Contest Entries
Ok the worst way to use a PayDay loan is to use it to pay off a additional payday loan. Sometimes people get caught up into thinking its extra money ,,you have to have a extra $500 dollars to get out of it.And there some that borrow responsibly and pay it back and keep things moving.Pay day loans are a big help for those who are responsible. Thanks for reading my entry.
Payday loans aren't cheap, so it's not wise to use them unless you absolutely need to. No one could have told me that when I discovered how easy it was to be approved. I would always get a little more money than I needed to satisfy frivolous urges--a new pair of shoes, a plane ticket for an impromptu trip, extravagant dinners. I didn't have enough money at the end of the month to pay my bills before, and adding the extra cost of "treating myself" every month began to add up. I finally snapped out of it and started budgeting. I cut out all the extravagant but unnecessary treats and finally got control of my bills. Payday loans are always there in case of an emergency, but I've learned not to use them otherwise. In the end, living frivolously is more headache than it's worth.
The worst way to use a payday loan is to use them for a not-so-good reason like pay back a different payday loan! Mainly because you never get out from under your debt!
Make sure you pay off your loan on time, and then re-apply for a new loan when you are debt free from other loans. Otherwise, it's a vicious cycle, and you feel like you are continually paying out.
The best way to use a payday loan is to get one and pay it off immediately. It builds your credit with the company, and will allow you to receive more loans if the need arises.
The worst way to use a payday loan is to pay off another payday loan taken to pay off some utility bills or what have you. I will say I have used payday loans to do just that, in the end, I had to continue getting them for 6 months before I finally be caught up enough to pay off the original payday loan that got the whole visious cycle going in the first place. Looking back at all the money I paid out in interest was phenomenal. I have learned my lesson, if I take one out now, for whatever reason, I make sure it's budgeted and that I can pay it off on the due date and still be able to live on what I have left, if you don't, you could, and can, end up like I did, please be careful.
The last time I got a loan or cash advance, I simply splurged instead of paying my bills!! I actually needed to pay a gas and light bill, but when I got the money I ended up buying lottery tickets, some clothes, gas for my car plus a night out on the town. Yep I went out of control! Needless to say, I still had the bills to pay and had to call to make arrangements. So now I'm having to play catch up because, since that time I got the loan, a new bill has come out, so now I've ended up with a balance forward and the companies are threatening to turn off my utilities! I do not have the money simply because I felt like having a good time...only because I hadn't in quite a while. Now I’m back where I started from before, trying to seek out someone to hand over some money.
