Contest Entries
The Worst Way to Spend PayDay Loans $ Scenario...Much like an old country western song; After losing my job, having my only vehicle break down, breaking up with my spouse (who, by the way was the only bread winner in the household), and spending my last $20 on a weekend self-pity binge I happen across PayDay Loans while surfing the web. I apply for the loan, thinking "This is how I'm going to get myself out of this valley in my life". I receive the loan, only to find myself, purchasing $400 worth of scratch off tickets!!! Wow what a great plan!! I could win thousands!!! I scratch off every last ticket and add up my winnings, which ends up being a total of $78.00...(hmmm, not quite what I expected, but let's try again...). I purchase $78.00 worth of scratch off tickets...again, I have only made $12.00 back...so I head to the local pub, purchase myself a beer and $7.00 worth of pull tabs. It's a miracle!!! I won...................NOTHING!!! Here I sit, no job, no car, no bread winner and a loan for $400 that is due and payable in two weeks!!!!!
I think that the worst way to spend a pay day loan is to not really need it in the beginning. I was on the computer one nite 2 years ago. I just applied to see if it would be approved. It was.. That is where the problems began. I was already behind on other bills, just going back to work after surgery. The loan company allowed me several chances to repay them. I just wasnt able to keep my end of the deal. I had to have my checking account closed because of this.. I do realize now, how stupid this was. Never again will I do someting like this, my credit is ruined and this really didn't help.
Vay-Ray
I think the worst way to use a payday loan is to pay off another loan! You'll find yourself in a never-ending, viscious cycle of debt. Paying your bills, extra vacation cash, okay, but to pay off another loan is not only lacking common sense, but also quite ridiculous. I'm sure using it to get your hair done or to help a friend is just as ridiculous, but don't take from Peter to give to Paul! A cash advance is to help you out when you're in trouble, not when you forget how to budget! Remember that the $300 that was deposited into your account, isn't even yours....that's why it's called a loan!
The worst way to spend a payday loan is to get the loan so that you can pay a bill that is due before payday and use the money to pay for 1/2 the bill and spend the other half on frivelous items. The full loan will be deducted from your next direct deposit, you still owe the other half of the bill, and you have to pay the interest on the loan. This leaves you stuck in a position to keep borrowing.
THE WORST WAY TO USE A PAYDAY LOAN WOULD BE TO COVER NSF CHECK FEES. YOUR NOT ONLY MAKING A LOAN TO COVER MONEY WASTED BUT YOUR ALSO MAKING ANOTHER BILL THAT IS HARD TO PAY OFF AT A HIGH INTEREST RATE. IF YOU ALREADY HAD NSF FEES ON YOUR CHECKING ACCOUNT IT'S PROBABLY BECAUSE YOU DON'T HAVE ENOUGH MONEY TO COVER YOUR BILLS OR SPENDING. YOU ARE ONLY MAKING MATTERS WORSE BY ADDING ON MORE MONEY THAT WILL NEED TO BE PAID BACK.
