By: Drew Vaughn

We all know what happens if you put a cat in front of a dog, but what happens if you give a teenager or young adult a payday loan?

In a lot of ways that cat and I share a lot of characteristics when faced with adversity. A lot of people know that a payday loan can work, but only if you have a way to make it work. In my opinion, if you give a payday loan to a 90 percent of the young adults in this country it will most definitely not work. My reason standing behind this statement is that the payday loan people will want their money back for sure, and 95 of the 90% I predicted will have no money in college and the interest that is on the loan will just keep making the price of the loan increase and increase and increase …. Ok I think you get the point. In this day and age money is the answer to just about 99.5 percent of everyone’s problems whether it comes to credit card debt, bank overdrafts, et cetera. At some point that loan will get so high that it will not be able to be paid off if it gets out of hand. Coming from personal conversations I have overheard and witnessed from people that live and have graduated from college in my area the main thing out of their mouth is “Man, loans are a pain in the rear” or “I am 35 and still paying off my loans for college.” Little kid whatever you do getting a loan is not the way to get through college.” ┬áThose are the exact words of a few of the people that have told me about loans.

From the research I have recently done regarding loans and non-payments I found out that they can take you to court for this if you do not pay them anymore. If the judge rules in their favor, which is like a 100 percent guarantee, your wages can be garnished from the job that you work at if they find out where you work at, which should not be to hard for the state to find out. There is nothing like having your wages garnished, its like your just showing up and not even getting paid. I don’t even think filing for Chapter 11 or 13 bankruptcy can get you out of this one. Another point I found was that a person would possibly have to cosign for you to be able to get the loan. So not only are you putting their possible future life in jeopardy by cosigning with you their credit could be highly affected also. So point blank basically what I am trying to say in this essay is that you do not need to receive a payday loan especially if you are going through college. It would be too much to bear on your future endeavors regarding your financial future. Also in this day and age I know we like to have our money, use it, and enjoy life and if this is the type of thing that could ruin that for us in life it would be in our best interest to avoid that at all costs. That is why we have scholarships like the National Payday Scholarship that help us try to keep these loan sharks and other loan originators off our backs as we pursue an education at our respective colleges and universities throughout the United States of America.

I would like to personally thank the National Payday Scholarship committee for giving me this opportunity to express my thoughts about payday loans.

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