the financial breakdown..
2006-10-18 06:15:44 · 8 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
They are allowed to charge you 400% interest (no joke). Avoid them like the plague. Borrow money from a legitimate institution like a bank or credit union.
2006-10-18 06:24:05 · answer #1 · answered by Anonymous · 1⤊ 0⤋
A payday loan is just that...a payday loan. You get a loan (most up to $300), you give them a personal check for the loan amt plus their payback fee (for $300 is usually $50), so your total amt is $350. You usually have two weeks to pay back the money you borrowed plus their fee. When you go in to pay it, they will normally shred your ck you originally gave them and take your cash. If you do not show up to pay it, they will deposit your ck. So you will be paying back a total of $350 according to the example above.
2006-10-18 06:27:40 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Hi
Here's the best thing I could find on payday loans as far as a breakdown goes. See the link I left you below.
Hope this helps.
Roy
2006-10-19 14:46:22 · answer #3 · answered by Roy 2 · 0⤊ 0⤋
It's usury. (Legal loan sharking) Plain and simple. You show them a pay stub. They give you a short term (2 weeks or 30 days) loan of the same amount less 10 - 30 %. When you get paid, they own your next check.
2006-10-18 06:25:52 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Basically you borrow money today and pay it back on your payday. For example, you borrow $500 today and come payday you owe them $500 plus a fee.
2006-10-18 06:24:35 · answer #5 · answered by Anonymous · 0⤊ 0⤋
These things are legal scams. Take advantage of low income people by charging super-high interest. Worse than a pawn shop. But the politicians, who should have been protecting our interests, instead took big bucks from these shysters like they did from the casinos. They're parasitic, designed to suck the lifeblood out of the working poor. Nasty, nasty business. Save your money, eat beans if you have to, work two jobs, but stay away from these people.
2006-10-18 06:28:26 · answer #6 · answered by Anonymous · 1⤊ 0⤋
you write a post dated check for say $125
the payday loan place gives you cash of say $100
when the date arrives, they deposit your check and you have just lost $25. these places can really hook you, so only do it as a last resort.
2006-10-18 06:24:12 · answer #7 · answered by Agent99 5 · 0⤊ 0⤋
There's a website here which explains all the details. It pays to do your research before going down this path so I hope this helps. Good luck!
2006-10-18 11:37:46 · answer #8 · answered by Anonymous · 0⤊ 0⤋