While payday loans are often portrayed as a quick fix to an unexpected situation, this may not be entirely accurate. The fact is that the average payday loan customer takes out eight loans per year.
One may wonder about such figures: have these people been unfortunate enough to have broken a mirror recently, thus condemning themselves to seven years of bad luck and repeated calamities? Or perhaps the borrower has developed a crush on the lending agent and is a making a slow and patient bid to win their heart.
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The sad truth is that the majority of these loans are taken out simply to pay for an original loan which the borrower cannot seem to pay back. Lenders require that a loan and its interest be paid in full by a borrower's next paycheck. Often, however, this time comes and goes with a lendee unable to find the funds to pay this loan off.
More loans are then taken out in order to avoid accruing late fees. This leads to an endless cycle of borrowing to pay what you borrowed to pay.
This vicious cycle can be avoided by keeping a few things in mind. First, borrowers must decide whether the funds withdrawn are worth it.
Not all expenses are worth taking out a payday loan and even those situations which seem urgent may be resolved without resorting to such measures. Of course items that are used purely for entertainment purposes, such as T.V.'s and video games, can wait for the necessary funds to be raised rather than borrowed. Likewise, clothing, car upgrades, and other cosmetic expenses should be postponed until they can be afforded. However, more crucial situations like unforeseen car problems and medical bills cannot be dismissed so easily. Even so, there are alternatives to be considered in such circumstances.
For car issues, one should take a look at the state of public transportation in their town or city. Many people will be surprised by the availability of such services. This goes equally well for public health services. People often neglect these options simply because they do not know about them. A simple Google search can be performed on the computers at your local library, if you do not have one available at home, and can produce a plethora of information for anyone seeking it.
Suppose you have exhaustively searched all your options and you are still forced to take out a payday loan. This is not necessarily a bad thing, as these services can be beneficial to those who use them wisely. In order to be one of those who do so, you must prioritize. Before you even go to the loan office, you should look at the bills in the months ahead to make sure that you can repay the loan in due time. If this is not the case, but the funds are still needed, you may decide to repay the loan in lieu of another bill. A cycle of loan borrowing and paying can result in over $500 of interest a year. In contrast, a late phone bill may only cost you $25, whereas a late cable bill may only result in you missing your favorite shows for a month or so. While none of these options is the desired outcome, in times of distress one must weigh all the alternatives and make the choice that makes the most sense financially, and this will very rarely, if ever, include taking out a second loan to repay your first one.
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