Have you ever taken out a "Payday" loan?

[Blue_Roses]

Either online or in the store front? My brilliant spouse:eyes: thought by taking out one of these "online" payday loans it would help us through a recent crisis. By giving them the information of our account, they drained it and put us into severe overdraft. I had no idea he did this until I went to pull money out and found we were in the hole. I'm so fucking mad --at him and these thieves. I've contacted the Attorney General in my state, and closed out that account but a what fucking mess. :mad:

The AG said that these people prey on the elderly who live on Social Security and people in a desperate crunch. Sickening.

[kick-ass-bob]

1. No.

And our state shut those things down for a while because of their predatoriness (hmm - that might not be a word).

They have stricter guidelines now I believe.

[Blue_Roses]

5. good and they are predators

I know we will eventually get this thing cleared up, but I feel for those who don't have a voice that keep getting deeper and deeper in debt because of these loan sharks.

[Magrittes Pipe]

2. You need a loan to buy a candy bar?

Oh, man... I'll send you one.

[kick-ass-bob]

4. I get Snickers loans all the time.

[Blue_Roses]

6. A loan or a candy bar?

No more loans but I could use the candy bar;)

[Magrittes Pipe]

12. Sorry to hear about your experience.

I could go for a candy bar, too. :hug:

[candy]

3. Never even heard of them--I don't blame you to be mad--what on

earth was he thinking?

I wish you luck but these thieves are,unfortunately,very smart.

[Blue_Roses]

9. I asked the same question except I worded it a little differently

WHAT THE FUCK WERE YOU THINKING

was more of how it went. FWIW, he does feel bad, so I've backed off, I still want to ring his neck

[tridim]

7. I guess I don't understand the point

Why not just cash your paycheck at a bank?

[Blue_Roses]

10. It doesn't work that way.

what they do is loan you the money. The next payday you give them your paycheck PLUS interest in oh, say, the sum of 700% APR. So you get stuck in not only paying back the loan, but an ungodly high interest rate.

[Strawman]

8. Yes. They are terrible

Once you start, it's hard to get out from under them. I spent about a year paying $40 on two week $200 loans. Totally stupid. Those places should be shut down. Once you start paying that kind of interest you're always going to stay broke and keep needing loans until you get a shot in the arm.

[Blue_Roses]

13. $40 a week????

for a year???? Good grief, what was the APR on that thing?

[Strawman]

14. every two weeks

it was in the 700% range I think.

[ogradda]

11. No. But one of my kids have and so have some of their friends.

It's a big rip-off. I'm sorry you got caught.

[terrya]

15. Those things are evil. Avoid them. Period.

The companies than offer them are nothing more than glorified loan sharks.Stay away from them. As one who's been down that road...seriously, man. Do NOT go there.

[catmandu57]

16. They prey upon our military

Because we pay our military so well, and the relative age and experience of these kids, many find themselves digging a hole before they know what they're doing.
Experience is the greatest teacher, but, this isn't an experience I'd wish on anybody, well not nobody. Anyone connected to the chimp* can experience it, unfortunately they are the lenders in most cases.
I'm sorry for your trouble, if any of these places were to come into contact with firebombs I wouldn't shed a tear/

[Blue_Roses]

20. too late

spouse has already gone down the road and we have reached a dead end:eyes:

I'm so pissed at him I could spit:mad:

[terrya]

21. Well...

then do your damndest to get out as quickly as possible. I know what this is like...it took me a while to get out from under them (yes, them. I had more than one)

Good luck, Blue_Roses. Some credit management companies now deal with the payday loans. It's a serious problem.

[Blue_Roses]

22. It seems to be a problem that is growing out of control

with the help of the internet. For the life of me, I don't know what he was thinking putting our account info online with these people. I have contacted the Attorney General and they have assigned an investigator to this, so it seems to be something they are concerned with as well.

[tjdee]

17. I asked about this a few weeks ago, didn't do it...

Something kept me from doing it--turns out, I made it through the crunch without it.

Sorry you and your husband got stuck in it, though--they look so "on the level" and like such a relief...just borrow some money for a few days, and pay it back. Seems simple enough, right? :(

[hippiechick]

18. Yes. Only do it if you can pay it back and be done with them ...

... if you have to 'extend' or continually use them, they'll nickle and dime you to death.

[philosophie_en_rose]

19. Go to a real bank

and ask for a small, short-term loan.

Moneytree-type places are predators that charge 700 + percent. You may get through a small crises now, but think of how much damage you could do in the future.

[hfojvt]

23. I despise those places, but I use credit cards

the one payday loan charges interest rates of 3000% and 5000%. You borrow $100 for two weeks and pay $15. They call that 390% interest, but if you figure it is compounded (or if you do it every two weeks, then every 14 weeks you will need to borrow an extra hundred just to pay back the interest). So 1.15 to the 26th power is 37.8567. Multiply that by 100 to get your APR of 3785.67%, which ought to be illegal.

[Old_Fart]

24. The only thing that they don't do is break your legs or arms

Same type of element.

[xmas74]

25. Not online but I have used one before.

My daughter had some medical problems (once again) and I really needed the money for her meds. I had to sign over a check (I think it was Check Into Cash or one of those crappy places) and they held it until my next payday.
I did this twice and I took out a small loan through another moneylender once. Every time I felt ripped off. The interest is sky-high. They knew exactly why I needed the money but they still ripped me off.
Never again.

[enigmatic]

26. Legalized loan-sharks

That's all they are.

[gizmo1979]

27. When I was in the army I

had many payday loans and pawn shop transactions.I always ended up paying just the interest.I think I still owe some of those guys money.I'll pay them back eh maybe tommorrow.