Just say “No” to payday loans

We all go through financial hardships one time or another. Mortgage may be due or your lights may be about to cut off but choosing to go to payday lender SHOULD not be your solution.

Over and over, statistics show that payday loan companies aim to take advantage of poor consumers. You’ll seldom find any payday loan stores in the upper-middle class suburbs of the city, where borrowers could actually afford to repay the loans. Instead, you’ll find them in the poor and black neighborhoods of the city and near military bases. A 2006 report by the Center for Responsible Lending reveals a typical payday borrower ends up paying $793 in interest on a $325 loan. This lender doesn’t charge an upfront finance charge that high. Instead, the borrower pays that amount over a period of time by continuously rolling over the loan. Below are a few quick tips that should help you:

Tip 1: Seek wisdom concerning your finances. When you look in your hand and it’s not enough, that’s not your harvest, that’s your seed.
Tip 2: You should be building an emergency fund with at least $1,000. This is considered an EMERGENCY. Use any funds from that envelope during this time and rebuild when you can.
Tip 3: Talk to you employer about an advancement on your check. There should be not fees attached to that.

I know it may seem like there is no other option but take then time, think it through and find an accountability partner that can assist you with making that right decision. Always remember that the decisions you make today will greatly impact your tomorrow.

I want to hear from you! Have you ever been in a bind where you chose to go the payday loan route? Was it addicting? What adjustments did you have to make to not go that route any longer? Comment below.

Until next time…. be sure to flex your Financial Muscles!!




  1. Cindy says

    I used to be addicted to payday loans in the past, I had to make a serious decision to stop cold turkey so that I wouldn’t be bound to that anymore. When times get tough with my finances, the thought of getting a payday loan pops up sometimes but I’ve learned to shut it down and make whatever amount I have work for the time being until I get more than enough money to do what I have to do :-)

    • Samantha Porter says

      So very proud of you! I’m glad that you have made such a change in your habits to better have your #moneyonamission. It’s tough at times but everytime you’re tempted, remind yourself that they are sharks out to get your blood (hard earned money). Is it really worth them astronomical fees that they charge? NO!!

  2. gOLDEN says

    Well i dont do pay day loans but i have in the past and it took me years to get that cleared up

    On the other hand my mother got into a bind and she went to get a pay day exactly one year and six months later she is still going to pay day loans she speaks of how it puts her in a bind everytime she has to pay iot back she borrows 500 and had to pay back 555.00 every time and she has been doing that for the pass 18 months ,i dont kno when she will break from that

    • Samantha Porter says

      Golden, It’s really a trap to have her remain a slave to the lender. It’s very addicting and can also be seen as a toxic “drug”. It’s important for your mom to do her very best to sell a few items in her home, wait for income tax check or grab an extra gig to pay them off as soon as possible. She has to know that they don’t mean her well and she needs to get rid of the toxic as soon as possible as if her life depends on it, BECAUSE IT DOES!

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