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Every business hits hard times. Tight cash flow can make you crazy. Money is the life blood of a business; when it stops flowing, things die…
So what do you do? In the business world you have option. But if you walked into a bank and they offered you a few thousand dollars at 400% interest, would you take it?
Your personal life is not much different than your business life. Everyone hits hard times, needs a few bucks now and then, can't pay the bills on time… Payday loans are sometimes the last resort.
The problem with payday loans is that they become cyclical and repetitive. You do it once to solve a problem, telling yourself that it's not something you'll ever have to do again. You feel relief and the solution was simple. And in a few months your back again. And then the loans get closer and closer together.
If you're mature and disciplined enough to use payday loans occasionally, I suppose they're a useful tool. Just be sure you don't get stuck in the cycle.
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