Pay Day Loans

You work hard for your money, protect it!

Financial hardships can affect many aspects of your life – work productivity, home stability, and peace of mind. You may have heard of Pay Day Loans, a short-term “solution” to your money problems. While this option may present a short term solution, it can be very damaging to your overall longterm financial health.  There are other choices.  Keep reading to learn more.

First find out more about payday lending by reading this informative flyer and watch this short video to see how a payday loan CAN affect your long-term financial stability:

Is a Payday Loan Ever a Good Idea?

The short answer: No. While the loans are quick and easy to get, they come with a high price and are not designed to serve long-term credit needs. You should only ever consider borrowing money from a payday lender, IF you can afford to pay the loan back, in full, by the deadline AND still pay all of your other living expenses.

Un fortunately the high fees and interest (sometimes more than 400% APR), make it impossible for most borrowers to pay back the initial loan on time and are forced into a cycle of renewing the loan on average up to seven times, falling deeper into debt.

When you take on a payday loan, it’s a loan that keeps on taking…

What if you can’t pay your loan back in time? The lender will usually offer an extension or renewal, BUT with costly fees. This is where many people get trapped in the vicious cycle of a payday loan.   Individualsfind themselves extending the loan over and over again. The fees begin to rack up, costing the consumer more than two or three times the amount they originally borrowed!

What if you can’t pay back the loan?

Remember that check or payroll information you gave to the lender to receive the loan? Because they have your account information, they may withdraw the funds directly from your checking account without your advance knowledge!  It’s all there in the fine print.

So, what can you do instead of a taking out a payday loan?

Take out a small dollar loan from your credit union or bank.  Most credit unions and some banks still provide small dollar installment loans. They charge interest, but it is significantly less than what you will pay through a payday lender, and it can paid back over a longer period of time.

Research Emergency Assistance Programs.  There are many resources for emergency assistance in your local community, you just need to do your research. The website can help you locate services by zip code.

You can also dial 211 on your phone or go to to find an extensive list of financial services.

Your employer may have resources for you, such as a payroll advance.  Ask your Human Resources Department if you can get a payroll advance. This service can provide you an advance of pay without any additional costs like interest or fees. However, keep in mind, it will also reduce the amount of your next paycheck. Some employers like Goodwill Central Texas will allow for the advance to be paid back over several pay periods.


Download the payday loan flyer.


Having financial hardships can affect many other aspects of your life – work productivity, home stability, and peace of mind. You may have heard of Pay Day Loans, a short term “solution” to your money problems. While this may offer a solution in the short term, it can be very damaging to your overall financial fitness in the long-term.  For more information and practical suggestions, download our payday loan flyer.

We recommend that you take the time to research the guides above and check out these “Goodwill approved” organizations – With these tools, we know you can make sound financial decisions and will never need to use a payday loan again.