Many people decide on Personal Payday loans only because they have no other income and even without work this product is available to them. They also do not think about where they will get the money to pay back.
The Personal Payday repayment time comes very quickly. This is the specificity of this product. Money is lent to us without unnecessary formalities even on the same day, but the repayment deadline is 30 to 60 days. After this time, we must repay the loaned amount in full together with interest.
Once we have irresponsibly got into debt, it is even easier for us to do it again. When the Personal Payday comes and we do not have the funds, we decide on another Personal Payday loan to pay off the previous Personal Payday payment. For this we choose additional cash for current expenses.
At some point, we can quite enough to such a stage that one Personal Payday pay is no longer sufficient to pay off the previous one with interest. In this way, we can easily fall into a loop of Personal Payday loans and, at the same time, into excessive debt.
How not to fall into debt ? We should not treat Personal Payday loans as a way of life. Because the amount of Personal Payday loans we borrow will always be lower than what we have to pay back (interest and additional costs). So we can’t leave this transaction “without losses”.
Of course, it may happen that the planned revenues have been extended even more than planned and then we save ourselves with another Personal Payday loan. However, we only take the amount that is the previous commitment. We pay them back in full, and in return we have a new Personal Payday pay for a higher amount, but still only.
When, in turn, our payment is already on the account, we pay the debt without undue delay. Approx. We can understand this. However, if the next Personal Payday is to pay off the previous one, and we, apart from taking the next one, do nothing more to improve our finances, it is definitely not a good solution. It will not help us in the long run, but on the contrary it will quickly lead to debt, from which it will not be so easy to get out.
As well as loans and bank credits help us to carry out projects, purchases or investments. We do not get this money, we only borrow it, which is absolutely necessary to return it.
In addition, there is also interest and additional costs for someone who agreed to borrow us money. This is a very helpful solution, however, it comes with some obligations, and above all with the obligation to repay.