How I used my Payday Loan …

I am sure there are millions of stories out there how people have used their Payday Loan to bypass a critical financial situation with the intention to make things better. But all we usually hear about is how expensive Payday Loans are. Well, listen up because if you are in credit card debt your situation might be actually much worse and the amount you owe is most likely 10-20 times as much compared to what a Payday Loan amounts to. The problem is how our society treats these 2 financial tools (and that’s what credit card and Payday Loans are) so differently. In a certain way credit card debt is “good” debt while a Payday Loan is “bad” debt.

But once you start looking at these things in a little more detail and compare how long credit card debt is carried (years!) compared to a Payday Loan (2-12 weeks!), the situation looks completely different. Take your $18,000 credit card debt and think about how much interest you will have to pay over a 2 year period with the average interest rate of somewhere between 18% and 27%. Credit Card companies do not motivate you to pay off the debt – just look how ridiculously low the minimum payments are.  A Payday Loan lender however forces you to pay off your balance or to really reconsider a term renewal in a different way, because in that very moment you already get presented with what it will cost – not more, not less. Yes, Pay Loans are not cheap, but they offer a convenient way to get quick cash to pay for a bill. And Payday Loans offer that advantage that you will know exactly what it will cost you. There is no hidden cost like with your credit card balance where you never know how much it will finally cost you to pay it off.

So, while this article starts with the headline of “How I used my Payday Loan …”, it is actually more meant to provide you with a better insight about Payday Loans, Payday Loan Lenders, and why it can make perfect sense to take out a payday loan and to leave your credit card in your wallet.

Please feel free to try our no obligation Payday Loan Application by clicking on the button near the top of this article. Approvals are instantly and there is no obligation whatsoever if you do not like how lenders competed for your business and presented you with the best offer.