Determining if the pay day loan is the right solution for your situation.
Needing a few extra dollars to pay this month’s bills or to buy something special? Some would recommend you consider taking out a low interest pay day loan to put you over the top. But buyer beware—if you don’t go into pay day loans with your head on straight, you may end up over your head before you know it. The same way it takes discipline to avoid getting trapped in a cycle of debt with credit cards, this also requires self-control.
The first thing you must do is realize what is meant by “low interest”. The word “low” is relative. Most lenders charge around 20%. While this is lower than some penalty APRs charged by credit card agencies, it’s still not exactly pocket change. Let’s say for example your borrow $250 from a pay day loan company. You’ll wind up paying $50 in interest.
Next, there’s those nasty penalty charges if you’re late. And this is where people get into trouble. The finance charge is also about 20% if you have to roll over a loan into a second pay period. So should you not have the money to pay back at the agreed upon date, you’ll now owe $350, or 40% more than you borrowed in the first place.
Finally, there’s the simple mathematics. Most Americans are like me—on a fixed income. Their bills are budgeted out fairly rigorously, and there’s not a lot of wiggle room in there. Any unpleasant surprises can have big consequences. Let’s say you make $1,200 each month and spend $1,150. But let’s say you have an unexpected bill that runs an extra $250. If you take out a payday loan for $200, you can solve the problem this month, but your expense for next month will now be $1,400 (the usual $1,150 plus the borrowed $200 plus $50 interest). Now what…take out another loan each month? Now your monthly budget has gone up $250, assuming no more financial surprises come up and force you to take out an even bigger loan. You’re now a few more surprises away from being thousands worse off than when you started.
In my opinion, low interest pay day loans should be avoided at all costs. If you must take out a loan, make sure to pay it back on time. Under no circumstances should you borrow twice in a short period of time. If you do, you’re heading for a cycle of debt that will be difficult to escape.
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