Should you consider a payday loan?

A person should only consider taking out a payday loan if they are in dire straits and have no other options. I’ve probably taken out well over 500 payday loans since they have first become available and I am not proud of this fact, but sometimes desperate times call for desperate measures.

Payday loans are easy to get into but a nightmare to get out of. Breaking the cycle is very difficult because the average person who gets a payday loan usually takes out two to three more loans, perpetuating the proverbial robbing Peter to pay Paul syndrome.

At my very lowest, I had over 10 payday loans at the same time. It took me so long to pay them off and re-borrow that it would take me two days to complete them all. At this point there are only a few ways out and paying them off was not an option for me. I ultimately ended up burning them all by closing my checking account and opening up a new one at a different bank. Again, not my proudest moment.

Today, I am happy to say that I have put traditional payday loans behind me. Just the sheer thought of the way I felt when I was knee-deep in them is usually enough to scare me back to reality in the event that it ever crosses my mind to seek out another payday loan.

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