When to Use a Payday Loan? Never!

Never use a Pay Day Loan. There is no reason to use this service, ever.

I was going to leave that as the entire post, but I suppose I should elaborate a little on my statement.

If you are considering a Pay Day Loan, you are in a bad place financially. Adding a pay day loan will simply add an accelerant to your financial demise. A ridiculously high-interest rate loan is not going to help get you back on your feet. All a pay day loan will do is get you to bankruptcy faster.

What should you do if you are thinking of getting one of these short-term, high-interest-rate loans? Get Help!

See a licensed bankruptcy trustee. They will either recommend a plan on how to pay things off, or a Consumer Proposal or maybe that it is time to declare bankruptcy. Remember this is a one-time thing, you can’t keep doing this.

If you are thinking of going to a credit counselling firm, research them and figure out if they are reputable. How much this is going to cost? Some firms are helpful, others, not as much.

Sometimes, you end up in this financial place due to life-related issues. Maybe it is time to talk to someone about that, too? Talking to someone about the issues in your life may help you fix your lifestyle (and your financial lifestyle). If you don’t understand how you got to this place (financially), how can you be sure you won’t end up here again?

Stay away from Payday Loans and the new “online loans” system that is coming forward. Fix the problem, don’t dig a deeper hole.

Simple Advice

No question has the answer, “You should get a payday loan”.

Other Pay-Day Loan Articles

• The Pros and Cons of Using a Payday Loan for Emergencies an article by Hoyes-Michalos. They have seen the impact of these loans.
• Pay Day Loan Mortgages Revisited I think I was kidding here, I hope.
• In Defense of Pay Day Loans? That title is a bit of misdirection as well.
• Pay Day Loans are Crack Cocaine of Personal Finances that title sounds more like it.
• New Pay Day Loan Rules In Place in Ontario in 2007 they didn’t help much.
• When to Use a Payday Loan? Never! title explains it all.
• Payday Loans: No, no, no! You get the point right?