Contest Entries
I usually use payday loans for good reasons, like unexpected car repairs, additional vacation spending money or an unexpected costly bill. But if I had to guess, I would think that some bad ways to use payday loans would be the following: paying off a bookee (you have a gambling problem, get help!), going to the casino (if you have to borrow money to go in the first place, it's obvious that you can't afford to lose!, and trust me you lose more than you win! and #1 is buying drugs (you have a drug addiction, get help! it'll save you thousands of dollars and your life!)
I once spent my payday loan on going to a casino to try to double my money. I ended up blowing it all at the casino and not having any money to pay my bills. I was so depressed and mad at myself for being so stupid. I ended up having to borrow money from my family members to help me out. Needless to say I never made that mistake again and now only take out a payday loan in emergency cases of if Im behind with some bills. I do have to say it is nice having something to fall back on in emergencies!
This is not from personal experience, but I think the very worse thing to spend your loan on is to go and buy drugs. It is bad enough that they are out there the one thing you will regret is putting yourself in debt due to the awful habit that some have.You work hard for your money and if you have a family and work to take care of them you can do things like going on a special trip with your children. That is who you should be spending your loan on not, wasting your life and money on them nasty gross DRUGS!
I think that the worst way to use a payday loan is to pay off another loan. You will constantly have an outstanding loan. As hard as you try to pay it off, it just keeps growing and growing. I had a payday loan and i did have to get another one to pay it off. It actually only paid off the part of the balance. I still had a $90.00 balance due to the interest that is charged. When you get a payday loan be sure to read all fine print. I thought that i had it paid and i didn't. My next payday, i was very surprised to learn that the 90.00 was deducted as well as the interest on the new loan. So please everybody. BE CAREFUL!!!
I believe that using one payday loan to pay another will be a common response, because that IS one of the worst things, sooo having several loans, where you are just using them to pay off each of them must be THE worst thing. Example, you have loan A for $200.00 due in two weeks, loan B for $255.00 due in three weeks and loan C for $300.00 due monthly. Every month you juggle through the payments, and those high fees, never able to pay them off,unless you win the $400.00 from this contest you will never be able to pay them off!
