Payday Loans - Good or Bad?

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FinancialAdmin
Site Admin
Posts: 9
Joined: Thu May 22, 2008 2:43 pm

Payday Loans - Good or Bad?

Postby FinancialAdmin » Tue Jun 03, 2008 1:49 am

Payday loans have been a controversial topic in the last few years. Some people consider them lifesaver when they are in dire need of quick cash. Others condemn them as predatory lending.

What do you think about payday loans? Are they good, bad, or somewhere in between?

spencer
Posts: 37
Joined: Thu May 29, 2008 8:46 pm

Re: Payday Loans - Good or Bad?

Postby spencer » Tue Jun 03, 2008 5:55 pm

For me there's no doubt that payday loans are bad way to borrow. In very rare cases of extreme emergency, when you don't have any other source of funds you might want to consider them, but not in general. Unfortunatelly many people have been living paycheck to paycheck, without saving anything, and these people are the most common payday loan borrowers.

People need to learn to live within their means, and save instead of getting into debt they will never able to repay.

theway
Posts: 26
Joined: Tue Jun 03, 2008 6:33 pm

Re: Payday Loans - Good or Bad?

Postby theway » Thu Jun 05, 2008 6:49 pm

I don't like pay day loans either. The interest rates and fees the pay day companies charge are ridicilously high, and for me this is predatory lending. You should avoid pay day loans at all costs.

stocks
Posts: 16
Joined: Wed Jun 04, 2008 1:27 pm

Re: Payday Loans - Good or Bad?

Postby stocks » Fri Jun 06, 2008 5:59 pm

It's not always easy to get credit when you need it, and in such cases payday loans might be the only way to get cash. As long as people don't abuse them (getting payday loans regularly), they should be fine.

kristen
Posts: 8
Joined: Wed Jun 11, 2008 3:49 pm

Re: Payday Loans - Good or Bad?

Postby kristen » Wed Jun 11, 2008 3:56 pm

I think payday loans are really bad and one should never take a payday loan. Borrow money from a friend or from your family but never take a payday loan.

spencer
Posts: 37
Joined: Thu May 29, 2008 8:46 pm

Re: Payday Loans - Good or Bad?

Postby spencer » Wed Jun 11, 2008 7:38 pm

kristen wrote:I think payday loans are really bad and one should never take a payday loan. Borrow money from a friend or from your family but never take a payday loan.


I wouldn't recommend borrowing from friends or relatives either. In my experience this type of loans is rarely repaid, which results in tensions in your family or social circle.


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