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by Ziggydoom on April 3rd, 2005

Ziggydoom

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What are payday loans? Are they a good type of loan?

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  • by Merry Walker on April 3rd, 2005

    Merry Walker

    A payday loan is generally a short-term high interest unsecured loan. You show your pay stubs to the lender, they loan you money. Generally they have you write them a check that is either post-dated to your payday or will be held until your payday. The charges, fees, and interest rates are generally pretty darn high.

    They're a bad idea because the fees, charges and interest are so high. If you were short this payday, you're going to be even shorter next payday after paying it back. More, if payday loans are your only source of emergency funds, you need to look at your finances very carefully, as you're either overextended on your bills or have no funds set aside for emergencies. Or maybe both.

    Bob Martin: I answered the question, which specifically asks for opinions. This is the eighth bad rating you've given me on the same day, citing only the most specious reasons. Apparently you're more interested in slamming me than in giving honest ratings. I suspect the "Bob Martin" account was created specifically so you could give me bad ratings without risking this same kind of retaliation to your primary answerbag identity (and I have a pretty good idea what that is). However, I participate in answerbag as it is meant to be used, and don't engage in petty personal attacks.

    Comments

    • good answer

      breadmanpaul

      by breadmanpaul on April 4th, 2005

    • ... or are a victim of the Bush economy....

      8 Jan 2004-10 Dec 2009

      by 8 Jan 2004-10 Dec 2009 on April 6th, 2005

    • I agree whole heartedly!

      Anonymoose

      by Anonymoose on April 12th, 2005

    • You shouldn't try to decide what's a good idea or bad idea for other people

      Bob Martin

      by Bob Martin on June 23rd, 2005

    • And don't forget the cheque-cashing companies.

      RedJohn

      by RedJohn on November 4th, 2005

    • Good answer . Bob, the question called for opinions and this answer is just that, not an attempt to dictate to anyone.

      Grandma Roses - my avatar is my real dog

      by Grandma Roses - my avatar is my real dog on January 15th, 2006

    • Hello Bob Martin~ I do believe that Merry Walker was honestly giving an opinion and not trying to state facts. I have said before that I thought an idea was bad or good. I wasn't preaching to the person, I was voicing my opinion. Many questions on AB are just asking for opinions and only a few times have I heard someone say,"this is just my opinion". Most people just say what they have to say and we all get along. That's just my opinion though. Good Day:)

      Davids Girl

      by Davids Girl on August 4th, 2008

    • you have good site payday loan lender providers ...
      .

      Wilson_M

      by Wilson_M on July 6th, 2011

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