Why You Should Avoid Fast Cash Loans
Fast cash loans are fast for a reason. The reason is the lender intends to make a boat load of cash off of you as quickly as possible. The cash advance loans industry is geared towards people who don’t do the math living day to day. I understand that this probably isn’t your situation, but this is how they get you started. Here are some of the main reasons you need to avoid the industry all together.
Reason 1: High Fees and Interest Rates
The fast cash loans, as known as payday loans, depend on the fact that $20 doesn’t sound like much to get $100 right now when you need it. However, if you do the math on fast cash you’ll find you are paying between 100% – 300% interest per year. Usually, the person finds they can’t afford to pay back the loan on their next paycheck so they just keep paying from loan to loan. Eventually, you find you really are paying that much interest on this one time loan. You become trapped.
Reason 2: Lose Your Ability to Budget
Having fast cash as your get out of jail free card gets you into many financial bad habits. People who use fast cash tend to spend their money more impulsively and live more on the edge. Unfortunately, most eventually cut it close one too many times and end up using fast cash consistently (see Reason #1.)
Reason 3: Unsavory Practices
Generally if you lie with dogs you’ll come up with fleas. The premise of most fast cash loans is you must write them a bad check, then you’ll get your loan, then if you have problems they’ll threaten to press charges for writing bad checks. It’s all over not good karma. Basically what I’m telling you is not to do business with these people who assume you’re stupid and that they can push you around. If you find yourself in financial trouble and contemplating there use, get some unbiased money advice to get you back on track.
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