When caught in a cycle of borrowing payday loans, it may feel like you're running in place. Many people borrow week after week, accruing interest and fees along the way, without ever eliminating the debt issues that inspired them to seek a payday loan to begin with. Unlike a fitness treadmill, which yields the positive results of weight loss and cardiovascular fitness, the payday loan treadmill often yields the negative results of debt gain and stress.
However, this isn't always the case. When researching fitness options and gym memberships, many individuals are likely to seek out the best deals, with the most flexible contracts, best reputations, and lowest monthly payments. The same can be done with payday loans. When an unexpected financial situation arises, a payday advance can be a viable, helpful option. But, as with any financial transaction, it is wise to research the best options, making sure that the loan you receive has a clearly defined repayment contract with industry standard or lower interest and fees, and that the company you borrow from is reputable. Most importantly, a borrower must make every effort to repay the loan on time and in full to avoid the treadmill-like effects of financially running in place.Read more »