Winning Entries
The WORST way to use a payday loan? That's easy - to pay off another payday loan! Let's say that you owe Company A $300, so you get a $400 loan from Company B to cover that and some "weekend expenses". Two weeks later, you're getting another loan from company A to cover what you owe to company B. Short-term means just what it says, my friends. Save your pennies and do not get tangled up in the mess of owing people. You might be there forever!
Runners-Up
The worst way to spend a payday loan? Well, let me tell you a true story.....
I have a friend that needed several thousand dollars, but could not obtain a loan due to having bad credit. He qualified for a $300 payday loan. He took it to a local casino, and tried to win a larger amount, playing the dollar slot machines!
Not only was he was NOT lucky enough to win a few thousand dollars, but he came home without a dime!
I wish he'd have talked to me before doing such a foolish thing. I would've tried talking him out of it. The only thing he did was make his already BAD situation worse!
You should NOT use a pay day loan when it’s sunny and warm out. One sunny summer day on the weekend, we decided to go to upper Peach Street, which in our city is the shopping strip. There is a mall, restaurants, specialty stores, you name it. We were up there for a couple of hours when we exhausted our funds. Upon leaving a store my cell phone rang. I tried to answer it, but it wouldn’t connect. After complaining that my phone was a piece of junk for a few minutes, out of the blue my husband’s cell phone was a piece of junk as well. All of a sudden, we both needed new cell phones right then and there. So (I’m blaming this part on the hot sun beating down on our poor brains) we decided to go get a pay day loan to go purchase new phones for the both of us! Mind you, the day before our phones were fine, and the thought of having new ones never crossed our minds. So off we went, going to the closest center that we knew gave out cash. They forked over the maximum, $400, not including the massive fee, and we trotted out of the store like we had just hit the lottery. The local cell phone store loved us, cash in hand and getting all the cool new accessories to match our brand new phones! We loved our new phones, until 2 weeks later when we owed almost $500 for them. It took us several months to pay it back, and our cool new phones ended up costing us double what we would have paid for them had we just waited a lousy 2 weeks. So, the moral of this story is, if it’s shiny and new and you have to have it immediately……it will still be shiny and new on pay-day and you won’t be scratching your head later wondering how hot it really got that day!
Contest Entries
The WORST way to use a payday loan? That's easy - to pay off another payday loan! Let's say that you owe Company A $300, so you get a $400 loan from Company B to cover that and some "weekend expenses". Two weeks later, you're getting another loan from company A to cover what you owe to company B. Short-term means just what it says, my friends. Save your pennies and do not get tangled up in the mess of owing people. You might be there forever!
The worst way to spend a payday loan? Well, let me tell you a true story.....
I have a friend that needed several thousand dollars, but could not obtain a loan due to having bad credit. He qualified for a $300 payday loan. He took it to a local casino, and tried to win a larger amount, playing the dollar slot machines!
Not only was he was NOT lucky enough to win a few thousand dollars, but he came home without a dime!
I wish he'd have talked to me before doing such a foolish thing. I would've tried talking him out of it. The only thing he did was make his already BAD situation worse!
You should NOT use a pay day loan when it’s sunny and warm out. One sunny summer day on the weekend, we decided to go to upper Peach Street, which in our city is the shopping strip. There is a mall, restaurants, specialty stores, you name it. We were up there for a couple of hours when we exhausted our funds. Upon leaving a store my cell phone rang. I tried to answer it, but it wouldn’t connect. After complaining that my phone was a piece of junk for a few minutes, out of the blue my husband’s cell phone was a piece of junk as well. All of a sudden, we both needed new cell phones right then and there. So (I’m blaming this part on the hot sun beating down on our poor brains) we decided to go get a pay day loan to go purchase new phones for the both of us! Mind you, the day before our phones were fine, and the thought of having new ones never crossed our minds. So off we went, going to the closest center that we knew gave out cash. They forked over the maximum, $400, not including the massive fee, and we trotted out of the store like we had just hit the lottery. The local cell phone store loved us, cash in hand and getting all the cool new accessories to match our brand new phones! We loved our new phones, until 2 weeks later when we owed almost $500 for them. It took us several months to pay it back, and our cool new phones ended up costing us double what we would have paid for them had we just waited a lousy 2 weeks. So, the moral of this story is, if it’s shiny and new and you have to have it immediately……it will still be shiny and new on pay-day and you won’t be scratching your head later wondering how hot it really got that day!
Growing up, I was never taught to manage my money properly. We always had little and when we ran into more money we'd rush out to buy anything we didn't have and it was never anything we needed. "When we die we can't take it with us", my mom always use to say. Needless to say one day when I discovered payday loans existed, I applied. I recieved almost $1000.00!!! I went to the hair salon, nail salon and stopped by the mall to get an outfit. I got online and purchased a ticket, flew to surprise my then boyfriend who was in the Marines. Found him and his pregnant fiance walking their dog! That's the worst way to spend your payday loan.
I think the WORST thing you can do with your payday loan is by not using it for a good cause... spending it to splurge on things you don't really need or gambling with the money... chances are you'll have more debt than you could ever imagine... i think using it to pay another loan is not too bad because somehow, it helps you get the load off when the deadline comes to pay the old loan... which is what i have done in the past... if you have no money to pay for an old loan, you can always try another loan to pay it... that way , you don't need to worry about where to come up with the money... But the REAL bad thing you should never use it for is GAMBLING or SPLURGING on luxury...
