Advance Payday Loans Are Not Meant For Paying Bills
People or to be more exact, the common mases are not know for there common sense
, leave alone intelligence. Most people when it comes to money act with it like 5 year olds. They dont have any long term plans of investing there money. When in need of money they dont read the financial times to find avenues to invest but rather they go to church and pray to God. As has been said God helps those who help themselves.Thus these kind of loans are for those who do not know how to help themselves. Advance payday loans are one of the most expensive forms of credit in the market. Even the local mafia and goons that lend out money ask less interest then these banks. Although such loans from banks has its merits, as if the guy does not pay he would not be killed but rather sucked dry slowly and painfully. This long and painful option, which is a very sorry option is like by many. The cowards who live in the shadows and quiet frankly belong there do not have the courage to choose death.
Such credit sources which are of short term nature should be only taken when one has the capacity to pay back. Unless one does not have the required funds waiting to be used to pay back the money these loans can be very dangerous. Advance payday loans have very high interest rates. Also once there are defaults and penalties involved things can go from worse to horrible. Already the interest rates are very high. After defaulting the person has to pay certain charges to lengthen the payment period. After that the interest rate is even higher. Thus effectively the company charges many times the actual loan amount lent to the applicant.
Thus getting payday loans is like getting a trap. One can use it to get the best meat in the forest or get trapped themselves. It is a fairly simple concept.
by: Anshuman Sahni