Cash Advance Payday Loans: Addictive or Vicious ?

Money! Each of us needs it, we all want it, others even lie on the brink of worshiping it! And unfortunately, most of us will never have it, enough to be a multimillionaire that is. Time and time again, we’ve tried our fortunes by scratching cards, betting numbers on lotteries and sweepstakes, but regrettably we sorely realize that these methods are neither fluent nor certain in payouts.

So we look for other options, try out other ventures, and concoct outrageous schemes to make ends meet. Subsequently, a handful would give in to the temptation of getting an online cash advance payday loan. And like many events in life that provide quick rewards with apparently little to no effort at all, cash advance loans can be very addictive, and often times, vicious beyond belief.

The lure of an instant cash advance is enough to propel individuals straight to various websites presenting such opportunity. A number of people may even assume that by applying for a payday cash advance they’re getting a good deal by paying cash for purchases rather than by using a credit card coupled with high interest rates. And like in most Joes and Janes who become addicted to any activity, they do not recognize the massive stumbling block that waits ahead.

Imagine the $1000 quick cash advance you made a couple of weeks ago that transforms into a $20 fee for every hundred bucks owed. You’ve just made a pact with an interest-bearing animal that keeps on rolling and rolling every 2 weeks. And this is not isolated to young professionals who get caught in a wild spending spree, even service members get entangled with military cash advances. And it is always the same scenario---taking out cash more than the amount of their monthly paycheck or simply put, biting off more than they can chew.

But to be fair, addictive is such an extreme word to define online cash advance loans, or any other cash advance payday loan for that matter. Vicious is a more appropriate term. Cash advance payday loans are for individuals who encounter emergency costs and needed to pay it off immediately. In addition, the borrower must settle the amount he owes in full by the end of the agreed loan period. Because if he doesn’t, the loan will grow.

And when it grows, it multiplies. It multiplies fast. In here, the term vicious really imposes its weight. The never ending cycle starts emerging its ugly head. For what was thought to be the solution could probably well exacerbate the current financial problem. If you think you are well-equipped to face the penalties posed by an overnight cash advance, think again. And if you’re not careful when choosing your payday loan actual lender, then you might as well be doing business with unethical and shrewd professionals. Make sure you verify the lender’s guidelines and carefully read (and understand) the terms and conditions including defaults, costs, federal disclosures and the like. Be it online or otherwise, this is very important.

This cast, hook and reel scheme is the reason why people associate cash advance payday loan to an addiction. Because once you’re hooked, there is no other way but to be reeled in, closer and closer—until you get cooked and burned. Instant cold hard cash is truly enticing, but failing to settle it within the specified time will only pull you within the recesses of debt.

Impulsive and poor planning are two terms that can be more than adequate in defining the system of cash advance payday loan. Let’s put this into perspective shall we. You borrowed $500 to pay for an auto repair. And it is but common sense that on the next payday, the lender will be expecting a payment from you, approximately $600 (original loan plus the 20% fee). Unless you can live with a paycheck short of $600, then this is not the playfield for you. Pay day cash advance is out of your league. Yet, thousand and thousands do this every month extending their payments even more. Why? Are they addicted? Stuck in the vicious cycle? Or just poor planning?