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When are payday loans worth it?
#1
I have seen so many articles and videos that say not to take paydays under any circumstances. Yet I can't help but think they must do some good to the economy. So when, if ever, are payday loans a good idea to use.
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#2
They do get a lot of bad press. One of the main problems is when borrowers renew their payday loan. Borrowers don't realize if they roll over the payday loan to their next paycheck that they only paid the finance charge and no principal. They think they have paid the loan down but they have not. Fast forward 5 paychecks with 5 renewals, they are shocked to find out that they still owe the original principal amount.

If you get a payday loan and pay it off on with your next paycheck, it's not too bad. If you roll it over and over and over, that becomes very expensive.
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#3
They're a good idea if you're desperate, in essentially an emergency, with no other option to get the money, AND you know you'll be able to pay off the loan and the interest relatively quickly. If it's for something non-urgent, or if the interest continues accumulating, it's a bad idea.
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#4
I think its wort it when you say " thanks to the loans and my children graduated college and have a good job" it helps a lot of people journey to success but don't take it to much or you will be down because of debt accounts and you will never been up and up because you will be down down down due to your debt to better to handle your loan properly , you just need it when emergency not in bad habbits like playing in the casino and lose so learn from that and rise for the future.
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#5
(01-09-2018, 01:08 AM)Sase3119 Wrote: They're a good idea if you're desperate, in essentially an emergency, with no other option to get the money, AND you know you'll be able to pay off the loan and the interest relatively quickly. If it's for something non-urgent, or if the interest continues accumulating, it's a bad idea.

I agree, they would only be worth it if you're desperate. But then again, how many people in that sort of situation would be able to pay off the loan quickly ? I read somewhere that most people take these to cover living expenses, not in an emergency. They are getting ripped off.
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#6
I agree with others in that they should be used in special and specific situations. Using it for everyday use will definitely bite you in the back. Knowing that you can pay it back quickly is reassuring, but you gotta be careful on what you use your payday loans on, like insurance or medical emergencies.
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#7
A payday loan is not bad at all. We can't blame those people choosing to have payday loans. Not everybody has a stable income, not everyone were born rich so I must say payday loan is a lifesaver. It can use in many ways like tuition fees and other emergencies financial needs. I guess if you're single you won't feel the urge of taking loans but for those who have children already, it would be a great help for them. It's just a matter of situation in life.
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#8
They're a smart thought in case it's urgent, basically a crisis, with no other alternative to get the cash, and you know you'll have the capacity to pay off the credit and the premium generally rapidly. On the off chance that it's for something non-pressing, or if the intrigue keeps amassing, it's a terrible thought.
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#9
The perfect time to take and use paday loans depends on the individual taking the loan. It ranges from one person to another, people have different things to take care of. It comes to a point when the earned cash cannot take care of the needs that a person has and a payday loan comes in hand. I'm pretty sure even if many people object the idea of taking payday loans it come to the point when one has no other choice but just to take the loan. If it is avoidable that is okay because nobody likes taking loan, but actually the payday loans brings in some extra money to do the things that earned money cannot.
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#10
Payday loans are wotyhy if uou urgently need a money. Just make sure to pay it quickly so that you will not suffer the burden of multiple intrrests.
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