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Depending on what you've heard of payday loan lenders, you may have experienced them yourself, you may have had friends who have used them or you may not have a clue what they are about.
We are going to dispel any fear you might have of the unknown, undo the bad story that cousin Bob told about you about getting money to fix his tractor, and you will be a well informed consumer.
First of all, the industry does not, as a whole, practice this to take advantage of people. There are a wide range of people who borrow money from payday loan lenders. The average customer of payday loans are middle class, middle income people.
The very poor people who lenders have been accused of taking advantage of, know that they can't use this system all the time without digging their holes deeper.
It is absurd to think that this industry preys on people who go without enough, entice them to take our loans and owe us money they can't pay back if forced to anyway!
Wealthy people don't typically need payday loans, though I am not ruling them out. They usually have multiple streams of income, savings, investments, etc. The middle class are the average citizens in this country.
They range from living paycheck to paycheck to just being short on cash when unexpected situations arise. In some cases, they are entrepreneurs or independent contractors who wait on other people to get them their paychecks for work done.
Whatever your class or reason for needing a pay day loan, it is simple. The interest rates charged are quite large when compared to a traditional loan. However, these loans are set up to be short term, usually a few weeks.
So the fees aren't much of a problem. The process is easy and when something is easy, they think scam.
There is some paperwork to fill out, usually just a few papers. This includes all your personal information, your loan contract and then your repayment schedule.
The process is over and done in just about an hour or so. Online companies can deposit money in your bank account usually within 24 hours.
If you follow your payment schedule, the loan is paid back within a short time. If you are unable to pay it back as signed in your contract, then the company usually has a rollover or extension to give you.
You will pay a little bit for that but you won't get the big fees that banks usually charge for bounced checks.
What to do with my money?
The money you received from the payday loan store will be used for whatever pressing thing you needed it for in the first place. But we will talk a little more about what to do with your money in general.
Below are some money tips to help you keep your cash in your wallet and not burning holes in your pants, or purse.
- Comparison shop a little. Find two stores with cheap prices for the food you usually buy. Buying everything at one store can cost you tons.
- Buy food at your local farmers markets.
- Buy second hand clothes for young children who grow out of their sizes very quickly.
- Ask people to bring food to your parties or gatherings. Spreading out the cost of food helps your wallet and encourages people to take part.
- Call your credit card companies and ask for a lower interest rate. Being persistent by asking what they can offer you, will usually get you a change.
- Make a budget! This I cannot stress enough, knowing what you have coming in and what bills are due, will keep everything in order and save you hundreds in late fees or over limit fees.
- Make decorations for your home or holidays. You can find simple crafts online and you'll pay much less in supplies than if you buy at a home decor store.
- Go generic on general home supplies. Paper towels and toilet paper don't need to be frilly, they need to be functional.
- Make your own cleaning supplies. Not only will this save you money, but the natural products you use are better for your health.
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