When you take advantage of money options offered to you, take a close look at each one so you know that the one you choose will be successful in the long run. There are many long term options for you that look very promising because of the low interest rate promotions. In a perfect world, that would be great, but these companies are making billions of dollars each year off of these low fees for a reason. They trap you into paying them over and over as your account balance gets slowly paid off over a long period of time. Having an open balance on them will also keep many people using it as a money option, increasing the balance and paying additional interest. Let’s not forget these are the same companies who will hike up your interest rate if you make an error. Any type of cash advance towards a credit card creates its own set of rules. It’s a long term relationship of a company waiting for you to fail, baiting you to spend more.
Payday loans work so much different. Get your loan, take care of your business and pay it off quickly. The state you live in regulates the fees paid you pay for your loan as well as how much money you are allowed to take out in a loan. It is not regulated by the payday company. There is no ploy to take advantage of you. You set up your payment schedule. It is the borrower who has the control over their payoff, not like the “other” types of financial solutions. It’s good stuff to think about.
