Why You Should Avoid Payday Loans
As a bankruptcy attorney Memphis TN has turned to for years, I’ve helped thousands of people with payday loans and other predatory loans. And I’ve learned it’s best to avoid payday loans whenever possible. There are better ways to deal with debt you can’t pay. In the video below, I discuss why you should avoid payday loans and what other options you may have:
Hello, I’m Darrell Castle. I’m an attorney licensed to practice law in the state of Tennessee. And on this video today, I want to talk to you about payday loans, title loans – things of that nature – and why in my view they are very bad things for you.
For one thing (the most important thing) is if you get a payday loan or a title loan, that is an indication that your finances are in really bad shape. There is something wrong in your financial life. And what do I mean by that? Well I mean that you’re unable or unwilling to live within your means. The money that you make each week, each pay period, is not enough for you to support your lifestyle. So you need this extra money. And what that means is that when you get that extra money, from then on you’re going to have to pay that back. So you’re going to have even less money.
You can’t live within your means right now, so you get a title loan, a payday loan. Now you have even less chance of living within your means, because that has to be paid back.
And what happens so many times – I’ve seen this pattern over and over and over in my law office – is that you have to get another one to cover the debt on the one you got previously. Sometimes the people that you get them from own the same company. In other words, you go into ABC Payday Loans and you say, “I can’t make my payment that’s due this week.” And he says, “Go down to 123 Payday Loans.” And it turns out that one’s owned by his brother, and he loans you the money to make the payment on the other one.
It’s a never-ending process that’s going to end up in disaster. My advice to you, folks, is just to do something about it. Get some permanent control over your finances and learn to live within your means.
We can help you with that, folks, and we’ll talk to you about it for free. Call me. You’ll be glad you did.