PayDay loans suck!                                                                       Positive Returns

Interested in losing control financially and heading towards being bankrupt? 

If so, PayDay loans are your ticket.


One aspect of one of my jobs has been helping people go through the needed counseling to file for bankruptcy. I can
not tell you how many clients I have seen who got one PayDay loan just to cover a small unexpected expense,
then got stuck and had to get another and another until the options to get out of the savage cycle were gone.

Why such disdain for them? Where should I start? How about the fact that they prey on individuals when they are
least likely to be able to afford their loans? Strangely enough I am not a big fan of companies that kick people while
they are already on the floor. Or perhaps I do not like them because their advertising techniques are sketchy at
best? If you try to get them to tell you exactly what the APR is for their products I wish you good luck. Maybe it is
because they use barely legal collection practices in some cases. Since post-dated checks are often used to obtain
these loans, threats of criminal prosecution are included in collection activities.

So is this just a personal thing against PayDay loan places? Hardly. The fact that in Georgia and 12 other states
payday lending is not allowed is an indication that I am not alone.

Why are PayDay loans so incredibly difficult to get away from? To put it simply, because of their absolutely insane
interest rates. Think your 30% APR on your credit card is high? How about an APR of 390% to 780%? Yes, that is
what the calculated APR for some payday loans are. For more reasons about why to avoid these at all costs here
are two informative websites.


PayDay Loan Consumer Information

Wikipedia article on PayDay loans