You are strapped for cash. Bills are due. You need a few groceries so you can eat. So what are you to do? The payday loan place down the street looks enticing with all its neon lights and promises of a quick buck to help you out. Even better, the person at the counter is so happy and helpful; they wouldn’t be doing anything to hurt you. Wait though, inside that building the Godfather sits just waiting to pray on you.
The loan place might not be sending thugs out to break your fingers or give you a pair of cement shoes, but they are just as nasty. They are going to charge you all they can for that money you are looking to ask for. You usually have a short period of time to pay it back. If you don’t pay it back, your financial troubles just got compounded. Let’s take a stroll down this road and see why the payday loan with bad credit is not such a good idea? You need some money to pay the gas bill and get food. You skip on down to the corner loan service. They loan you $200 and you write them a check for $230. You just paid them $30 to snag $200. Happy in this decision you cash the check, get some food, and pay the gas bill. Life is grand for two weeks.
Boy did those two weeks fly by though. Now you have to pay the loan company back. They can cash your check you wrote, or you can pay them cash and they can give you your original check back. The problem is now the power bill is due and you can’t afford to pay off the loan you just out two weeks ago. So you run to another loan place to pay off your original loan. Now your first loan is paid, the power bill is paid, and you have another two weeks to get by.
The process can keep going. Some of you might have been able to pay off the original loan and not had to take out another loan, or four. There are people who cannot do this though. What happens when you can’t pay the loan back? That seemingly “low” interest rate the loan company gave you sky rockets into something only Donald Trump would think about dealing with. All this trouble then is reported to the credit agencies. Collection agencies are called. This whole process can turn ugly quick.
Payday loans promise quick cash when you are in a bind. Those who can pay this loan off right away might consider this as an option. However, if you don’t have the money now, most likely you will not have it in two weeks when the loan is due. If you are considering this option, it is strongly urged to look at borrowing from family or friends first. Besides, they are most likely not going to come after you with Bruno and Johnny to get the money back if you have to pay in three weeks instead of two.…