A Bad Credit Payday Loan Is Likely A Bad Idea

You are a week away from payday and your car payment is seriously overdue. The finance company is calling and you are worried that they may repossess your vehicle at any minute. The stress is killing you so you try and borrow some money. Your parents and your family are out of the question since you already owe them more money than you could ever pay back in your lifetime so you search the internet for an alternative. You go to Google and type in “bad credit payday loan” and instantly thousands of links pop up urging you to call them and get the easy money that you deserve. The ads are all similar telling you that you work hard for your money and there is no reason that you should not be granted the credit that you deserve for your hard work. It all makes sense to you so far so you apply for the aforementioned bad credit payday loan.

This is when all of the problems begin. If you apply blindly online and you put in your email address you will never be free of the millions of pieces of spam email that you will be inundated with on a daily basis. You might as well just change your email address immediately since the offers will never cease and you will be buried in junk mail on a daily basis. But tons of unwanted emails are just the tip of your iceberg of problems.

If you actually apply and get a bad credit payday loan you will be paying interest rates that could top five hundred percent. And the worst thing is that they are all legal. But this does not matter, you say to yourself, since you are going to pay the loan back in full on the day you get paid. But life intercedes and you are hit once again with another blindside money emergency right around payday so instead of paying it all off as you know you should you end up making just the minimum payment which just covers the interest and not the principal balance.

The ugly truth about a bad credit payday loan is that these companies prey on the poverty stricken or those that are just getting by. In our current state of recession (some would say depression) that segment of the population is frighteningly large. Many people are struggling to make ends meet and are living from paycheck to paycheck. Savings across the nation are at an all-time low. The country and its citizens are buried in debt and the bad credit payday loan is a glaring and brutal symptom of the bottom feeding habits of large financial institutions. It is the large corporate giants that own these companies but do not advertise that fact lest they be seen to be preying upon those less fortunate. But that is exactly what a bad credit payday loan is. It is predatory lending at its worst and should be completely eliminated from our society.