I get sick and tired of people saying it is a bad idea to get a payday loan. What is the alternative?
1. Bounce your check. It's ok, the bounced check fee is just a little more than the payday loan would have cost!
2. Pay late fees or finance charges. Don't worry, overdraft charges only cost one arm and one leg, you've still got the other one!
3. Borrow from a bank or credit union. Ever tried to get a $300 loan for one week from the bank? Good luck on that front.
4. Borrow money from friends or family. 85% of divorces happen over money. Money changes relationships, is it really worth it?
So after examining alternatives, I think it's safe to say that getting a payday loan isn't such a bad idea. The high interest rates do not translate to outrageous fees. You only have the loan out a very short time, so you end up paying about 20-30% of the principal in interest.
They are fast and easy cash options, so use them if you are in an emergency and need to!
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