- NEW!
by Anonymous on July 30th, 2009
Not IMHO.
The interrest rates on them are outrageous.
The MAFIA never had such high rates!
+5
by Anonymous on July 30th, 2009
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
by Over and Out on July 30th, 2009
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.
by Wide Awake @ has closing date woo hoo on July 30th, 2009
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.
by -Slick- on September 19th, 2009
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
by Sharona Life is a Tale Told by an Idiot on July 30th, 2009
They are an escalating nightmare.
by Spirit of the Nomad on July 30th, 2009
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.
by Shemarq the Wamama on July 30th, 2009
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.
by IrnRose on November 14th, 2009
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.
by BigDaddyBS on September 19th, 2009
I know someone who got caught in a loan cycle with them. The INTEREST was 33%! Makes Credit Card interest rates seem small!
Is payday loan interest tax deductible?
by Answerbag Staff on June 21st, 2010
| 1 person likes this
Does bankruptcy cover payday loans in Texas?
by Answerbag Staff on June 15th, 2010
| 1 person likes this
Can you apply for a payday loan if you are in bankruptcy?
by Answerbag Staff on May 27th, 2010
| 1 person likes this
Why should I borrow from payday lenders not brokers?
by Julie_P3310 on January 27th, 2011
| 1 person likes this
if i used payday loan for school can i deduct interest
by LaVona_E on January 30th, 2012
| 1 person likes this
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Comments
The rates are so high to trap you in a cycle of getting loans to pay the interest on your last one. No matter what you do or what situation you are in or how many people tell you they work DO NOT EVER GET A PAYDAY LOAN!!!!
by PaulD1600 on July 30th, 2009
Well, the Mafia CAN charge an arm and a leg - or some cement overshoes - lol
by Wide Awake @ has closing date woo hoo on July 30th, 2009
One such place here in Las Vegas has an APR of "100%," and that's not a joke.
.
I believe that is called, "usury."
.
http://dictionary.reference.com/browse/usury
by Anonymous on November 14th, 2009