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Is A Payday Advance A Good Idea?

Never spend your money before you have it.

-Thomas Jefferson

A payday advance is not an easy way out

I think it is safe to say that our 3rd president would not encourage Americans to get a payday advance loan. This type of loan is the essence of spending money before you have it. You can't wait 2 weeks until you get your next paycheck, so you want to rely on an outside source to provide you with the needed funds. But how necessary are these advance funds anyway? Can you really not wait until you get your very own money to make your purchase? Spending money before you have it is the quickest and surest way to fall into debt and to stay there. A payday advance may seem like free money that you can pay back when you get a chance, but it is more dangerous and serious than that.

How a payday advance puts you into debt

By professing to be a quick, simple and hassle-free way to get money, a payday advance makes it seem like nothing could possibly go wrong. You want the money immediately, so it is likely that you will not read the fine print. You do not realize the truth behind the details of the payday advance loan. We will explain them here:

In addition to paying back the loan in full, in no later than 2 weeks, you also have to pay back the accumulated interest
The interest on your loan is immense. The rates are so high that the amount of interest you have to pay can equal or even exceed the amount of the loan
Not only is that brutally unfair, but it also makes it so that it is incredibly difficult to pay back the loan in the specified amount of time
When you can't pay the loan back, you are immediately subject to penalty fees and increased interest rates
You have to borrow more money to finance the new costs, and the cycle of debt has begun

Spending money before you have it spells disaster. A payday advance is a sure-fire way to get yourself into debt quickly. Think before you spend, and only spend what you have, and you will never go into debt!

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