Payday loans are short-term wage day loans, that are often available in lower-income areas across the country, that have punishingly high interest rates and put users on a downward spiral of bad debt. In 2010, more than 12 million Americans relied on payday lenders for access to credit. According to a Charitable Trust, they took out nearly $30 billion worth of loans that year alone! Amazing!
Despite the high interest rates and fees, the payday loan industry appeals to poorer Americans who have very limited access to US financial services and banks. One payday loan often leads to another and another and soon the borrower is stuck in a cycle of bad debt.
However, as a previous user of payday loans myself it would be naive to put all the blame on the creditors. I mean do they really force us into using their cash advance service? The answer to that question is obvious enough and we as consumers need to shop around a little until we find the loan that suits us best. Not only that, we need to manage our finances better and know that we are able to pay back on time, every time!
Its late payments that hurt us the most and we get stubborn into allowing ourselves to think that interest is too high etc and decide to prolong paying back! Ask yourself how would you feel if you borrowed someone money and they never paid you back when they said they would? If you borrow money - Pay Back On Time!
Just like any product, payday loans in the USA need attention and just like anything you buy, you need to shop around! Some sites are better than other especially when it comes to service and charges. Payday loan comparison sites such as wagedaycash.com offer a service that finds a loan suitable to your needs. For example: If you earn $600 a month they will not give you a loan higher than $300 like some payday loan companies would. They tailor your details to find an affordable loan for you free of charge.
Remember that payday loans and cash advances in the USA help you in a time of serious need. When no one is around to help and the banks don't want to know. Be respectful and pay back on time and they really can help dig you out of a hole when it counts. We all face issues in our life where we need help, understand that this is not a charity but a business so they will obviously charge you for their help. Just like the supermarket charges 50 cents for a pack of chips, just because your hungry and you need to eat does not mean they will give you the chips for free!
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