit card or loan for most of his adult life, finally decided to get his financial life in order. 'He spent several years reading as many financial advice books and blogs as he could.And suprisingly, Ben found he actually LIKED the topic of personal finance; after fixing his own finances, starting his own successful work at home website business, and using his earnings to get out of debt, created to help others do likewise!

Leave a reply

Your email address will not be published. Required fields are marked *

Popular Posts