If relying on a payday loan is a convenient out then a referal to a financial counselling service should be your next appointment. These financial instruments (a very loose appropriation of the term) are the perfect way to screw your finances up for good and leave you with massive repayments.

JLP recently posted that payday loans only make things worse and quoted a guy who was burnt from car-title loans that now ascribed to payday loans as a better source of fixing his financial problems. Since when does borrowing money for living expenses ever fit into the idea of good money management? It doesn't, and it never should.

Payday loans are the most evil loan available. Their unscrupulous interest rates can force many users to make repayments that only cover the interest component meaning that the original payday loan remains unpaid and still generates interest - the mouse in the wheel effect.

If utilising these loans is part of your financial picture or you are contemplating using one then the greatest piece of advice I can give you is to seek some financial counselling - and not from the loan shark trying to sell you this junk. Once these become an option then the signs that your budget is in need of some desperate repair become very visible.

Convenient outs usually come with inconvenient side effects.