Payday loans can be a very appealing and, in many cases, very useful method to solve short term emergency cash needs. However, there are certain drawbacks that you should keep in mind. Payday loans can lead to “lost” pay, high interest rate, fees, penalties and lead you down a path to debt.
Payday loans are temporary solutions, so don’t abuse their power. You can use mulitple payday loans, it just may not be a good idea to take out one ever two weeks. If you have an on-going budgeting problem, you should seek credit counselling to help you get your finances under control. The National Foundation for Credit Counselling can help you and can be reached at 1-800-388-2227.