How much and how often, How much time will I have to pay it back?
2006-09-02 01:29:32 · 10 answers · asked by mslee48503 2 in Business & Finance ➔ Personal Finance
Most payday loan stores have a limit of $500 per loan. What they do is, you write them a post-dated personal check for the amount of the loan plus interest (usually $100 interest). You post-date the check for 1-2 weeks ahead of time, which is when you will be required to pay it back. Upon getting the loan, you will need to show proof of employment by bringing a paystub with you. When your loan becomes due, the loan company will simply cash your personal check. Should it bounce, they will garnish your wages until it's paid back, and could prosecute you for writing bad checks. It's a very dangerous business to get involved with, because the interest rates are sky high, the companies are inforgiving, and they prey on the poor. Think about it--if you don't have enough money this week, how will you have enough next week when next week's paycheck will be going to pay off the loan for this week? Vicious cycle.
2006-09-02 01:33:29 · answer #1 · answered by surfinthedesert 5 · 1⤊ 0⤋
Don't do that. The interest rates are so high and you will just dig yourself in deeper in debt. If you owe that much, go to the people you owe money to, and arrange a payment plan. Then get a second part-time job for just a little while to catch up. This happened to me. I thought it was a 'great' idea at the time, then found out what a very sorry idea it was.
Repeat: Don't do it.
2006-09-02 02:46:22 · answer #2 · answered by violetmax 3 · 0⤊ 0⤋
The same as the rest but with bizare interest rates. Credit cards on the net are less than 30% interest if you are working and a lot safer.
2006-09-02 01:34:00 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If they advanced you $1500, then you would have put something up as collateral in case you default on your loan. You already know what will happen if you default. Your collateral will be used to satisfy the debt, and if there is anything left, it will be given to you.
2006-09-02 01:32:47 · answer #4 · answered by WC 7 · 0⤊ 0⤋
It's not worth it - their interest rates are astronomical. You will end up paying back about $2500 - try getting an advance from your work instead.
2006-09-02 01:31:25 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Don't do, I am telling you from experience. Once you start you just dig yourself into a never ending hole. Thankful I figured it out and got myself outta of it.
2006-09-02 01:38:35 · answer #6 · answered by BritLdy 5 · 0⤊ 0⤋
Most places make you pay it in one payment. It will be like 2,000 dollars!
2006-09-02 01:34:52 · answer #7 · answered by actresst22 5 · 0⤊ 0⤋
Each lending institution has their own set of rules and regulations regarding pay schedule..Check out various ones until you find one that suits your pocketbook!
2006-09-02 01:32:28 · answer #8 · answered by janet r 3 · 0⤊ 1⤋
Try the links in http://www.freewebs.com/efinans/
2006-09-02 06:10:00 · answer #9 · answered by Anonymous · 0⤊ 0⤋
yes, pay more then borrow.
2006-09-02 01:38:20 · answer #10 · answered by justmejimw 7 · 0⤊ 0⤋