{"id":1079,"date":"2014-11-14T00:00:21","date_gmt":"2014-11-14T00:00:21","guid":{"rendered":"http:\/\/www.thompsonlawsd.com\/?p=1079"},"modified":"2014-10-07T19:16:09","modified_gmt":"2014-10-07T19:16:09","slug":"say-payday-loans","status":"publish","type":"post","link":"http:\/\/www.thompsonlawsd.com\/say-payday-loans\/","title":{"rendered":"Say No to Payday Loans"},"content":{"rendered":"\"Say<\/a>\n

If you\u2019ve ever found yourself in need of some quick cash\u2014and who hasn\u2019t?\u2014you\u2019re probably well aware of what\u2019s called a \u201cpayday loan.\u201d This resource is the go-to option for countless people all over the country when they need money fast. Unfortunately, it should be avoided at all costs.<\/p>\n

The idea behind a payday loan is quite simple, which is one of the reasons it\u2019s so attractive. Essentially, it\u2019s for people who don\u2019t need a lot of money, just enough to make it to their next payday, or whenever they\u2019ll be seeing more income. Traditional banks don\u2019t deal with such small amounts, amongst other things, which leaves these people in quite the predicament.<\/p>\n

\u201cFortunately\u201d for them, they can just go to a payday lender and borrow the money they need. All the collateral they are required to provide is a check made out for the amount they owe dated for the day after their next payday.<\/p>\n

While there are many problems involved here, the most obvious should be the high interest rates. If you\u2019re in the military, you can pay up to 36% interest on the borrowed sum. Non-military members, however, can owe as much as 300%!<\/p>\n

This is bad enough, but you may find a way to justify the amount for a one-off situation. Unfortunately, research has shown, time and time again, that payday loans lead down the path to constant debt. A major issue is that one loan charges you so much, you eventually need another to dig your way out of the debt it\u2019s put you in. From there, it\u2018s a downward spiral.<\/p>\n

Plus, there are usually other options. Even if it means borrowing from loved ones or selling off property, just about anything is better than a payday loan.<\/p>\n

So if you find yourself in financial trouble, take a moment to breathe and think through the predicament. Payday loans are never the solution.<\/p>\n

Source:<\/p>\n

http:\/\/www.militarysaves.org\/blog\/1115-4-reasons-you-shouldn-t-fall-prey-to-the-payday-loan-trap<\/p>\n","protected":false},"excerpt":{"rendered":"

If you\u2019ve ever found yourself in need of some quick cash\u2014and who hasn\u2019t?\u2014you\u2019re probably well aware of what\u2019s called a \u201cpayday loan.\u201d This resource is the go-to option for countless people all over the country when they need money fast. Unfortunately, it should be avoided at all costs. The idea behind a payday loan is […]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[12],"tags":[],"acf":[],"yoast_head":"\nSay No to Payday Loans - Bankruptcy Lawyer<\/title>\n<meta name=\"description\" content=\"The Thompson Wedeking Bankruptcy article library provides all the information you need on Chapter 7, Chapter 11, and Chapter 13 Bankruptcy.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.thompsonlawsd.com\/say-payday-loans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Say No to Payday Loans - Bankruptcy Lawyer\" \/>\n<meta property=\"og:description\" content=\"The Thompson Wedeking Bankruptcy article library provides all the information you need on Chapter 7, Chapter 11, and Chapter 13 Bankruptcy.\" \/>\n<meta property=\"og:url\" content=\"http:\/\/www.thompsonlawsd.com\/say-payday-loans\/\" \/>\n<meta property=\"og:site_name\" content=\"Bankruptcy Lawyer\" \/>\n<meta property=\"article:published_time\" content=\"2014-11-14T00:00:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2014-10-07T19:16:09+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.thompsonlawsd.com\/wp-content\/uploads\/2014\/10\/iStock_000018841971_Small-300x199.jpg\" \/>\n<meta name=\"author\" content=\"Anthony Thompson\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anthony Thompson\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"http:\/\/www.thompsonlawsd.com\/say-payday-loans\/\",\"url\":\"http:\/\/www.thompsonlawsd.com\/say-payday-loans\/\",\"name\":\"Say No to Payday Loans - 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