So, I've never done a payday loan thing. It's something every financial blogger talks about not wanting to do - but it's something that lots of people use, so I got to thinking about it.
Whether it's something you'd ever consider, lots of people take advantage of payday instant loans to help them out from time to time. But what are they?
The terms for lots of payday loans work best if the loan is paid back very quickly. The longer you take to pay it back, the more in the hole you're going to get. This is similar to the arrangement of using a credit card - as long as you pay it back ASAP, you won't fall further into debt. But that's easier said than done, especially if you're already in a situation where you need a payday loan.
Even the companies who do payday loans emphasize that it's not something you should be doing regularly -- the same as a "suggested serving" of chocolates is like 5 or 10 but even though you know that, you may wind up eating the whole bag. Or so I've heard.
I guess it's the sort of thing that's good to have around as a failsafe. Nobody wants to think they'd ever be in a situation where they need a payday loan, but I guess they're a handy thing to keep around when that's your best option.
I don't know. Would you guys ever consider taking a payday loan?