Magic69

Disclaimer: I've never used a payday loan. That's right, I'm going to opine about something I've never used. However, I think it's okay in this case because loan terms are something that are fairly transparent so one can see the pros and cons without actually trying.

Disclaimers aside, I think these types of quick loans have their place but should only be used when absolutely necessary. If you are using them and not in bad shape financially, then odds are you are simply not managing your money well and could save a lot of money using a different approach.

PROS:

• Fast
• Fairly easy to qualify
• Cash when you absolutely need it

CONS:

• Costly
• Unforgiving
• VERY expensive

It's impossible to overstate how expensive these types of loans are. If you need the cash for anything besides food or rent to protect your children, LOOK ELSEWHERE FIRST! These are the types of credit products that simply help people who are in over-their-heads dig their holes a little deeper.

They aren't a fix. They aren't a solution. They aren't a good idea to use multiple times. If you are currently using them, simply STOP spending money on anything besides food/rent and re-assess your priorities in life. Further use will only drag you down deeper.

That being said, there are times when fast cash can come in handy for any of us. But do yourself a favor and do everything you can to put yourself in a position to never need to use a payday loan. You'll be glad you did.