2006-10-20 13:13:18 · 14 answers · asked by NYC 1 in Business & Finance ➔ Credit
unfortunately yes they are...but trust me...it's a bad deal all around for the individual. Most charge up to 29% on the loan and make big bucks doing it.
I would never do that...I'd let my lights be turned off before I'd stoop to doing that.
jus like title loans...geeze what are people thinking...might as well go to a pawn shop and lose what you have.
2006-10-20 13:17:33 · answer #1 · answered by Kenneth S 5 · 0⤊ 0⤋
Actually, payday loans are just legalized money sharking. What is even worse is that Congress is going to reduce their APR to a max of 39% for Military only and that means that they will still fleece the very poor that the Democrats say that they care so much about.
2006-10-20 22:15:49 · answer #2 · answered by andy 7 · 0⤊ 0⤋
Speaking as the nation's top credit expert (visit www.LearnAboutCredit.com)
Yes, and having one of them on your credit report will damage your credit scores. DON'T use that kind of lending. OR any finance company either--they harm scores.
If you have to borrow to buy anything except a vehicle or a home, it is a bad idea.
You can always buy more stuff in life if you pay cash. Paying interest is just wasteful for furniture, electronics, etc.
2006-10-21 17:16:59 · answer #3 · answered by supercreditguru 3 · 0⤊ 0⤋
Some of these loans charge well over 100% interest. A credit card at 0-25% is a much better option than a payday loan.
2006-10-20 22:15:16 · answer #4 · answered by Tony M 2 · 1⤊ 0⤋
Yes .... and real expensive. Try not to use them because the interest costs will further erode your available cash.
The key to your situation is to increase your income.
I can give you a few perspectives if there's an interest. Just send me an email.
That was an excellent question!
2006-10-20 20:17:53 · answer #5 · answered by Smilin' Fred 4 · 0⤊ 0⤋
Yeah, they work but you really have to know what your doing. These places mostly pray on young irresponsible people so if your going to these places because you can't get money from a safer place then you should probably stay away. Do you really need what ever your going to get with that money or can you tough it out?
2006-10-20 21:59:18 · answer #6 · answered by jason.cleaver 1 · 0⤊ 0⤋
I can tell you by experience that if you get behind on these things, you will owe a lot of interest. At one time I had 4 open loans owing hundreds of dollars to these people. If you plan to pay it back immediately, then you're okay. Just don't let them go longer then one paycheck!!!!
2006-10-20 20:22:33 · answer #7 · answered by luvmekttys 1 · 1⤊ 0⤋
they are for real but they are a trap really if you look at the intrest rates. I got one and it took me 6 mo. to get ahead enough to pay it off. They are a better option than a car title loan.
2006-10-20 20:18:52 · answer #8 · answered by jdanley34 1 · 0⤊ 0⤋
Yes they are, their interest rates are probably bordering on usury.
2006-10-20 20:16:04 · answer #9 · answered by WC 7 · 0⤊ 0⤋
Yes they are, all you need is to choose the best. At http://www.online--paydayloans.com, they will give you the best.
2014-08-01 01:26:30 · answer #10 · answered by ? 1 · 0⤊ 0⤋