Back in 2008 I really needed to move so I took out a loan from a pay day store that I could pay back in installments *I know… I know*. This was a $700 loan that was set to be paid back over a year and they would be hitting my bank account EVERY TWO WEEKS even before I got to see my own earnings. The payments were for $92 ~~this is extra… any time you set something up with your money and the payer gets to it before you do, is NOT how you should want to treat your money~~ now, if you have done your math already that’s right….. I was paying back $2,208 on a $700 loan! The interest on the loan for the year was over 300% and because the usury law in Illinois is all over the place I’m not sure if I had been had by law or by man, but this is no time to point fingers and I should have been more fiscally responsible and thought it through. Now… when I look back I could have came up with many ways on how to get the extra money I needed, i.e. second job, or just move in with someone for a couple of months and stacked it. In the defense of the loan company if I would have paid the loan off sooner I would not have paid back the full amount of $2,208 but because I never had $700 plus a bit of interest at one time, I had to have the money taken out every two weeks. I was in a hurry only to be pushed back, and by that I mean that place would have been there when I was finally financially comfortable to move so if I would have been more responsible I would not have been $100 short every two weeks because of a loan that I really didn’t need. So… lesson learned when I took them a check for $60.71 my remaining balance. I haven’t felt that free from anything in a long time. The saying is true… “Good things comes to those who wait” and in my case so did my financial freedom.

Disclaimer~ I’m not talking bad about loans companies this is just a head up to think before signing on the dotted line.