Are Payday Loans Addictive Essay - 821 Words

Are Payday Loans Addictive? Are Payday Loans Addictive? Payday loans can be addictive because they re readily available and easy to get, so people turn to them often when they need cash to tide them over during financial emergencies. Unfortunately, these loans were meant only for short-term, emergency cash needs and carry high interest rates to keep them available to everyone--even people with bad credit. These loans, which are meant to be repaid from the next paycheck, can trap people in cycles of debt and become addictive. When financial needs arise, people can just apply for a payday loan and get money within a short period. The simplicity of the process can result in people ignoring their own best interests and applying for short-terms loans every time they come up a little short or want something that they can t afford and shouldn t buy. Payday loans--like credit cards, gambling and shopping--can certainly be addictive if borrowers aren t careful to use the loans as intended. What Is Addiction? PsychologyToday.com asserts that addicttive behavior is seldom related to physical tolerance or particular substances but caused by emotional stress that forces people to take certain actions at certain times. These actions might be to alter reality through drugs, overeat or spend beyond a person s means. Addiction invariably exacerbates the problems and traps addicts in vicious cycles. That s exactly how payday loan addiction works, but the responsibility for theShow MoreRelatedPayday Loan Loans Are A Good Option829 Words   |  4 Pagessometimes there are unforeseen financial circumstances. Paydays loans are a good option to consider. Keep these tips in mind when thinking about getting a payday loan. People should only use a payday loan as their last resort. Loans carry very high interest rates which actually have you paying close to 25 percent of the initial amount of the loan. Prior to securing a payday loan, investigate your options. A simple method to find reputable payday loan lenders to to look on websites that review them. YouRead MoreSmall Loans Come Under Heavy Fire1272 Words   |  6 PagesSmall Loans Come Under Heavy Fire in Alabama Small Loans Come Under Heavy Fire in Alabama Small loans and their relatively high interest rates have recently come under attack by Alabama legislators according to a report posted at Jdsupra.com. 45 members of the Alabama House of Representatives recently proposed amending the Alabama Constitution to cap loan rates for any loan product including a â€Å"consumer loan, line of credit or other financial product. The proposal, which will be knows as HouseRead MoreHomeless Veterans: The Fight at Home1367 Words   |  5 Pagesplace of employment. They are often unable to set up a budget to prevent over spending and heading farther in to debt. While in the military, service members are more likely to resort to using payday advances, which takes away from future earnings and has high interest rates; resulting in a cycle of loans and financial strain. When service members join the military at a young age they skip a part of maturing that most civilians receive and soldiers â€Å"who live on base and have their basic needs metRead MoreAmpalaya Cupcake15271 Words   |  62 Pagesand ribbons of chewy and crunchy butterscotch, White Chocolate Cookies, sweet, chewy vanilla cookies wit h chunks of creamy Belgian white chocolate made from pure cocoa butter and sprinkled with sea salt, and Chewy Chocolate Chip Cookies, highly addictive chewy, buttery cookies made with finest Belgian bittersweet chocolate. This bakeshop is created by Lorraine Nepomuceno. Located in Manila, Philippines and is home-based. Everything is baked fresh upon order without preservatives or stabilizersRead MoreOverview of Hrm93778 Words   |  376 Pagesof EO 11246 is that every executive department and agency that administers a program involving federal financial assistance will require adherence to a policy of nondiscrimination in employment as a condition for the approval of a grant, contract, loan, insurance, or guarantee. Affirmative action, stipulated by EO 11246, requires employers to take positive steps to ensure employment of applicants and treatment of employees during employment without regard to race, creed, color, or national origin