I thought that the article on payday loans brought up a lot of excellent points, but was not completely thorough.

Through my experience of payday lending, I never wound up rolling over my loan but rather I would pay off my existing loan and get a new one, with all new fees. The reason that I feel that they are “loan sharks” is because you get stuck in a vicious circle of never being able to catch up, and the only way to catch up is to quit getting the loans.

But most of the people using a payday lender I would guess are lower to middle class people and cannot afford to pay a bill like 500 up front, and if you are given the option to roll it over the fees and interest are too high.

Also, in the article it recommended getting a loan from a friend or family member. While that is a good idea I think it could also be a good idea to think about getting a loan from your bank.

If you have gotten yourself in a bit of trouble you could take out a loan from a bank pay off your bills and put a bit in savings all this can be done no doubt at a MUCH lower interest rate. Make sure that after you get yourself out of financial trouble you take the time to set up a budget.

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