Pay-Day Loans

Has anyone here ever been stung by these awful pay-day loans?

A friend of mine borrowed $1,500 from one of these. She missed a payment, so now her fees and overdue penalties are more than double what she originally borrowed. Now she's finding she cant' find a way to repay the fees and her payments barely covered the original debt anyway. The interest rate is appallingly high and the fees on top scared me!

She came to me begging for $3,200 to pay them out before another hefty round of fees is added to her debt. I wish I could help her, but I'm no better off than she is :(

I know that she has done this already now, and it's a sad story. I have actually done a bit of research into pay-day loans, and they are really not worth the piece of paper they are written on. The fees are incredible, and you should definately be VERY careful when considering one of these.

I will just say, that I do hope that she learns her lesson from this, and I personally would never go for a pay-day loan.

Maybe someone else could shed some light on this one.

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Payday loans are nasty little creatures and yet if they didn't exist there have been a few times where putting food on the table might not have been possible. As long as you only use a 2-300.00 loan and pay it off immediately it's not too much of a sting. I use one occasionally that charges me 36.00 for borrowing 300.00 for one month...........not too terrible but then I'm in Oregon and Oregon recently put restrictions on the payday loan folks. Not true in other states.