I am a very diligent, married man and my wife and I have one child – a daughter. Up until recently I have had two jobs. However, the one of the companies went bankrupt and I was left with only one salary. Since my wife has no job and cannot find one, it has become very difficult for us to manage with only one salary throughout a month. Thus, we often fail to pay a bill or two and over time, the total sum of the bills we had to pay turned out to be quite large.
Now, the first thing we thought of was taking a loan to pay the bills – it would be much easier to pay the amount in installments than to pay it all at once. Thus, my wife did some asking around and she found out that payday loan can actually be taken with a repayment period longer than only one month. So, we decided to take it. The process was really not complicated – I only had to fill out an application form and the next day I had the money. I paid the bills and everything was just fine.
However, as time went by, some other expenses came up as well. They were related to the schooling of our daughter and when it came to that, there was no question whether we would provide the money or not – it is something that should not be neglected and our daughter is a very intelligent little girl who deserves to have the best condition for her education. Thus, I was not able to repay the loan after all and I had to prolong the repayment period. But now, I ended up with even higher interest rate and with the amount of money that was to be returned much larger than the total of the initial loan.
My wife and I were very worried and we realized that if we went on like this, there will be no chance for us to get out of that debt ever. Thus, we had to opt for another solution. In fact, the severity of our situation forced me to a thing that otherwise I would have never done. I asked a very good friend of mine to lend me the money to cover the loan. Of course, he said there was no problem, but I was still uncomfortable with it. Anyway, I paid all the loan expenses and over time, I managed to pay the debt to my friend as well. We are still very good friends and that is what matters the most.
In conclusion, I can only say that my experience with payday loan was not a very good one. However, it could have turned out just fine had there not been for the unexpected schooling expense. Thus, before you decide to take a payday loan think well and opt for it only if you are completely sure that nothing will prevent you from paying it back on time.