Is it good to take a payday loan?

1. 60

   mbiddrupposted 10 years ago

   Is it good to take a payday loan?

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2. 60

   R W Bobholzposted 10 years ago

   No. This is the highest possible interest rate on any type of loan and should be avoided if at all possible. Once you get caught in the cycle, there's typically no getting out, so it should be a very last resort.

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3. 0

   JThomp42posted 10 years ago

   NO. Once they have you, it is almost impossible to buy your way out of the loan. The interest rates are so outrageous it should be criminal.

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4. 71

   victoria1800posted 10 years ago

   The problem with a payday loan is that you believe you are just borrowing the money to tide you over until the next month. However because of the high interest rate you find yourself having to pay back on top of the original loan itself, when the next month comes around you probably need to borrow more money to tide you over until the next month. And so the vicious cycle begins.

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5. 61

   duffsmomposted 10 years ago

   No it is not a good idea.  If you are struggling to make it paycheck to paycheck then something has to change. If you take a payday loan, that means next pay period, you are already starting at a disadvantage and will never catch up.
   
   The interest on those loans is absolutely horrible as well.  I would try to pare my budget down to almost nothing to avoid that payday loan.

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6. 50

   MarkRosad0posted 10 years ago

   Yes it is good, but make sure to be responsible. Get this loan only if you really need it. It entails a high interest rate, so it is not advisable to regularly take a payday loan. I suggest you go to http://quickloantoday.us if you are willing to know more about it.

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