Posted on
May 14, 2008
at
7:26 am
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 :(
Posted on
May 30, 2008
at
3:39 pm
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.
Posted on
July 26, 2008
at
10:50 am
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.
Posted on
September 22, 2008
at
11:12 am
I'm not sure there is anything she can do- except pay them. They will continue to hit her for fees and interest. That is how these work. I have never had to take one out and I hope I never do. I say stay clear of them- they are bad news.
Posted on
September 22, 2008
at
11:19 am
Our state is trying to pass a law now to make it illegal to own or operate a payday loan business, which I hope passes. You can look up the regulations concerning the fees on your local state government website. The should have it marked as Consumer Code. You may have to look through alot of paper, but in some cases you will find that the fees they are charging are not legal in your state. If that be the case you can fight it.
Posted on
September 27, 2008
at
5:49 pm
Our state had considered outlawing payday loan businesses as well, because the interest rates are considered userous.I still see the payday loan businesses so someone had to have done so fast talking to modify the bill that would have banned them, before it became law!
