Here’s how to cut payday loans out of your life for good.
Payday loans are like a black hole. They suck in your money and trap you in a vicious cycle of borrowing. If you’re a payday loan customer, it can feel overwhelming. But you can break the cycle and stop relying on payday loans.
How payday loans work
Let’s say you need money fast. Your electricity has been shut off for non-payment, or your car has blown a gasket. Your savings account is empty, and you think your credit score is too low to qualify for a bank loan. You won’t get paid for another 10 days and decide to borrow some money to see you through.
If you live in a state that allows payday lenders, you might visit a physical location or go online. Payday lenders make it easy. All you need is your identification, a pay