Contest Entries
While most people would believe that the worst way to use a payday loan is to pay off another, it is equally bad to lend the money received from it to another party. Typically there is no contractual or legal obligation for that person or party to pay you back while you are still required to remain within the contract of your payday lender. Additionally, you more than likely will not enough interest on the money you loan that would cover interest charges from you r payday lender. Furthermore, any non-payment from the person you loaned the money to may result in a damaged relationship with that person.
I got a payday loan once, because I needed to take an emergency trip back home to Los Angeles. I am currently in the military, so my family hadn't seen me in a long time. So I recieve the payday loan to pay for a train ticket rather than a plane ticket, so that it is cheaper. While on the train for 36 hours, I didn't realize the prices of food, like a can of soda being $1.75! I must have spent a quarter of the difference of ticket enroute to my destintion on food! Needless to say, I arrived back to LA, I was flat broke. I had to extend my leave a few more days, only to get another loan on my payday to help out my family. Next time, I'M TAKING A PLANE!
The worst way to use a payday loan is to get one every other weekend to go to the club. Me and my buddies would go to the club every weekend and one of our friends always complained that he needed more money so he could buy drinks for the ladies and maybe get a date kept getting payday loans and before he knew it he was so in debt the bank closed his account because he owed them money and he had to borrow 2000 dollars from his parents to pay back his payday loans and he still never got a date with any of those girls he was buying drinks for. To me that is the worst way to spend a payday loan cause no matter how many drinks you buy for someone no one wants to date a person who's in debt because they will have to pick up the check on the date
My nightmare came true when I thought I was getting a be-lated birthday and Mother's day present for my mom with this loan.She's difficult to buy for since her taste and colors are very particular so my thought was that "money" will be the best thing.Mom also said she needed things for herself including food.Being a single mom and struggling to make the bills, this was a huge sacrifice for me, but for since it's for her,I wanted to make her happy. I called to ask what she bought and found out she went to the casino, lost it all with my uncle (who has THE worst luck) and did not but any of what she told me. I literally cried,I could not believe it. I did not tell her where I got the money, but this really upset me and hurt me. What a waste when I could have used it ! Never again.
The worst way to use a payday loan is using it when your already drowning in debt. When you see that a payday loan is going to put you in more debt causing you stress and aniety, because you know in your heart that you can't see how your going to pay it back you should't get a payday loan. A payday loan is use to help in emergency situations not for a debt solution. If you are overwhelm with debt see a credit or debt conselor, because that have many non profit organizations to help you with debt solutions. The payday loan company are use for short term help not long term.
