Aug 14, 2018
For many millionaires-in-the-making, getting an advance on your pay cheque may sound like a dream come true. The idea and concept of getting a payday loan may seem great on the surface - and may even help you pay for unexpected bills and expenses that come up between pay cheques - but they can often lead to long-term financial trouble.
Like any loan, payday loans need to be paid back, and many young millionaires-in-the-making may not realize the negative impact these loans can have on their financial future.
Today, I explain what payday loans are as well as the dangers of getting a payday loan to help pay for your expenses. I explain the true purpose of a payday loan, the maximum amount you can borrow as well as the financial and legal implications you may face by not paying it back on time. I also explain why payday loans are considered one of the most expensive money-borrowing options and share alternative options you should consider the next time you need to borrow money.
“Once you start using payday loans, you can get caught in a vicious cycle that necessitates their continued use.” - Tracey Bissett
This Week on Young Money:
Money-Borrowing Alternatives to Payday Loans:
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