10 Worst Mistakes People Make With Their Finances

9) Getting a Payday Loan

When someone applies for a payday loan it is typically because there aren’t many other options to a current financial bind or hardship. These options exist for those in need, but there are also consequences when not used responsibly. Getting a payday loan can be a major financial mistake if you are unable to repay the loan by your next scheduled paycheck. Some payday loans have an outrageous interest rate of 300% or more, causing the final amount due to be multiplied. Total repayment can result in double or even triple of what your average paycheck might include, and fast cash telemarketers and debt collectors show no mercy. Avoid harassing phone calls and paying unnecessary interest by skipping the payday loan altogether, or paying it on the precise due date, if not sooner, if there are no other options.