Why NOT to do payday loans

kyleb · 03-14-2009, 11:34 AM

I want to advise you on payday loans. You should not do them.

Although you do not see it, by making payday loans you are giving the loan provider an exorbitant amount of extra money. Let's see, shall we?

Say I give you a payday loan of $200 for 2 weeks. I charge you 30 dollars as a fee. Do you usually earn $7,571 in 2 weeks? That's the same as working 433 hours each week at Ontario current minimum wage ($8.75 per hour as of March 31, 2008).

Bottesini · 03-14-2009, 02:44 PM

That is true and good advice.

Dodge Trucker · 03-15-2009, 12:47 PM

And to top it all off...they can charge you HIGH HIGH interest rates!! I've heard they often charge 40 to 50% interest rates on some poor dumbass fools. So if you took out a $200 loan...you can expect to pay back $350 or more. NO ONE should EVER go to these stupid stores and ask for payday loans. Once you start, they will keep you for LIFE making payments. I have several friends who made the mistake of doing payday loans...and they REGRET it and are STILL trying to get out of it.

If you don't have the money...SUFFER!! How do you think people back in the depression lived??

kyleb · 03-16-2009, 10:51 AM

Quote:

Originally Posted by Dodge Trucker

And to top it all off...they can charge you HIGH HIGH interest rates!! I've heard they often charge 40 to 50% interest rates on some poor dumbass fools. So if you took out a $200 loan...you can expect to pay back $350 or more. NO ONE should EVER go to these stupid stores and ask for payday loans. Once you start, they will keep you for LIFE making payments. I have several friends who made the mistake of doing payday loans...and they REGRET it and are STILL trying to get out of it.

If you don't have the money...SUFFER!! How do you think people back in the depression lived??

Suppose you make a deal with me, stating that you will give me exactly 2 dollars. I will double the 2 dollars, and double the doubled money, each day until stopped. If you stop the doubling after 30 days, how much money must I give you? $2,147,483,648

Dodge Trucker · 03-16-2009, 10:11 PM

Quote:

Originally Posted by kyleb

Suppose you make a deal with me, stating that you will give me exactly 2 dollars. I will double the 2 dollars, and double the doubled money, each day until stopped. If you stop the doubling after 30 days, how much money must I give you? $2,147,483,648

Your point in this is?

03-18-2009, 04:43 AM

Hello Friends,

What is no fax payday loans? Please provide me more information on no fax payday loan.

03-19-2009, 03:53 AM

Quote:

Originally Posted by smithj

Hello Friends,

What is no fax payday loans? Please provide me more information on no fax payday loan.

As per my previous post, I would like give you more specific information so any of you can help me. Actually I am looking for quick cash and someone has suggest me faxless payday loan for quick approved. But, before I can apply for the faxless payday loan, I need some information. What is the current interest rate? Is their any hidden charges? I visit some advertisement on internet and they says: Apply for No Fax PDL, No hidden charge. Is it true?

diehardbiker · 03-19-2009, 03:58 AM

Payday loans are for suckers!

Trust me!

This is perfect legal scam in the United States! I can't believe this!

kyleb · 03-19-2009, 10:00 AM

Quote:

Originally Posted by smithj

As per my previous post, I would like give you more specific information so any of you can help me. Actually I am looking for quick cash and someone has suggest me faxless payday loan for quick approved. But, before I can apply for the faxless payday loan, I need some information. What is the current interest rate? Is their any hidden charges? I visit some advertisement on internet and they says: Apply for No Fax PDL, No hidden charge. Is it true?

Uhh...

I'll need the amount you want to borrow and what the fee is. Then I'll explain it all to you.

03-20-2009, 03:16 AM

Hello Friends,

Thanks for your helpful reply. As per my previous post someone has informed me that, some payday loans are prohibited in some states and that means that if I am in one of those states and get a loan it would be with an unlicensed/illegal company. payday loan interest rates vary from state to state. Some are very strict while others allow almost any amount.

Please suggest me if is their any other option available in payday loan except faxless payday loan. I apply for payday loan to help my friend. He lost his job in this recession period. He need 1500$ borrowed. Please help...

Oddball · 03-20-2009, 11:35 AM

Quote:

Originally Posted by smithj

Hello Friends,

Thanks for your helpful reply. As per my previous post someone has informed me that, some payday loans are prohibited in some states and that means that if I am in one of those states and get a loan it would be with an unlicensed/illegal company. payday loan interest rates vary from state to state. Some are very strict while others allow almost any amount.

Please suggest me if is their any other option available in payday loan except faxless payday loan. I apply for payday loan to help my friend. He lost his job in this recession period. He need 1500$ borrowed. Please help...

stay away from any payday loan places at any cost. Why not your friend apply for unemployment insurance?

kyleb · 03-20-2009, 01:29 PM

Quote:

Originally Posted by smithj

Hello Friends,

Thanks for your helpful reply. As per my previous post someone has informed me that, some payday loans are prohibited in some states and that means that if I am in one of those states and get a loan it would be with an unlicensed/illegal company. payday loan interest rates vary from state to state. Some are very strict while others allow almost any amount.

Please suggest me if is their any other option available in payday loan except faxless payday loan. I apply for payday loan to help my friend. He lost his job in this recession period. He need 1500$ borrowed. Please help...

OK, $1,500 dollars borrowed.

The fee would typically be between $225 and $450, so I'll pick a number in between that - $337.50.

The fee: Over 14 days (2 weeks times 7 days), you would be paying $337.50 / 14 days = $24.11 each day. You would be paying $8,800.15 in fees over 365 days.

$337.50 in fees for a 2 week loan is the same as paying 88 cents for each dollar borrowed. Dividing $1,500 by 88 gives $17.05.

The extremes:

$225 in fees for a 2 week loan is the same as paying 59 cents for each dollar borrowed. Dividing $1,500 by 59 gives $25.42.
$450 in fees for a 2 week loan is the same as paying 117 cents for each dollar borrowed. Dividing $1,500 by 117 gives $12.82.

03-21-2009, 06:55 AM

Hi kyleb,

Thank you very much for valuable information. As per "Oddball" reply, I want to know more about unemployment insurance. So I can easily guide my friend for the same.

Thanks,

GarnetTigerMom · 03-21-2009, 01:10 PM

If you use pay day loans,, you have to pay them back it not worth it. They can be dirty business.

Royale · 03-23-2009, 12:39 PM

Quote:

Originally Posted by GarnetTigerMom

If you use pay day loans,, you have to pay them back it not worth it. They can be dirty business.

Yes only if they are loosely regulated.

Foxrac · 03-24-2009, 01:30 PM

Quote:

Originally Posted by Dodge Trucker

And to top it all off...they can charge you HIGH HIGH interest rates!! I've heard they often charge 40 to 50% interest rates on some poor dumbass fools. So if you took out a $200 loan...you can expect to pay back $350 or more. NO ONE should EVER go to these stupid stores and ask for payday loans. Once you start, they will keep you for LIFE making payments. I have several friends who made the mistake of doing payday loans...and they REGRET it and are STILL trying to get out of it.

If you don't have the money...SUFFER!! How do you think people back in the depression lived??

Yup, I agree with that.

marvin-r · 09-17-2009, 03:31 AM

as with any loan, the key to using payday loans, online or otherwise, is to do so very occasionally-- only when it's truly an emergency. When determining if it is best to apply for a payday loan online, consider your ability to repay it. Always know where the repayment money will come from before you agree to borrow any, or you can create even more problems for yourself.

fast loans

Bear · 09-18-2009, 02:31 PM

Payday loan fees are usually not that high. Usually if you borrow 300 you end up paying back like 350-375 depending on the place. The PROBLEM with payday loans is that it turns into a vicious cycle of borrowing. These loans are targeted at the already very low income people. If you need to borrow from them just to make it through then my suggestion is dont. Cause then you will be continuously borrowing. If you cant afford it, simple dont get it. If you need money, simple wait till the next payday or borrow from friends who will work out a repayment with you.

03-14-2009, 11:34 AM	#1 (permalink)
kyleb Registered User Join Date: Jan 2007 Location: Canada Posts: 68	Why NOT to do payday loans I want to advise you on payday loans. You should not do them. Although you do not see it, by making payday loans you are giving the loan provider an exorbitant amount of extra money. Let's see, shall we? Say I give you a payday loan of $200 for 2 weeks. I charge you 30 dollars as a fee. Do you usually earn $7,571 in 2 weeks? That's the same as working 433 hours each week at Ontario current minimum wage ($8.75 per hour as of March 31, 2008).

03-14-2009, 02:44 PM	#2 (permalink)
Bottesini Bodhar agus leath dall Join Date: Mar 2008 Location: Middle of dog pack Posts: 16,082	That is true and good advice. __________________ It's a joke Nathan!

03-15-2009, 12:47 PM	#3 (permalink)
Dodge Trucker Can't DODGE it? RAM IT! Join Date: Feb 2005 Location: Good Ol' KC Posts: 197	And to top it all off...they can charge you HIGH HIGH interest rates!! I've heard they often charge 40 to 50% interest rates on some poor dumbass fools. So if you took out a $200 loan...you can expect to pay back $350 or more. NO ONE should EVER go to these stupid stores and ask for payday loans. Once you start, they will keep you for LIFE making payments. I have several friends who made the mistake of doing payday loans...and they REGRET it and are STILL trying to get out of it. If you don't have the money...SUFFER!! How do you think people back in the depression lived?? __________________ Respect everyone's opinion. Don't like their opinion? LIVE WITH IT!!

03-19-2009, 03:58 AM	#8 (permalink)
diehardbiker Stuck in New York! Join Date: Mar 2004 Posts: 7,168	Payday loans are for suckers! Trust me! This is perfect legal scam in the United States! I can't believe this! __________________ Please do not follow unless your driving REAL 4x4 with LOW! FUN is standard...PAVEMENT is optional.... Plus Jeep Wrangler owner too.

03-21-2009, 01:10 PM	#14 (permalink)
GarnetTigerMom Registered User Join Date: Aug 2007 Location: Virginia Posts: 4,958	If you use pay day loans,, you have to pay them back it not worth it. They can be dirty business. __________________ GarnetTigerMom "The rain may be falling hard outside, But your smile makes it all alright. I'm so glad that you're my friend. I know our friendship will never end." -- Robert Alan

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03-18-2009, 04:43 AM	#6 (permalink)
smithj Guest Posts: n/a	Hello Friends, What is no fax payday loans? Please provide me more information on no fax payday loan.

03-20-2009, 03:16 AM	#10 (permalink)
smithj Guest Posts: n/a	Hello Friends, Thanks for your helpful reply. As per my previous post someone has informed me that, some payday loans are prohibited in some states and that means that if I am in one of those states and get a loan it would be with an unlicensed/illegal company. payday loan interest rates vary from state to state. Some are very strict while others allow almost any amount. Please suggest me if is their any other option available in payday loan except faxless payday loan. I apply for payday loan to help my friend. He lost his job in this recession period. He need 1500$ borrowed. Please help...

03-21-2009, 06:55 AM	#13 (permalink)
smithj Guest Posts: n/a	Hi kyleb, Thank you very much for valuable information. As per "Oddball" reply, I want to know more about unemployment insurance. So I can easily guide my friend for the same. Thanks,

09-17-2009, 03:31 AM	#17 (permalink)
marvin-r Registered User Join Date: Sep 2009 Posts: 2	as with any loan, the key to using payday loans, online or otherwise, is to do so very occasionally-- only when it's truly an emergency. When determining if it is best to apply for a payday loan online, consider your ability to repay it. Always know where the repayment money will come from before you agree to borrow any, or you can create even more problems for yourself. fast loans

09-18-2009, 02:31 PM	#18 (permalink)
Bear Out Of Hibernation Join Date: Apr 2007 Location: Ohio Posts: 1,137	Payday loan fees are usually not that high. Usually if you borrow 300 you end up paying back like 350-375 depending on the place. The PROBLEM with payday loans is that it turns into a vicious cycle of borrowing. These loans are targeted at the already very low income people. If you need to borrow from them just to make it through then my suggestion is dont. Cause then you will be continuously borrowing. If you cant afford it, simple dont get it. If you need money, simple wait till the next payday or borrow from friends who will work out a repayment with you. __________________ http://bears-city.myminicity.com/

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