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Payday loans have gotten a bad reputation over the years but not because they do not have value but rather because many people who utilize them do not utilize them responsibly The fact is payday loans are not for everyone as they are meant to serve short term needs only Payday loans should not be considered as an option to fix a long term problem or paying back the loan when payday arrives assuming that you are out of money

Using Payday Loans Wisely

One often tends to think about why people who use payday loans complain about them and the trap they are in The fact of the matter is that payday loans are for short term use which means a week to two weeks This kind of loan serves those that are between pay periods and need some extra cash to pay for medical bills car repairs house repairs and that sort of thing

The problem that many people have with payday loans is their interest rate These loans do have a very high interest rate in fact the federal government has thought about stepping in and putting a limit on how high the interest should be allowed to go You can pay extraordinary amounts of money in interest When you are only borrowing for a short time say a week and you are really in a mess and you need the cash urgently the interest isnt all that bad

For instance if you need to borrow $300 until pay day you may actually need to pay back $375 or more when you get paid This seems like a lot but sometimes when you really need that money now the $75 that you pay in interest is worth the convenience of being able to take care of whatever pressing issues that you are dealing with

Now if you are simply getting behind on money and you take out the $300 or more and you simply carry the loan amount over from week to week you are throwing money away My experience suggests that if you are paying this interest amount every week or two weeks and you arent paying off the loan and you arent getting ahead it simply doesnt make sense to take out the payday loan

When you think about it payday loans best suits those people who are responsible with their money and have the requirement to procure some extra money in their hands before payday The whole idea is that you give the payday company a check for the amount of money that you need in addition to interest They give you that amount of money in cash and when you get paid they deposit the check and the whole loan is closed out and you are done

It is very comfortable for people to continue to carry the loan from week to week This might be fine once or twice but if you keep doing it youll just dig yourself in deeper and deeper Many people find that they are never able to pay the full amount of the loan back Payday loans should only be considered as a last resort and when the borrower is in a true pinch