Payday Loan Advice
Payday loans seem to be in fashion these days. Lots of people are finding themselves unable to make ends meet and if something unexpected happens one month – a big bill, the dishwasher breaks, the roof is leaking – then what are they to do? An entire industry has sprung up around providing relatively small amounts of money to people, often with poor credit, quickly.
You might at first assume that a “payday loan” is so-called because it tides you over with a bit of extra cash until payday. I don’t think that’s true though – behind the innocuous sounding name is the slightly more insidious truth that the biggest condition of these loans is they take what they’re owed on payday. They ask on exactly which day of the month you are paid and arrange to have their repayment taken that day. They want to make sure they get what’s owed to them, over anything else. If people aren’t careful, they might find that taking out a loan this month merely postpones their financial troubles until the next one. They might even be more cash-strapped next month, taking into account the loan repayment that will be taken out of their account as soon as possible.
Our advice? If you’re in financial trouble, speak to your creditors and try to arrange a repayment plan you can afford. It’s in both yours and their interests for your repayments to be affordable. Do that, then sit back and relax over a game or cards or, if it’s your sort of thing, a mobile phone game. We hear Temple Run is a good one to pick up and play to take your mind off things.