Hi ladies, some of the advantages of obtaining a payday loan are that they are easy to apply for, they only require you to have a job and a bank account and the money is deposited right into your account. However, some of the disadvantages are that the interest rate are extremely high finding yourself paying upto 2 to 3 times the value of the loan and it can lead to a worst financial situation than the one you was in before you applied for the loan. My personal opinion, no matter how desperate I am for money, I just dont think is worth it.
Yes I agree payday loans are someplace you go when your back is against the wall and you feel you have no other options. But in the long run you are paying double back than what you received.
I have not ever, nor would I ever even consider applying for a Payday loan. This disadvantage is the interest added on to the payment which makes it three times harder to pay it back then I would be in worse situation. The advantage is how quickly you receive the money in to your checking account, which leads to biggest of all disadvantages they have my checking account informaiton therefore they can hit my account any time they want for payment, which can cause the worse domino effect.
Hi Nancy, I have never done it either but yes It did cross my mind in times of desperation. But then I will think about having to pay back triple the amount and I just dont think is worth it neither. I rather deal with tge stress of not having than having to pay triple and end up in a worst situation.
I understand the feeling. Being more informed allows us to make better inform decisions, such as thinking about the advantages and disadvantages of some products out there.
My family is in the pass have applied for these type of loans. With this last class I was able to share with my family the advantage of getting fast money has great consequences such as higher interest that make it harder to pay it off.
To me the only advantage with a PAYDAY loan to me is the fast cash. It's easy to get it, however the consequences are much harder to get through. The interest rate is not worth it. I remember working with a lady who always did the PAYDAY loans, and I would watch how her money on payday would all go to the loans and she would be back at square one.
Hi Jessica, it is so not worth it...By the time you get paid and pay the loan off you're broke again and ready to borrow again. It came become a horrible viscous cycle.
I remember borrowing from a payday loan and it became such a nuisance. The short term fix was convenient however the long term of it hurt me. Never again...
like most said, the advantage is fast cash, the disadvantage is financial decay. they hit you with interest rates so high that you pay back way more than you borrowed, the rates are higher than if you got the loan at a bank, and you may end up hurting your credit score with missed, late or delinquent payments. definitely avoid at all cost. this also shows why it is so important establish a relationship with a bank so you can go to them for loans where you will experience lower interest rates than payday loans and why it is important to put aside money for an emergency, so you lower the amount of loan you need to take out in the first place.
I feel the advantage and disadvantage of Payday Lending is that you can get your money quick and do what you have to do right away but then if you don't pay back it can effect your credit.
I thought about doing a pay day loan to zero out all my bills/cards but when I looked into the interest rates on the loan I decided that it was ridiculously unacceptable so I did not do it. I think I was caught up on the fast cash right now ad.
The advantages of payday loans is because you get the money fast into your account and you are then able to take care of your immediate finances. However, the interest rate for repayment is atrocious and leads to deeper financial crisis.
Hi ladies, some of the advantages of obtaining a payday loan are that they are easy to apply for, they only require you to have a job and a bank account and the money is deposited right into your account. However, some of the disadvantages are that the interest rate are extremely high finding yourself paying upto 2 to 3 times the value of the loan and it can lead to a worst financial situation than the one you was in before you applied for the loan. My personal opinion, no matter how desperate I am for money, I just dont think is worth it.
ReplyDeleteHi Laura, I agree with you it is just not worth it.
DeleteYes, Nancy and Laura! It's not worth it!
DeleteExactly, ITS NOT WORTH IT!! I'd rather wait!!!
DeleteI totally agree as well Nancy...You will find yourself in a revolving situation to borrow and pay back and it is definitely not worth it.
DeleteYes I agree payday loans are someplace you go when your back is against the wall and you feel you have no other options. But in the long run you are paying double back than what you received.
DeleteI have not ever, nor would I ever even consider applying for a Payday loan. This disadvantage is the interest added on to the payment which makes it three times harder to pay it back then I would be in worse situation. The advantage is how quickly you receive the money in to your checking account, which leads to biggest of all disadvantages they have my checking account informaiton therefore they can hit my account any time they want for payment, which can cause the worse domino effect.
ReplyDeleteHi Nancy I almost fell for the trap of the pay day loan but decided not to im with you never will I ever do it.
DeleteI'm with you on this. I wonder why these predatory practices are even legal.
DeleteYes I to fell in that trap.
DeleteHi Nancy, I have never done it either but yes It did cross my mind in times of desperation. But then I will think about having to pay back triple the amount and I just dont think is worth it neither. I rather deal with tge stress of not having than having to pay triple and end up in a worst situation.
ReplyDeleteI understand the feeling. Being more informed allows us to make better inform decisions, such as thinking about the advantages and disadvantages of some products out there.
DeleteMy family is in the pass have applied for these type of loans. With this last class I was able to share with my family the advantage of getting fast money has great consequences such as higher interest that make it harder to pay it off.
ReplyDeleteI think its great that you can share this information with your family and friends to help prevent them from these major mistakes.
DeleteI'm glad you shared this with your family, Sarah. Do you think their minds are changed?
DeleteTo me the only advantage with a PAYDAY loan to me is the fast cash. It's easy to get it, however the consequences are much harder to get through. The interest rate is not worth it. I remember working with a lady who always did the PAYDAY loans, and I would watch how her money on payday would all go to the loans and she would be back at square one.
ReplyDeleteHi Jessica, it is so not worth it...By the time you get paid and pay the loan off you're broke again and ready to borrow again. It came become a horrible viscous cycle.
Deleteyes it is a vicious cycle that we should avoid at all cost.
DeletePayday loan is the worse loan you can ever get. These people is like a loan shark.
ReplyDeletelol true that's why you live and you learn.
DeleteI remember borrowing from a payday loan and it became such a nuisance. The short term fix was convenient however the long term of it hurt me. Never again...
ReplyDeleteHi Lisa I agree hearing fast cash is a lure glad you know know it was all bad
Deletelike most said, the advantage is fast cash, the disadvantage is financial decay. they hit you with interest rates so high that you pay back way more than you borrowed, the rates are higher than if you got the loan at a bank, and you may end up hurting your credit score with missed, late or delinquent payments. definitely avoid at all cost. this also shows why it is so important establish a relationship with a bank so you can go to them for loans where you will experience lower interest rates than payday loans and why it is important to put aside money for an emergency, so you lower the amount of loan you need to take out in the first place.
ReplyDeleteI feel the advantage and disadvantage of Payday Lending is that you can get your money quick and do what you have to do right away but then if you don't pay back it can effect your credit.
ReplyDeletehey Shacoya I agree with the fast cash but even if you pay on time your paying a lot more than you borrowed
DeleteThat's true I didn't think about it like that.
DeleteI thought about doing a pay day loan to zero out all my bills/cards but when I looked into the interest rates on the loan I decided that it was ridiculously unacceptable so I did not do it. I think I was caught up on the fast cash right now ad.
ReplyDeleteIt's really sad that these companies take advantage of people who need "fast money" but in reality is not worth it!
DeleteThe advantages of payday loans is because you get the money fast into your account and you are then able to take care of your immediate finances. However, the interest rate for repayment is atrocious and leads to deeper financial crisis.
ReplyDeleteI agree 100% with you Latoya!
Delete