I got an email the other day, which I found odd because of what we do – well here it is
Hi Leo –
Every month it’s getting worse and worse, I am finding myself short of cash at the end of the month – so I am thinking of trying one of those companies that give short term loans – what do you think?
Gee what do you think my answer was?
I was very straight and to the point and said as loud as I could NO!!! NEVER!! –
Payday loans may seem like a fast solution to a financial problem but you are setting yourself up for a who new HUGE set of financial problems.
Here’s what most people don’t realize:
The payday loan company wants their money back within 2 weeks – plus interest and fees. On average the annual interest rate is over 500%.
Sure you got the cash from the payday loan company to get out of a short term problem.
But if you don’t have money now for all your day to day expenses, and that’s why you got the loan – where are you going to get the extra money to pay back the loan due in 2 weeks?
You see you just added another expense that you cannot afford right now – so now you’re in deeper trouble.
Oh but don’t worry that friendly payday loan company will tell you if you can’t pay them this week just pay this small fee and interest and we can roll the loan over for 2 more weeks – and now they own your ass.
And this is how so many people get caught in payday loan debt – and once they have exhausted all the options of rolling over a loan – many people will go to another loan company and get a new payday loan to pay off the first loan – and the cycle continues.
It’s not uncommon for me to get calls and emails from people that have 5, 8, 10 loans outstanding – on average people own between $5,000 and $10,000 in payday loans.
At all costs DO NOT get a payday loan – it’s better to borrow from a friend, family member or sell something.
And if you happen to be caught in payday loan hell we can help you get out of your debt.
All you have to do is either call us at 1-877-280-5100 or use out convenient online quote forum
We can’t help you unless you call!!
Cheers
leo