Payday Loans

Payday loan and check cashing places have popped up everywhere. Often you'll see more than one at a single intersection. Their popularity is due to the "get it now for nothing" attitude that seems to be pervading America. For instance, car, furniture, and electronics commercials will often say something like "get it now for no money down, 0 interest, and 0 payments for 6 months!!!" The offer seems compelling--something for nothing--but of course there's much more to it. They will stick you with a large interest rate once your first payment is due, and you'll end up paying a lot more than you hoped.

Payday loans are similar. It seems like it would be a decent service for people that have relatives coming over for the weekend, or someone that needs some extra cash to pay a bill every once in a while; however, from my experience the people that go to payday loan businesses don't just come in on occasion. They come in repetitively, often paying off their last loan with a new loan.

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