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By: James Barlow

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Tuesday, 29-Mar-2011 19:44 Email | Share | | Bookmark
Get Out Of Debt - The Quid Loan Trap

 
There it is again, another payday loan industry opening up down the street, and another one a few blocks down. It seems like the payday loan business is booming. The propagation of these industry indicates a difficulty in our society that bears looking at. Payday loans are a last resort choice for the monetarily impoverished. But for many, what should never be resorted to apart from for in an extreme urgent situation becomes a trap as re-loan after re-loan eats every previous penny they have.
The Bait
The trap is generally sprung on gullible victims when they are at their lowest point. An urgent situation brings them to the doors of the payday loan industry. The bait is tempting. For a little charge, typically $7.50 for every 50 dollars, you can get a pay check advance loan. All you need to do is write out a check for the amount of the loan plus the charge, leave it with the payday loan business and you can have the cash you need/want a whole two weeks previous to your paycheck comes in.
The Trigger
The catch to the payday loan trap is found in the condition that brings people to obtain the loan in the first place. Two weeks is just not enough time for many to get out of the financial urgent situation that made them obtain the loan.

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