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Thursday, February 23, 2012

A Pay Day Loan?

One of my friends called me the other day and told me that her van had broke down.  She was pretty distrought, because she had to have a vehicle to take the children to school and to pick them up.  Unfortunately, she lives week to week right now so she didn't have the money to buy the part she needed to fix the van.  She wasn't sure what to do.

The next day, I called her to see if she had figured anything out yet.  She told me yes, that she'd taken a pay day loan to get the part.   She said that she was really grateful that the pay day loans exist, or she really would've been in some trouble.  Personally, I've never taken one but I guess if someone ran short one week and needed something bad before pay day, that it would be an option. 

Have you ever taken a pay day loan?  What are your thoughts on them?  I know that you pay interest on them, but with the economy the way it currently is, sometimes people have to do what they have to do to get by.  My advice would be to start living as frugally as you can, so that hopefully you can set a little money aside each week for an emergency fund.  Still, my friend was very grateful that pay day loans exist.  It really saved her this time. 

1 comment:

  1. We have never used one of them and we would have to be really is a bad position because their interest rates are outrageous. My hubby used to manage a Check Into Cash before the laws changed to where they could not charge such a high interest rate but they are still extremely high.