You see 30 Day Payday Loans advertised in newspapers and on TV. They are said to be the best and fastest way to pay off a lingering debt. Payday loans are relatively easy to get because there are payday loan offices on almost every block offering you a simple way to pay a bill.
Offices that offer a Payday Loan for 30 days make it sound so simple that even a child could understand how it works. What you will be doing is taking out a loan against your own salary and then pay it back when you get paid. Easy right? Easy yes, but not the best way to go to get out of debt. However, it could get you into deeper debt if you fail to repay on the exact day it is due.
The only people who make money on a 30 day Payday Loan are the lenders. Keep in mind that no one gives out money without getting something out of it. The one’s who offer to help you repay the loan, are making the money by charging a high interest rate if you miss a payment, or are late for even a day.
Repayment of the loan must be paid in a specific time and day. Keep in mind that you have signed a contract to this affect. Missing a payment for even an hour of the 30 Day Payday Loan, will have interest applied to it. Give it some thought before you borrow. If you do not have the money today to pay the bill, how can you ever pay the amount that now will include interest that increases each month you fail to pay.
Be sure that you need the 30 day loan before you try to get it. Borrow the money from a close friend or a family member. You might have a bond to cash in or a CD that will soon mature. Ask your parents to help you out and promise to pay them as soon as you receive your salary. Try any other way you can think of to make a payment on your bill. Once you get into debt with a 30 Day Payday Loan, you will find it almost impossible to get out of it.