By: Augusta Schubert
Payday loans are a fast and easy way for people to get money in an emergency, without creating long-term debt. Emergencies happen to everyone, and sometimes a few hundred dollars is all that is needed to resolve a crisis. When I was a child, my parents did not have a lot of money left after paying bills. My siblings and I were home-schooled by my mother, so we lived on my father’s income alone. If our car broke down between paychecks my parents would get a loan to pay for repairs. Payday loans allowed my mother to remain at home, and helped my family to survive during some of our most difficult financial times. (more…)
By: Colby Cook
Payday Loans. The best of both worlds.
Or are they?
I’d consider them more or less GREEN BLOOD SUCKERS.
But do they work? Let me clear some things up first.
Many of you might have felt the penny pinching occur these last couple of years thanks to job cuts and tax increases. Many of you have also considered the easiest ways to get money. Better yet, get it fast.
Well, good thing the US and its citizens are good at creating companies that give out money on their dime! That is only to ask for more in return! (more…)
By: Collettia Kelly
If one has ever had the pleasure of experiencing fishing, have seen or even heard about the process then one has had an experience similar to the process for getting a pay day loan. Payday loans are the fisherman of society and everyone else are simply the poor helpless fish swimming right to the pole. Once you start with a payday loan it is nearly impossible to get off their hook. It may be fast money but in the end the money ends up costing much more money than they are actually worth.
By: Laura Sunderlin
The answer to the essay question, “Do pay day loans work?” The answer is no.
I questioned these establishments after seeing the growing numbers of payday loan offices open in my smaller town. For an unknown reason, they quickly sent up a red flag. After investigation as to what exactly these places were and how the pay day loan works, I believe the pay day loan is an excellent avenue for illicit business to launder money. These establishments prey on and target a certain type of person. And the type of person they are targeting is not my grandparents who are in retirement. They are targeting drug users who are desperate for money, young people who have bad credit or no credit, or people who need to come up with fast money. Still, others may just be ignorant of how the payday loan works and fall prey to the exorbitant interest rates. They guise their ads as fast money, a step up, but instead they lead people down a spiraling, immoral and dishonest path. (more…)
By: Autum Scott
We all have experienced that joyous craving or need for sweets. Always thinking to ourselves just this once and then it will be over and I can move on. But, what do you do when you have to refill that jar of goodies? We make more; find a new way to fill that need. This way others get the chance to take in the pleasures when the time comes.
By: Christian Russo
We’ve all seen the commercial with the woman with the braids touting the advantages of a payday advance, offering to loan up to $10,000. Sounds good, doesn’t it? They don’t even check your credit. As long as you have a job, and an account to transfer the money into, in most cases, you are good to go. So no one has to know that your credit score is only 415, and that you have $8000 on your credit card, a car and student loan. Sure, that means you could go and pay off that credit card that is overdue and collecting around 22% interest. It’s your chance to catch up, right? What the lady with the braids doesn’t tell you is that some of the payday loans have interest rates of up to 500-600%. REALLY! So if you only borrowed $1000 at 583.45% equals $223.43 in interest for a two week loan. Can you imagine what the interest would be on $10K? I think I would need a degree in finance to figure that one out. So the first week after you pay off that 22% credit card, you get paid, and you think, not too bad, make a small payment, and pay all of your other bills, if you’re lucky, have a little left over to go out with your friends on the weekend. You are on the road to good times. THEN, comes week two. You get paid, and the lady with the braids wants the rest of her money, or your interest rate goes up yet again. Do I have to do the math for that calculation? So now you can’t pay her, some or most of the loan. Now you can’t pay your other bills, and don’t even think about going out with your friends. So you use the 22% credit card to pay your bills. And the cycle begins. Next thing you know the lady with the braids is coming after you threatening you with those braids. (more…)
By: Blake Middleton
Never take your children shopping.
Each isle you walk down, the little fingers sprout out reaching for anything with a colorful picture and more than 10g of sugar. All of the different flavors and varieties make the store seem like a magical land of possibilities. Although, children don’t think about the cost of things, they just want the prettiest and best items compared to all of their friends. Maybe it is the “It’s my money and I need it now!” mentality that has been drilled into our heads by the wonderful people at J. G. Wentworth. Maybe it is a primitive instinct to fling whatever we have in the face of those lower than us, much like how monkeys fling their poop. Except, instead we throw iPhones and Lamborghinis in the face of those with a Nokia and a Toyota Camry, which is kind of different and much less messy.
By: Hannah Hermann
Whatever happened to that kid who had a mother that always bailed him out of any trouble he got into? He grew up never knowing how to be accountable for the messes he got himself into.
The same thing goes for people who use payday loans. If people did not have the option of being bailed out of a bad situation every time they spent too much money, then they may be more fiscally responsible.
By: Krista Coffell
There’s many different opinons about payday loans. Some people think they’re good ideas, but others think they’re awful. In my opinion, they aren’t a very good idea. Sometimes you may need to get a loan to pay off a bill, or to pay for something important, but once you use that money you’ll have to pay it back. Plus interest rate, which can add up very quickly!
By: Chelsea Nungester
When a teenager first moves out on their own, they are often forced to face many new situations in which they most likely didn’t stop to think of, they are often forced to face many new situations in which they most likely never stopped to think about. They have to maintain a commendable job to afford necessities like rent, bills, gas, schooling, and the ever so important food. They frequently find themselves becoming overwhelmed and frightened about not having enough money. Their first instinct is to normally go out and get a payday loan, there’s no harm in that right? They don’t stop to think about the way it actually works, the benefits, or the disadvantages of this. So, do payday loans truly work? Or do they normally just end up making things worse for themselves in the long run? (more…)