subject: Payday Loans: Compliment the Rich..Rip off the Poor [print this page] Payday Loans: Compliment the Rich..Rip off the Poor
We pause for a moment and try to contemplate. In this cruel world of today, we often have a crucial decision chosen for a particular scenario. We cannot definitely avoid the mere fact that many things happen whether in the right time or not, in the right person or not, in the right age or not and in the right circumstances or not, but many things happen when we least expect it.
Let us reflect unto the inspiring quotation by Elisabeth Kubler-Ross. It say;
It's only when we truly know and understand that we have a limited time on earth -- and that we have no way of knowing when our time is up -- that we will begin to live each day to the fullest, as if it was the only one we had.
Exactly, let us live life each day as if it would be the last. Somehow, many things will definitely happen in most cherished and memorable ways.
In our lives, there are essential and necessary things that if with the absence of these we can no longer pursue our daily undertakings.
To mention few of the top priorities, we have first and foremost the financial source then, the physiological needs, the home, food and shelter, next in line is the budget appropriation for all the needs that belong to the family of five, six and more.
Notice that almost of the things we set as top priority are run with finances we set forth or allot for it. Definitely, one of the most considered things is the financial aspect. This is true enough because finances is the source of everything we do.
Because of the many unexpected circumstances, we sometimes go beyond the line, go off tangent with our budget for a specified need of ours. This is very common to all of us. Non-working people even one working experience this particular scenario.
Yes, there were many options for a broken financial status;however, one of the best tool is to eventually save.
Let us talk down here one of the tools to fix broken finances. This has been talked about recently and become very controversial.
This is Payday Loans. While some said that payday loans receive compliments from them because of its endless advantages and helpful offers to escape financial crisis, many however argued that payday loans rip them off, have cause them more crisis, have cost them much, have brought them to more intricate financial dilemma and have lead them to bankruptcy.
To clear this endless issue, here is the clear not vague comparison of two different sides.
Need a cash advance quickly to tide you over until payday? Many consumers take advantage of payday loans or short-term loans that are repaid from the next paycheck. But beware: the fast money typically comes at a high price.
According to some, who have gone into payday loans, these cost them much with the interest rates the loan company added to the cash borrowed.
Payday loans go by a variety of names: cash advance loans, check advance loans, post-dated check loans or deferred deposit check loans. Many businesses offer these loans at an exorbitant rate to consumers who need some money to get by until payday.
To repay your loan, you redeem your post-dated check with cash or money order, or the lender deposits the check. If you decide to extend or roll-over the loan, you'll be charged and additional fee. This type of loan can be rolled over two, three or more times before coming due.
The real cost of the payday loan is the amount of money you must pay to obtain the loan. Based on annual percentage rates, you may be paying as much as 2,000 percent interest for using this type of loan.
Yes, one can be greatly influenced by these payday loans, though these may sound like a good source of quick and easy cash, but the truth lies behind is these type of loans may push you further into debt.
Before choosing a payday loan, look at other options. Can you borrow from friends or relatives? Perhaps you can delay paying a non-interest bill such as a utility bill, and make payment arrangements with the utility company instead of taking out a payday loan.
Always comparison-shop before selecting any loan. Determine the total fees, the payback plan and penalties if you don't pay the money back on time.
Take a look at your entire financial situation. If you don't have money for emergencies, consider carefully the reason you haven't saved. You may want to talk with a financial counselor about solving your money problems.
Consider how you might start an emergency fund so that you won't need to rely on payday loans in the future.
