Negative Effect of Payday Loans on Someone’s Mental Health

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Negative Effect of Payday Loans on Someones
Mental Health
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• If youve ever had money troubles, you will be
  familiar with the gut-wrenching, stomach-churning
  feeling that comes along with it. Worrying about
  money can put an extreme impact on someones
  mental health, especially if the money worries
  are coming from a place thats supposed to help. 

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• Payday lenders are particularly responsible for
  this because although they claim to provide a
  helping hand and useful solution to money
  problems, sometimes they can actually make this
  issues worse. They make the issues worse by not
  being supportive, not being understanding and
  sometimes even doing illegal things to get more
  money out of people. When you think about why
  people turn to these lenders in the first place,
  this type of behaviour is outright despicable. 

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• Payday loans can have a huge impact on peoples
  mental health and never in a good way. If
  someone is struggling with money so they have
  turned to a payday lender then you can make an
  educated guess that theyre probably already
  incredibly stressed out. Having to borrow money
  isnt nice, and when youve got loan companies
  breathing down your neck, it can make these
  problems even worse. 

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• People who already suffer from depression,
  anxiety and a whole host of other mental issues
  can have these problems exacerbated by those who
  they have turned to the help them. Think of the
  payday lenders that have charged such
  extortionate rates that people are forced to
  borrow more, just to pay them back? This is going
  to have a massive impact on someones mental
  health, and they are more likely to become even
  more stressed out.

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• This could go even further and send some people
  into a depression, where all they can think about
  is their money problems. In extreme cases, some
  people have even committed suicide just because
  they were so worried about their debts and
  couldnt see another way out of it. 

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• Because payday lenders are supposed to be the
  good guys, people expect good customer service
  from them. However this isnt always the case,
  and unfortunately, a large majority of people who
  have used a payday loan have complained about
  poor customer support.

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• When the company who is supposed to be helping
  you cant be bothered to return calls, or are
  rude down the phone it can make people feel very
  down. It can make them feel like they have no one
  to turn to, and no one who understands and so
  become very withdrawn and isolated.

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• This may mean that they cannot find a job and so
  are still unable to pay back the loan that got
  them into this place initially. 

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• Another negative effect that payday loans can
  have on someones mental health is that it can
  make people feel very worried and paranoid.
  Especially in the case of certain companies who
  were found to be passing on sensitive and
  personal data to other companies.

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• If someone owes a company money and they start
  to get letters or phone calls from other
  companies, or in a lot of cases, withheld
  numbers, then they may start to panic and become
  worried that loan sharks are chasing them up. On
  top of all the other worries they have, it can
  lead to people not going out of the house, not
  answering the phone to withheld numbers, and
  potentially not answering the phone to people
  they know. 

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Payday loan companies have a responsibility to
look after their customers and provide them with
security and peace of mind while they are using
them. Unfortunately, many people have found that
their problems worsened once they started using a
payday lender, and the company did very little to
help. In some cases, the company actually made
the problems worse and caused people to become
very ill.
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To know more update, visit us
https//www.redbridgefinance.co.uk/
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