Are payday loans risky? I need one to pay my bills.

Your problems are those unpaid bills. Why don't you try a consolidation program? debt consolidation covers all your unsecured debts setting them at one place. It will help you to cut the late fees and other penalty charges as well. An effective consolidation program can bring you lot of savings that you cannot imagine even.

Also don't go for a new loan right now and not payday loans at this situation. They could be proved costly later. Browse this forum to see what others say about it.

Please read this article and know why payday loans should be seriously avoided.

http://forums.debtcc.com/forums/avoid-paydayloan.html

It is illegal for a debt collector to threaten with arrest, imprisonment or garnishment of wages if you fail to pay the debt.

You have four of these options when you owe money to someone.
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I would go with a consolidation program if I were you,payday loans will just get you more in debt.Once you enter the payday loan cycle,its very hard to get out of it,take it from someone who has been there,I have now entered into a consolidation program,but if I had just did this in the first place,for my credit cards,and not taken the payday loans,I would be alot better off today.Talk to a consultant on this site,they wont steer you wrong.Pay day loans are just a quick fix,but they will only make things worst in the end.If you are really behind on your bills,how will you pay back the payday loan in two weeks,will you just pay the interest and extend the loan,then what happens two weeks later,I think you get the point,people just keep paying very very high interest,then when the interest cant be paid,they take another payday loan from another lender,since as you said it very easy to get them.Its almost impossible to get out of the payday loan cycle,once you start it.The only thing I can think of that they are good for, is for someone who is not in financial trouble,who needs money on the spot,but makes plenty to pay the total loan off in one pay period.Please take the free consultation from this site,you will see that they will give you good advice.

I got myself into some trouble with payday loans. I ended up with eight in only a few months. It has taken me one year to catch up with some payday loans and to do so I had to take on a part time job on top of a full time job and school. I would avoid payday loans. It will be the biggest mistake to get one and then get another to pay off your first one, etc. I still have four payday loan out, luckily, I am towards the end of almost all the payday loans. The damage: Getting behind on credit cards. Luckily there is this program to help me with that problem. If you can afford a payday loan, and you know that you can pay it back and are like me and too proud to ask your paretns/gaurdians for money there is one company out there that is relatively good. They are called quikpayday. They let you schedule payments at your conveinance and you can make more than the minimum payment, you can extend with paying your interest ony, or pay interest and a percentage of your premium. They allow you to make a monthly payment instead of weekly or bi-weekly. Their interest rate is lower than most other companies as well. Also, you usually have a couple of extra days before they take out the money (allowed time to process.) I would say that they are the best to use if you absolutely have to go down that route. Otherwise, avoid it. If I would have known now what I did before I got those loans, I would have avoided spending about 3 thousand dollars in finance charges alone this year, as well as I wouldn't have had to get a second job. Think about it. Negotiate with your bill collector. I once thought I would never be able to get out of a car payment, but I just called them and explained what was going on and they allowed me to defer my payments for three months to catch up on everything else, so I can get back ahead. Just let them know. Most are willing to help you out.

Marisa,

Nice to hear that you had a good experience with payday lenders; however, this does not happen always. It is a rare case, I must say. People usually face lots of trouble due to the loop holes in the payday loan policies-

http://www.debtconsolidationcare.com/paydayloan-truth.html

Hope the company you are dealing with cooperates with you till end and does not leave you midway. Best of luck.

Be carefull with payday loans. Generally as long as you have the funds in your account to payback the loan + fees there is nothing to worry about.

Only thing is they are very expensive and it sounds like its going to just get you into more trouble. borrow $300 and payback $390 in 2 weeks - is that going to help you?

On creditors. They can take you to court and can win settlements against you wages ( garneshments ) if the judge chooses. But don't let if get to that. Even if the judge decides on a payment plan you will also be stuck with their legal fees.

Just be carefull with what you agree to as they will try and trick you into paying more than you can afford and more than what they would have been willing to take. Its basically a negotiation process.

Case in point. I was far behind on a cc. The debt co called and told me that the paperwork was leaving her desk and going over to legal in the morning unless I paid $180. Told her that I did not have the money and when I phoned back in a week she accepted my offer of $50/mo.

From my experience it does not matter when you call them it will always be at a time when you have to immediatly make a payment or else. Don't get tricked into it and also don't blow them off or they can get take you to court and attempt to get a court settlement or even an ordered garnishment.

Two words sum up our advice on payday loans ...STAY AWAY....