"Be fearful when others are greedy. Be greedy when others are fearful."
-Warren Buffett
Intelligent Speculation
for the small investor
My name is Phillip Lyon and I have created this website to help the small investor. My investment philosophy is to invest in undervalued stocks that also have a speculative aspect. My website contains free stock picks and stock market commentary so check back often and tell your friends about my site.
Payday Loans
The economy is headed for a potential recession, we may already be in one, and the job market is starting to stall. In addition, the credit markets have become extremely tight due to the lax lending standards that have taken place over the last few years and are now resulting in defaults. Consequently, it is not a good time to be a borrower. If you unable to obtain credit and you are thinking about taking out a payday loan you should think twice.
Payday loans, also known as payday advances or cash advances, are small short term loans that are intended to meet a borrower’s expenses until his or her next payday. These loans have interest rates that range from 300% to as high as 1000% on an annualized basis. Borrowers who cannot meet their initial payments can get extensions for these loans but they have to pay an additional fee. Borrowers who continually miss their payments and continue to get extensions can end up in a debt cycle that they can’t get out of.
If you are thinking about taking out a payday loan consider other options first. Try to get a loan from a credit union or a cash advance from your employer. Also, make a budget and look for unnecessary expenses that you can get rid of. If you have no other choice but to take out a payday loan make sure that you pay it off as soon as possible. Also, make sure that you read the fine print and know the situation you are getting into.
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