DO NOT EVER GET A PAYDAY LOAN! 

I know, you’re going to argue that sometimes they’re necessary, and you’re going to quickly pay them back.

However, the truth is, you’re going to be paying more on your money than you’ll be making at the bank. Unfortunately for some, the reality is they can’t even get the bank account because they’re so far in debt else (or overdrawn) that every dollar goes to paying overdraft fees.

New9.com posted an article on payday lending practices that gets right to the heart of the matter. The article states that  "in some cases, a person that borrows $100 to be paid back in two weeks, will be charged $15 interest, which is 391 percent annualized." Sure, it’s not a lot on $100 (15%! FOR 2 WEEKS!!!), but usually you’re going to need more, and borrowing against your paycheck, is never a good idea. Why don’t you ask my mother-in-law how well that went over when she tried to borrow against her bonus one year.

Where else could you make almost a 400% profit and not be thrown in jail? It’s the old "I know this guy, who knows a guy…" routine, where you’ll end up having your legs broke if you don’t pay up. Here though, we’ve legalized one aspect of organized crime in order to tax it. Anyone want to advocate narcotics?

I don’t think we need to go as far as North Carolina and ban the practice. I think you’ll be fine, and they’ll be fine, if you just stop using the "service."