Pay day loans?
Tuesday, August 19th, 2008 at 11:23 pm
Looking For Cash Day Advance Loan Reports
I’m in desperate need of some money. I have to pay my rent. I’ve never used a pay day/cash advance type business before, but I’m thinking that might be my only option.
Any advice?
Are these awful?
How much do they normally charge?
How long will I have to pay it off?
etc etc.
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Filed in: Cash Advance Type
August 21st, 2008 at 11:04 am
if you go to checksmart, its a 14 day loan and it depends how much you borrow on how much you pay back, but they have the best rates I’ve seen.
August 24th, 2008 at 8:31 am
one of the guys who works for me uses one.
It seems like he never gets out of debt.
I hear the percentage is fairly high, but if you need it once to get out of a jam, i guess it could help, but dont let it become a way of life.
August 27th, 2008 at 3:10 pm
These are the worst types of loans anyone can take The interest rates are rediculous. You have to pay it back next payday. Some people can’t so it’s extended to the next pay day and so on. You really have to be desparate to consider this.
August 28th, 2008 at 4:22 am
NO!
do not do them. unless you expect your great uncle money bags to die in 6 days. Payday loans are worse than the cash advances on credit cards. If you read the fine print, they charge 1200% interest. You will end up not being able to pay the loan back because of all the fees. which means you take out a bigger loan for next time. and even bigger the next week.
BAD BAD BAD. Payday loans are not an option unless you see bankruptcy in your immediate future.
August 29th, 2008 at 5:43 pm
If you can avoid doing this then you should. They are basically legal loan sharks.
September 1st, 2008 at 9:41 pm
it usually is double what ur asking for. try making a deal with you landlord tell them you’ll pay a little extra to catch up. or you’ll be a little late. see what they say.
September 3rd, 2008 at 9:51 pm
Payday loans and loans against your vehicle title are two of the biggest legal scams around today. They charge outrageous fees and interest, so you end up hurting yourself even more in the long run.
But if you have to do it, read all the paperwork carefully. Know exactly how much interest you will pay, how long you have to pay it back, and what kind of penalties there are if you are late. Just use extreme caution!
September 7th, 2008 at 6:15 am
Unless its a life and death matter - turn and run to another source. They charge exorbitant fee, something like $40 for $100 for two weeks (Wisconsin). You have to pay it back in two weeks and if you can’t the fees grow faster.
The word awful describes these loans (maybe double awful.) Do you have anything you could pawn or just sell to a pawn shop.
September 7th, 2008 at 11:17 pm
You will only have 2 weeks or until your next pay day. But you usually have the option to pay it off and get another one the same day. The thing is, depending on how much you get from them.. you might have to pay a $45 fee each time. So lets say you borrow $255 but in 2 weeks you have to pay them $300. If you choose to get a loan the same day you pay it off, you will only get $255 and the next time you come in you have to pay $300 again and the cycle continues until you can pay it off. I say If you need it and can’t pay it off right away, then you should get the loan again in 2 weeks but only get a loan back of a smaller amount than the first time and continue like that until you can pay the whole thing off at once. But that’s only if you are so so desperate! Good Luck!
September 10th, 2008 at 12:53 am
I know they are tempting but don’t do it you will only get yourself further in debt they ask for your recent pay stubs and expect you to pay back in full plus interest nest pay day. maybe your landlord will let you make a partial payment.
September 11th, 2008 at 10:38 pm
Please dont do that.The fact that you have to borrow money to pay rent? thats not how its done….Go to catholic social services or visit a church thats well to do or go to human resources. Its a shame these dang loan sharks can’t be made to pay all this interest money back.
September 14th, 2008 at 9:48 pm
Below link will certainly help you.
June 1st, 2011 at 4:38 pm
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