Are Payday Loans a Good Idea?

Question

“There’s a check cashing and payday loan store near my office and it seems like an easy way to get quick cash. But my neighbor said she had trouble with the loan got there. What do you know about payday loans?” – Bill from Detroit, MI

Answer

To view the video with closed captioning, click the “CC” button on the bottom right of the player.

2 comments on “Are Payday Loans a Good Idea?
  1. First: I have gotten into the payday loan trap and had to bail out two of my kids who got into the trap. The problem we had with payday loans was trying to pay them back. We took them out because we could not pay bills then had another one to pay.

    Second; After that experience I have taken out payday loans since then. I have used them when I knew I could pay them back totaly without hurting myself financially with the next one or two paychecks. I only use them now when there is an emergency. The last time was when a vehicle broke down between paydays and for a $200 loan I ended up paying back $260. I tried my local bank and was turned down first. They will hurt you financially if you are not very careful.

    1. no no no it’s a neverending cycle that will swallow you whole if you’re not careful.just make sure you can pay them back.

Comments are closed.