Payday loans

Payday cash advance loans, cash advance loan, payday cash loans..

No matter what you call them, they are all the same thing and something to avoid. If you are desperate, and a cash advance loan will bail you out and save you from having to pay some big penalty or fine, that is one thing...if you can pay it back.

Bouncing a check for example, can cost you in bank fees, especially if you bounce multiple checks...something that banks seem to capitalize on.

Or lets say, you have a traffic ticket that will cause you to get arrested if you dont pay it...

But for most people , a high interest same day loan is only the first step in a ling downward spiral.

There are over 23000 payday cash loan stores in the US. A typical customer takes out about 8 payday cash loans a year which are basically just advances on their paychecks.

The dark side of these cash advance loans in the interest rates that can be as high as 400 % by the time you tally everything.

It’s a trap.

What starts as just a way to keep the water and power from being turned off, turns into something totally out of control. The borrower quickly is in debt they cant pay back.

Seriously, if they had a hard time making ends meet in the first place, what chance do they have in paying back a huge debt of payday cash loans.

Here is a typical scenario…

Your car breaks down and without it, you cant get to work . So you borrow a few hundred from a payday loan store to get the car fixed so that you can go to work and keep a paycheck coming into your household.

But when you pay the loan back, you don’t have enough left over for food, diapers, power bill , etc.

So you go back to the well and borrow more to cover the shortage.Before you know it, the interest on the loan is many times what the loan amount was.

Its an endless cycle with a dead end. Some states have even outlawed the practice.

An investigation into the payday loan industry revealed they actually target single parent households with children who are financially stretched.

The payday cash advance loan store employees are trained to trap borrowers into becoming repeat borrowers using incentives that only encourage excessive borrowing.

Payday loan industry representatives argue that their terms are transparent with no fine print and that a payday loan is a better option that bouncing a check or getting the power shut off.

But some of their prior customers disagree. Some borrowers that have experienced the difficulty of paying exorbitant interest loans say they would even allow their power to be shut off in order to avoid getting into debt again with cash advance type loans.
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