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Payday Loans And Your Savings

If you would be wealthy, think of saving as well as getting.

- Benjamin Franklin

What can payday loans do for my finances?

Payday loans are known for having notoriously high interest rates. At over 500% APR you can end up paying more than the actual amount of the loan in interest - easy. If you can't pay back the loan plus interest on time, here's what happens:

You're hit with absurdly harsh penalty fees
The already high interest rates get increased even more for the following pay periods
Other finance charges spring from the woodworks

Oh sure, payday loans are supposed to be repaid with your subsequent paycheck, but who can really afford that. Over 96% of all payday advance repayments fall into some form of derelict state - its very obvious that as a whole we don't know how to handle short term financial aid.

How payday loans put you in debt

The ability to go into debt is obvious when you look at the above 3 bullets. Those charges are going to cost you way more than you ever expected. Most likely, you do not have the funds to support that kind of loan repayment system. Therefore, you will quickly go into debt and it will be very difficult to get out of it. Providers of payday loans like this because they are making money off of your indebtedness. Every time you can't pay, they get more money.

Think of saving before anything else. Getting payday loans will suck the money out of your bank account and leave you in debt far into the future. Payday loans are the enemy of your savings. Look to your communities Yellow Pages for charitable organizations that can help you.

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