Payday Loan Help – The Vicious Cycle


With the payday loans that we see um…
it’s always really… it’s a tough appointment when people come in to see us and they’ve got the payday loans ’cause there’s not any real quick fixes as far
as getting out of it. The interest rate’s so high, and it’s just a vicious cycle. You
end up buying one, and then you’ve got to take out another one to pay that off. And it goes around and around, and the interest just builds so high that it’s really hard to
get out. With a car title loan again you’re taking out alone this essentially
secured by the vehicle so if you’re not paying on that, eventually your car could potentially get repossessed and so, you know, if your car’s repossessed and that could affect your ability to get back and forth to their job, so that’s a lot of extra risk to take on there. If you’re hearing any kind of ad that says that we don’t check your credit, everybody’s approved, well then everybody’s probably getting a pretty
high interest rate cause that’s a lot of risk for somebody to take on. So again, if
it sounds too good to be true, there’s a good chance that it is or there is some kind of catch there for you.

One comment on “Payday Loan Help – The Vicious Cycle”

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