Why You Don’t Learn From Payday Loan Mistakes

When rules are relaxed, violations are the common occurrences of the day. If strict policies are enforced; penalties are deterrents and we learn the hard way. Using payday loans are of the same application. Because we can have them easily, we tend to be careless in spending the money we borrowed. Until when our payment date comes, we come to our sense again and now we feel the pressures brought about by our free-spending days. We never learn from the mistakes when we sought help from easy payday loans. The agonizing days after it was deducted from your paycheck should have been a nightmare to remember.

Why you did not learn

You failed to remember the difficulties you have experienced because you have forgotten the troubles you have undergone. What has been remembered is the ease and convenience in borrowing from payday loans. But when you go over the interest expenses you have paid in order to fully unlock the chain you have been fastened to by the debt cycle after the first due date, you will come to your senses how high the interest rates were.

You did not learn because what was retained in your memory was the timely rescue that the fast payday loans have provided to you in solving your financial problem. But if you retrace back the steps you followed when applying for the loan, maybe you may recall that lenders are strict when it comes to data required on the application form.

You will probably remember that the application form is easy to accomplish with twenty or so questions about your personal circumstances and some data about your finances. You will easily recall the requirement as follows.

  • That you must be 18 years old and above in order to qualify for a payday loan.
  • That you must be a resident and citizen of America and gainfully under employment for 90 days.
  • That you must have an employer with his address and contact number
  • That you must have a home phone or cell phone number
  • That you must have a bank account number and that it is active
  • That you have other sources of income if you are not employed
  • That you were asked to declare the amount of the salary you are receiving and/or other stable sources of income
  • That your application for payday loan can be released within the day you applied

You might have learned that there are many direct lenders on the internet that are offering various quick payday loans with variable requirements. You also might remember that your bad credit payday loan account will mature in just 15 days and that after that date you are penniless and have to reapply for another form of financial help.

Maybe, you can now recall how you went through on various financial hardships while working out a loan with some relatives. And you can still recall how you were rejected and felt abandoned. But maybe, what you can still recall and fresh in your mind are the causes why you were pushed to borrow money. And this is your unrestrained overspending every time you get hold of your paycheck.

You should have learned the hard way!