Young Money With Tracey Bissett

For many millionaires-in-the-making, getting an advance on your pay cheque may sound like a dream come true. The idea and concept of getting a payday loan may seem great on the surface - and may even help you pay for unexpected bills and expenses that come up between pay cheques - but they can often lead to long-term financial trouble.   Like any loan, payday loans need to be paid back, and many young millionaires-in-the-making may not realize the negative impact these loans can have on their financial future.   Today, I explain what payday loans are as well as the dangers of getting a payday loan to help pay for your expenses. I explain the true purpose of a payday loan, the maximum amount you can borrow as well as the financial and legal implications you may face by not paying it back on time. I also explain why payday loans are considered one of the most expensive money-borrowing options and share alternative options you should consider the next time you need to borrow money.   “Once you start using payday