Payday loans a bad deal, advise Chicago bankruptcy attorneys
Whoever said that patience is a virtue might have been talking about payday loans.
You've probably noticed payday loan centers in your neighborhood - maybe you've even used them yourself. An online search for payday loans in Chicago nets nearly 300 results. And with so many folks living paycheck to paycheck, it's no wonder. But, as with tax refund loans, while there's no faster way to get your earnings, there's also no faster way to lose them.
It's why my first payday loan was also my last. My coworker at the time wanted to go out to a club one night, but I said I had to wait until we got paid. No worries, she said, we'd just go get a payday advance. She took me to a center, where the cashier counted out three crisp $100 bills - for a $50 fee. Ouch! I decided then and there I'd rather wait for a few days and hold onto my entire paycheck.
My coworker wasn't so patient.
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