by 
RobotMan
ANSWERS: 11
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Not IMHO. The interrest rates on them are outrageous. The MAFIA never had such high rates! +5
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As a once in an emergency resource, yes. As a regular practice, no no no no no. The interest charged on such loans is very, very high. One can easily get into the cycle of needing a new loan to pay the old one, and the cycle continues until bankruptcy.
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If there's any way to avoid them, they're not a good idea at all! They're just making money off people's inability to live within their means.
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You want to avoid them like the plague. The interest rates they charge are insane. It is really easy to get sucked into a cycle of using them all the time -- When you get your check, a chunk of it is already gone so you need another loan to make up the difference. I've seen a number of people who have actually dug themselves into bigger holes because of this.
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They are really dangerous a very bad idea unless you have absolutely no alternative stay away from them. They charge you an exorbitant interest rate that effects your next check, and the next and so on an so forth,and because you are paying back the loan and the interest you are pretty much forced to use the service again. they are really hard to recover from once you've used them once.
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If you have no where else to get the money from and it's an absolute emergency then yea...do what you gotta do, but they probably charge a gang of interest
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They are an escalating nightmare.
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I know someone who got caught in a loan cycle with them. The INTEREST was 33%! Makes Credit Card interest rates seem small!
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There such a rip off, they really stick it to you with those interest rates, a friend of mine had two at once, used one to pay off another, he could not never catch up kept owing them money every week. +5
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well i did use them a few years ago and it was a terrible vicious circle. needed to pay bills got a loan, then 2 weeks later had to repeat to pay the loan. rinse and repeat. it took me over 2 months to get out of it.
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NO NEVER, THATS WHY NEW LAWS ARE PUT IN PLACE. ITS BETTER TO LIVE ON WHAT YOU MAKE, RATHER THAN BARROW. YOU'LL NEVER GET AHEAD IN LIFE BARROWING.
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