Responsible Borrowing

We always recommend for responsible borrowing by consumers.

The Cash Advance Payday Loan industry is designed to help those who need a few dollars in a hurry, in advance of “Payday”. Suppose your light bill is coming due for cutoff on Wednesday, but you do not get paid until Friday. A Payday Loan can arranged to allow you to pay your light bill, before it gets cut off. Ideally, you would get paid on Friday and immediately pay back the loan you arranged. This is the designed purpose of the Cash Advance Payday Loan industry.

However, if your situation is a bit different and more dire, we will often recommend that you take a pass on the Payday loan. If your lights are scheduled to be cut off on Wednesday, but on Friday, your paycheck will be needed to pay your car payment and other things, then perhaps other options should be exercised.

Payday Loans are kind of expensive, in that since the loan will be paid over a few days, instead of a few years, the APR is actually pretty high. The Payday loan company needs to make enough profit on the loan to make it worth their while to offer the service.

This is the reason why it might be a valuable and wise choice for someone who needs the money for a few days or even a couple weeks. But, for the person who needs a longer termed loan to be paid out over a few months, then another loan agency will clearly be a better choice.

If you suspect that you will be inclined to keep refinancing your loan over several months, then we solidly recommend that you find another kind of loan instrument, a loan that is designed to be paid over months instead of weeks. Refinancing cash advance loans and payday loans can quickly become astronomically expensive putting a person’s personal credit into a jeopardy that will take years to overcome.

We ask you to please use this type of loan instrument ONLY if you plan to use as it is intended to be used.

Please exercise a measure of personal responsibility when borrowing money. It is always in your best financial interest to do so.

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Tags: cash advance payday loans industry, Responsible Borrowing, short term loans