Payday Loans

Discussion in Loans started by LindaKay • Mar 5, 2014.

  1. LindaKay

    LindaKayActive Member

    Apr 15, 2013
    Likes Received:
    So, most people look at payday loans as an evil, horrible thing.

    Others think that it's acceptable to use a loan every now and then if you're in a tight spot.

    Some use payday loans constantly and are always taking out a new one as soon as they pay off the last.

    What is your take on this?

    I think it's best to avoid them. It's obviously a "scam," even if it is a legal one (which it isn't in many states.) The interest rates are ridiculous and it's easy to get yourself in a lot of trouble. HOWEVER, I can see why you would need to take one out for certain situations. I mean, if you're on the verge of getting evicted or having your power disconnected, taking out the loan can be cheaper than handling all of the associated costs. Plus, it can save a lot of heartache. So, overall, I think they're a bad idea, but I do think there are certain situations in which it's understandable to take out one of these loans.

    What are your thoughts?