Payback Time for Payday Loans Ã¢â‚¬â€œ Share Your Story and win $50
February 23, 2007
Have you ever had to give 25% of your paycheck to a payday loan company because times were tight? If so, read on to find out how you can get some of that money back.
I was recently contacted by a payday loan company and offered $50 for mentioning them in a post. I’ve never gotten a payday loan and hopefully will never be in a situation where I have to. I knew so little about these loans I read up on them on Wikipedia and Get Rich Slowly to get the details on how they work.
Basically they serve as a way to “bridge the borrower’s cash flow gap between paydays”. The payday loan company gives the borrower money in return for an obligation to pay it back with their next paycheck, with 15-25% interest. We all work hard for our money and it’s a shame to give up 25% of it to a payday company but I guess sometimes desperate times call for desperate measures.
Payback Time for High Interest Lenders
I’m using this offer as an opportunity to give back to anyone that has ever needed to use any type of high-interest credit to make ends meet. Leave a comment about what you went through. I’ll randomly select one of your stories and send you the $50 I’m paid by the payday loan company.
The only catch is that you have to use the $50 as seed money for an emergency fund and commit to putting away a little every month. Hopefully, this will help you get through your next rough patch without having to borrow. I have no way of verifying your story or that you’ll actually use the money as intended so please be honest.
I’ll be accepting comments through 2/28 and will announce the winner on 3/1. I’ll send the money to the winner with PayPal. Good luck!
Thanks to JD over at Get Rich Slowly for letting his readers know about the contest. I’m going to extend the deadline for coments through 3/5 to allow them to participate as well.
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