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Dave Ramsey and Payday Loans: The Lowdown

Payday loans are a type of short-term borrowing that has become increasingly prevalent in recent years. These loans are marketed as a way to help people tide over temporary financial difficulties. But with high interest rates and fees, payday loans can end up trapping borrowers in a cycle of debt.

Dave Ramsey is a financial guru who has written several best-selling books on personal finance, including The Total Money Makeover and Financial Peace. He is a proponent of living debt-free and avoiding high-interest loans like payday loans. In this article, we'll explore Ramsey's perspective on payday loans and why he thinks they are a bad financial move.

What Are Payday Loans?

Payday loans are a type of short-term loan that is typically due on the borrower's next payday. These loans are often marketed to people who have poor credit or who are unable to get a traditional loan from a bank or credit union.

Payday lenders typically charge exorbitant interest rates, often as high as 400% or more. For example, if you borrow $500 with a 400% interest rate, you would have to pay back $625 within two weeks. That's an additional $125 in fees just for borrowing a relatively small amount of money.

Why Dave Ramsey Thinks Payday Loans Are a Bad Idea

Dave Ramsey is a big proponent of avoiding debt and living within your means. He doesn't think that payday loans are a wise financial move for several reasons:

  1. They have high fees and interest rates. Payday loans are one of the most expensive forms of borrowing. The fees and interest rates can quickly add up, making it difficult to pay the loan back on time.
  2. They can trap you in a cycle of debt. Many payday lenders require borrowers to take out another loan to pay off the original loan. This can lead to a vicious cycle of debt that is difficult to break.
  3. They don't solve the underlying financial problem. Payday loans may provide temporary relief, but they don't address the underlying financial issue. If you're struggling to make ends meet, a payday loan isn't going to magically solve your financial problems.

What Ramsey Recommends Instead

Ramsey recommends avoiding payday loans altogether and focusing on building an emergency fund. An emergency fund is a savings account that can be used in case of unexpected expenses, such as a car repair or medical bills.

Ramsey also suggests looking for additional sources of income, such as a part-time job or selling items you no longer need. By increasing your income and building an emergency fund, you can avoid the need for payday loans in the first place.

The Bottom Line

While payday loans may seem like a quick solution to temporary financial problems, they can end up causing more harm than good. With high fees and interest rates, payday loans can trap borrowers in a cycle of debt that is difficult to break.

Dave Ramsey recommends avoiding payday loans altogether and focusing on building an emergency fund and increasing your income. By doing so, you can avoid the need for payday loans and take control of your finances.

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The operator of this website is not a lender, and we do not control and are not responsible for the actions of any lender. Not all lenders in our network can provide up to $5,000. The service is not available in all states. Residents of New York are not eligible to use the service to request a loan. We can’t guarantee that your request will be accepted by one of participating lenders. The service is absolutely free. We do not charge you for any service. You may exit the process at any step as you are under no obligation to accept the loan presented. For details on your loan please contact your lender directly. Credit Implications We do not make any loans or credit decisions. Our lenders may perform credit checks to determine your credit worthiness, credit standing and/or credit capacity. By submitting your request you agree to allow our lenders to verify your personal information and check your credit. Please be aware that missing a payment or making a late payment can negatively impact your credit score. Our lenders do not look at credit alone so a low score won't necessarily disqualify you. Our lenders also look at income and previous outstanding loans. APR Disclosure Your lender will provide you with the terms and fees of your loan, APR, repayment terms and costs prior to the execution of your loan documents. APRs and repayment terms provided by lenders may vary depending on specific criteria. Representative APRs range from 5.99% to 35.99%. Loans repayment period: minimum 61 Days, maximum 72 months APR is based on the amount of your loan, cost of the loan, term of the loan, repayment amounts and timing of payments and payoff. APRs may be regulated by state and local laws. As we do not have access to the terms of your loan, so only lenders can provide you with information about your loan terms and rates, renewal policy and the implications of non-payment and late payment.

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We do not make any loans or credit decisions. Our lenders may perform credit checks to determine your credit worthiness, credit standing and/or credit capacity. Credit checks may be performed with the 3 reporting credit bureaus: Experian, Equifax, and Trans Union. By submitting your request you agree to allow our lenders to verify your personal information and check your credit. Please be aware that missing a payment or making a late payment can negatively impact your credit score.

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APR Disclosure

Your lender will provide you with the terms and fees of your loan, APR, repayment terms and costs prior to the execution of your loan documents. APRs and repayment terms provided by lenders may vary depending on specific criteria. Representative APRs range from 5.99% to 35.99%. Loans repayment period: minimum 61 Days, maximum 72 months APR is based on the amount of your loan, cost of the loan, term of the loan, repayment amounts and timing of payments and payoff. APRs may be regulated by state and local laws. As we do not have access to the terms of your loan, so only lenders can provide you with information about your loan terms and rates, renewal policy and the implications of non-payment and late payment.

Representative Example
APR, Total Loan Costs & All Applicable Fees

Loan Amount $1,000 $2,000 $5,000 $10,000
Interest Rate 24% 19% 13% 8%
Loan Term 12 Months 24 Months 48 Months 60 Months
Fee 3% 5% 8% 10%
Fee Cost $30 $100 $400 $1,000
Repayment $94.56 $100.82 $131.67 $202.28
APR 29.82% 24.12% 18.23% 9.20%
Total Payments $1,134.72 $2,419.68 $6,320.12 $12,136.80
Total Costs $164.72 $519.68 $1,720.12 $3,136.80

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