Payday Loan Company

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What now? I'm Out of Money! Try an Online Payday Loan

You hear the offers, you see the storefronts and you can even find them online! Payday loans can be tempting, especially when you are strapped for cash. Beware, these companies aren't there to help you and hardly represent the friendly façade they portray! Payday loans can hurt you and are designed to keep you down.

But I saw one company offer free loans for the first month

Though enticing, the first loan is the worst loan. The first month they rope you in by lending you interest free money as long as you pay it back before the end of the month. Otherwise, you are charged interest, including back interest on money you have already paid back! Just by taking out a payday loan once puts you into the vicious cycle these loan companies thrive on. Even if you do pay back the money on your next payday, then you are displacing that money that you would normally have so you would want to borrow more!

Is there a better way to get a loan?

Yes! A credit card is a much better way to get the loan you want. The interest rates are typically lower regardless of your credit. They can also have a favorable influence on your credit history. If you don't qualify for an unsecured card, you probably can qualify for a secured one for as little as $250 up front. By using this card for one or two purchases and paying it off every month, you can help establish your credit history. This way you can avoid paying the high costs of payday loans and be privy to much lower rates by using your own established credit.

Payday loans are not for your benefit

As backwards as this may seem, payday loans really aren't for your benefit but rather for the benefit of the loan company's pocketbook. These companies thrive on people who don't have established credit and make them feel that borrowing against their paycheck is a great idea! Unfortunately, far too many people fall into the trap of payday loans and end up hurting themselves and helping only the company who was willing to loan the money in the first place.