Payday Loans, what are they? Well they are loan that you pay back on your next Pay day. I took out a few of them and I have also ended up in debt because I was irresponsible.
The payday loans did not help the situation unfortunately. They just made things worse and delayed the inevitable.
The Cost of a Payday Loan
Payday Loans are expensive and can put you in an even worse situation that when you started.
The problem is, if you need a Payday Loan this month, how will you be able to pay it back next month?
In some cases I would think it is perfectly possible to pay the loan back, assuming it is a small one. However if you are in debt and struggling already then you might want to reconsider your options.
What happens when you can’t pay back a Payday Loan?
The problem comes when you you can’t pay your loan back. Typically you will end up rolling over or deffering your loan each month. In other words, you only pay the interest each month.
This cycle can continue for a long time. It is perfectly possible to be stuck in this situation for many months.
Being in Debt and taking out a Payday Loan is not a good combination. Trust me. When I was at the height of my irresponsibility with Credit, I was in Debt and taking out Payday Loans. All I was doing was adding more and more onto my pile of debt.
In the end all this did was to make my situation worse. Fast forward to today and you can see that I owe money to a lot of Payday Lenders.
If you are in debt then my advice to you is to steer clear of payday loans. You will only make things worse for yourself.
Why do people take out Payday Loans?
Usually because they have no other alternative. The unfortunate thing is that a Payday Loan can lead to more financial trouble.
In my case I was just pure irresponsible. I took out payday loans to fund my gambling addiction. Two very poor combinations. It was too easy though and here I am today writing about it.
For example with a payday lender like Wonga, I could apply and have the money within around 10 minutes. Other payday loan providers were just as quick meaning that if I ran out of money to gamble with, it was easy to find some more.
Only now am I paying the price for my actions but I have learned my lesson even if it has been an expensive one.
Help with Payday Loan Debt
If you need some help with your payday loan debt then please see the link below to get started.
Alternatively, if you are really struggling with debt as well as payday loans then I would recommend contacting StepChange Debt Charity. You can get to them by clicking here. They will not charge you for their advice and will by sympathetic towards your situation.