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Unread 03-14-2009, 10:34 AM   #1
kyleb
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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).
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Unread 03-14-2009, 01:44 PM   #2
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That is true and good advice.
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Unread 03-15-2009, 11:47 AM   #3
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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??
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Unread 03-16-2009, 09:51 AM   #4
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Originally Posted by Dodge Trucker View Post
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
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Unread 03-16-2009, 09:11 PM   #5
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Originally Posted by kyleb View Post
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?
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Unread 03-18-2009, 03:43 AM   #6
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Hello Friends,

What is no fax payday loans? Please provide me more information on no fax payday loan.
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Unread 03-19-2009, 02:53 AM   #7
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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?
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Unread 03-19-2009, 02:58 AM   #8
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Payday loans are for suckers!

Trust me!

This is perfect legal scam in the United States! I can't believe this!
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Unread 03-19-2009, 09:00 AM   #9
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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.
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Unread 03-20-2009, 02:16 AM   #10
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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...
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Unread 03-20-2009, 10:35 AM   #11
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Originally Posted by smithj View Post
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?
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Unread 03-20-2009, 12:29 PM   #12
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Originally Posted by smithj View Post
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.

Last edited by kyleb; 03-20-2009 at 12:41 PM. Reason: add information about the other 2 fee numbers and correct mistake
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Unread 03-21-2009, 05:55 AM   #13
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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,
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Unread 03-21-2009, 12:10 PM   #14
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If you use pay day loans,, you have to pay them back it not worth it. They can be dirty business.
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Unread 03-23-2009, 11:39 AM   #15
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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.
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Unread 03-24-2009, 12:30 PM   #16
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Originally Posted by Dodge Trucker View Post
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.
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Unread 09-17-2009, 02:31 AM   #17
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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
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Unread 09-18-2009, 01:31 PM   #18
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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.
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Unread 02-24-2010, 05:09 PM   #19
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I dunno much about "Payday Loans"...but there are several businesses here that do loans for 30 days....say you take a loan out for $500.00 and within 30 days, pay back $554.00.....charging you $54.00 for the loan, which is cheaper than ur bank card or borrowing from the bank....

They do not allow loans over $500.00, and ur monthly income must be a certain figure and ur credit-worthiness is also considered.

The only way anyone should do this is if it's a dire emergency, and are able to pay back the loan the next month.....You could also borrow $500.00, pay back $554.00 in 1 month...turn around and borrow $400.00 and pay back $434.00 in 30 days...the charge lessens with the least amount of money you borrow, if you can't pay it all back at once.

I do know of some people that have done this and had no problem, BUT..it's still risky!
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Unread 02-24-2010, 08:49 PM   #20
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you should be trust to honest and loan otherwise you are careful that is really careful..
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Unread 02-24-2010, 10:37 PM   #21
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Payday loan operators further prove that simply because something isn't illegal doesn't make it ethical. They take advantage of the people in bad financial situations to the fullest extent of the law.

Might as well borrow from a loan shark.
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Unread 02-24-2010, 11:00 PM   #22
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Payday loan operators further prove that simply because something isn't illegal doesn't make it ethical. They take advantage of the people in bad financial situations to the fullest extent of the law.

Might as well borrow from a loan shark.
Yup. Only a few months ago I read in the local paper that these places are popping up at nursing homes and retirement centers.
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Unread 02-25-2010, 01:13 AM   #23
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I never use payday loans....not worth to pay back more than what you earn.
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Unread 02-26-2010, 11:06 AM   #24
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I dunno much about "Payday Loans"...but there are several businesses here that do loans for 30 days....say you take a loan out for $500.00 and within 30 days, pay back $554.00.....charging you $54.00 for the loan, which is cheaper than ur bank card or borrowing from the bank....!

Cheaper than a bank card????? That's an APR of 129.6% I have never seen a bank card or bank charge that much
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Unread 08-29-2011, 02:35 PM   #25
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I agree, payday loans are the worst sort of loan.

if you must borrow money, it is best to do so as cheaply as possible, with the most favorable terms for you.

Payday loans are not it. People who think these are a good idea need to understand the power of compounding and figure out how much money over a long term they are losing.

If you are in a position where you "need" a payday loan, you need to start building yours savings ASAP. There is no good reason to be "forced" to take a payday loan. Learn how to manage your money better.
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Unread 08-29-2011, 05:24 PM   #26
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Its known as toxic loan.
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Unread 08-29-2011, 06:02 PM   #27
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I like payday loans, it's fun to see how many clients they have, it enterain me to see the number of people is getting dumb and dumber.

American, wake up.

On the positive outlook, PayDay Loan is awesome and fast way to build the good credits - How?

Make sure you have monies up front, and do the payday loan paperworks, get some cash, and then pay it in full within 7 business days, and keep doing that few times with different amount of cash request.

Read the paperwrks, and get 0% Interest for two weeks, it works.

This apply to smart people who knows how to thrive with excellent credit score on the credit reports.

<3.
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Unread 08-29-2011, 06:05 PM   #28
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I like payday loans, it's fun to see how many clients they have, it enterain me to see the number of people is getting dumb and dumber.

American, wake up.

On the positive outlook, PayDay Loan is awesome and fast way to build the good credits - How?

Make sure you have monies up front, and do the payday loan paperworks, get some cash, and then pay it in full within 7 business days, and keep doing that few times with different amount of cash request.

Read the paperwrks, and get 0% Interest for two weeks, it works.

This apply to smart people who knows how to thrive with excellent credit score on the credit reports.

<3.
The high numbers of the loan which you receive and paid in full with no negative status like 30-120 days late pay..more likely you will get approved easy for different kind of loans like.. car loans, house loans you name it.
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