Are Pay Day Loans A Smart Financial Tool?
Given the current economic situation in America, many people are having to find creative ways of taking care of unexpected expenses and, sometimes, even day to day bills. But where can someone turn to find a quick infusion of cash? What if getting a loan from a bank is out of the question? Many individuals have credit cards that are maxed out or have bad credit. For individuals who have a monthly source of income, even if it is a unemployment check, they can get qualify to get one or more pay day loans.
Go into almost any strip mall or grocery center in large urban areas and you will find a check cashing store that is willing to provide a pay day loan. All you need is a photo ID and proof of income. Fill out a couple of forms and sign some initials and the money is yours. Loans typically range from $100 to $255. Very simple, and a little too easy.
What some fail to realize is that this method of financial assistance does come at a great cost. If not managed well, it can lead down a path of greater financial problems. These are no long term solutions but short term fixes to help when no one else can. Most pay day loans have a term of about 2 weeks. At the end of the term, the loan and the finance charge are both due. On a $255 loan, the total due at the end of the two weeks is $300. If an individual were to utilize this type of loan every two weeks, that would have wasted nearly $1200 in finance fees.
Because of the low amounts available directly through the stores, many consumers are going on-line to find more money. The advertising on-line is quite confusing. Most companies show that they offer up to $1500 in as little as an hour but qualifying for this much is another story. But is that really the case?
In reality, most pay day loan stores online will only offer a few hundred at a time, especially to first time users. Anything more than that and the consumer is stuck with an auto refinancing loan. What this means is that the loan is established for a period of time, usually about two weeks. When the loan is due, if the finance charge is not covered by the consumers payment, it is added to the principle and recalculated. This can end up costing thousands of dollars and leaving the consumer in a worse financial situation.
Other such companies exist online for a traditional type of loan, often with a much longer term, ranging from 24 – 48 months. However, with interest rates hovering at over 90%, these loans are an absolute last resort for anyone. To put it into perspective, a loan of $2500 could result in a payback of nearly $10,000.
As with all financial decisions, it is up the each individual to decide what is best for them. In regards to pay day loans, it is wise not to rush into them without having planned ahead on how to best utilize the funds and pay them back. Pay day loans can definitely be useful financial tools, but they should only be utilized as a last resort.
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