Well it's almost christmas. If you were short on cash for christmas, say around $500.00 would you consider a payday loan yes or no and why?
2006-11-29 05:56:15 · 12 answers · asked by Anonymous in Business & Finance ➔ Credit
absolutely not, unless i needed it for electricity or food or medical expenses. because:
1) insanely high interest rates
2) digging a deeper hole
your best bet is to cut back expenses temporarily that aren't absolutely essential (cell phone if you have a land line, downgrade cable packages or eliminate all together, stop eating out at fast food or restaurants, take public transportation, buy less expensive food, etc.). alternatively, buy less expensive christmas gifts. when your situation improves, then you can adjust accordingly.
2006-11-29 06:19:35 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Definitely not, know why? Cause they charge you out the butt for interest. My sister took out a payday loan for $500 and they were charging her $110 a month in finance charges. Take on some baby sitting jobs, wash cars, mow lawns, anything besides a payday loan to earn some extra cash. Believe me, those payday loans are not worth it. If you don't have the exact amount ($500) when the money is due, there is heL(L) to pay.
2006-11-29 06:22:09 · answer #2 · answered by Renee W 2 · 1⤊ 0⤋
NO
Don't do it. Seriously, your loved ones would rather you be financially sound than take a payday loan.
Intereste at around 30% plus the fees that they tack on when you're late.
Don't spend the money you don't have. You're better luck taking out a personal loan with a friend. Just don't do the payday loan....
2006-11-29 06:01:33 · answer #3 · answered by Cabbage 2 · 2⤊ 0⤋
No way. If you really need the money then ask a relative or go to a bank and get a personal loan where the interest rate is way lower. Also you can just buy less gifts and your family would understand. Christmas is not suppose to be about presents :)
2006-11-29 06:07:32 · answer #4 · answered by MAY 3 · 1⤊ 0⤋
You greater desirable call them and make some preparations on account which you signed the papers. of path they are in a place to sue you. you may sue all and sundry for something, you will possibly not win yet you may take it in front of a choose. you additionally are going to get expenses for each overdraft on you financial company account. and easily last the account won't help. There are regulations against last a financial company account whilst there are uncashed tests and money. each state is diverse. communicate on your financial company. significant answer: you may safeguard this quickly! i'm hoping you probably did not do a automobile identify own loan. they are going to repossess your automobile too. i'm undecided the way you acquire 4 diverse pay day loans on the comparable time until eventually you're making use of diverse agencies. besides the fact that it rather is a multitude. in case you permit this pass, not basically will is cut back to rubble you financial company account, you will not have the skill to get a brand new account for a lengthy time interior the destiny until eventually you pay the different financial company off from the overdraft. 2nd that is going to fully spoil your credit. The interest is in all probability rather severe too. end all your pointless spending, cellular telephone, information superhighway, going out to consume, each thing and get this dealt with.
2016-12-17 18:25:37 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I agree, i've done the payday loan a few times in the past, and would not do it again. Interest rate is outrageous and is how they make their money. If you can't afford the gift, just put an IOU in the stocking or card, and say that they will get the gift whenever you can save up the money. =)
2006-11-29 06:04:46 · answer #6 · answered by aloneinga 5 · 1⤊ 0⤋
I've done the payday loan and honestly would not recomend it to anyone. The interest rates are ridiculous.
2006-11-29 05:59:48 · answer #7 · answered by Anonymous · 1⤊ 0⤋
No, the interest rate is too high. Only if I were desperate and had a bonus on the way.
2006-11-29 06:03:18 · answer #8 · answered by boomer sooner 5 · 2⤊ 0⤋
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2006-11-29 06:10:36 · answer #9 · answered by asasface 1 · 0⤊ 2⤋
i would never do one. if you need a loan, go to your bank
2006-11-29 06:33:47 · answer #10 · answered by Starry Eyes 5 · 0⤊ 0⤋