Looking for How to Get Easy Money

We live in Cincinnati, Ohio and in certain area’s of the city you can pass block after block of pawnshops, payday-loan businesses and convenience stores selling lottery tickets. It certainly looks like everyone is looking for ways to get easy money .

What do all of these places have in common?

They are places to go if you’re short on cash and are desperate for money.

Living Paycheck to Paycheck with Payday Loans

Many people live paycheck to paycheck and payday loan places make it easy to get quick cash when you need it.

The commercials tell you it’s quick and easy. You simply write a post-dated check and they give you cash on the spot. They hold the check and don’t cash it until your next payday.

But in reality you are actually paying a 520% APR.

This is how it really works…

If you want to borrow $300 from a payday lender, you pay a fee, usually $20 per $100 that you borrow. So you write a check to the payday lender for $360.

At the end of the two weeks, if you’re like most people, you have to roll the loan over and pay another $60. The $120 you pay to borrow $300 for one month translates into a 520% annual percentage rate (APR).

These places cater to the people who are just starting out on their own in life. Most people who use these places are between the ages of 18-25 years old. They require no background check and are open 24 hours.

For people looking for how to get easy money. it can be a vicious trap of paying off interest charges for years.

Do You Want to Know How to Get Easy Money Too?

I can’t say that I’ve ever gone to one of these storefront places for extra cash, even when I was young, but I have on occasion played the lottery just for fun.

Like millions of other Americans I was secretly hoping to win big and become rich over night.

But for many it’s not just for fun, It’s reported by the Consumerist, that poor people in the U. S. — those who earn $13,000 or less per year — spend as much as 9 % of their income on lottery tickets!