Welcome to Paydaypedia.com
Payday loans... Are they evil? Are they that little financial break you need just to make it safely through to your next paycheck? Here at PaydayPedia, we are trying hard to give you answers to these questions by providing articles both pro and con regarding the merits of a payday loan. We do not make loans. We only try to offer you a variety of opinions so that you may make the right choice.
Payday loans are a controversial concept, as they are basically extremely expensive short-term liabilities that may sometimes get you out of a temporary emergency situation, a situation where a few hundred dollars for a short period of time will save the day.
One thing is certain though: Do not ever, ever consider a payday loan as a means of getting by to the next payday when you know you can not pay it back. Payday loans tend to get huge with a snowball effect (as they commonly and shamelessly have a minimum of 300% or more annual interest percentage rate (APR)) and consume your life force mercilessly if not paid back on time. They are like credit card debts, but even deadlier for the financial condition of the unwary borrower.
Payday loans are not a subject to be treated lightly. That's why we've created this site for you to make the most informed decision possible before making a payday loan. We have free payday loan articles, various payday loan lenders to choose from and a whole lot of payday loan ads scattered throughout the site. Enjoy our articles, but keep in mind they are informational articles, and before making any borrowing decisions, make sure you've read the Federal Trade Commission's consumer alert: Payday Loans Equal Very Costly Cash: Consumers Urged to Consider the Alternatives .
Payday loans do sound evil. They absolutely can be evil if you misuse them. The key is to avoid taking any more than you can handle, which is obvious. What is not obvious is that, there are a lot of companies offering payday loans with greatly varying fees, thus you may end up paying $125 for a $500 loan where you could be getting away with as low a fee as $37.5. If you are out of any other options and decide to take a payday loan, please research thoroughly the payday loan companies available to you. It is quite possible you will find a better deal online than down the street.
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This section contains numerous articles, both positive and negative about payday loans. It is divided into four sections to make it easy for you to focus your search.
This section contains numerous articles to help you mange your money better. With the help from some of these articles you may find that you do not need Payday loans.