2007-01-16 16:59:15 · 9 answers · asked by foreverquilting2003 3 in Business & Finance ➔ Credit
Well, if they charge high fees then you have got to know that before you borrow money, right? If you think they are unfair then don't do business with them.
2007-01-16 17:11:53 · answer #1 · answered by JeffersonsSoul 1 · 0⤊ 0⤋
NO!!
This is much the same trap as the credit card. It supports the "get it now!" attitude of many people today. Want something? Need something? Pull out the credit card! Go get a payday loan!
The problem is that in both cases you have to PAY IT BACK! WITH INTEREST!
In the case of the payday loan that means, that unless you've worked a bunch of overtime, the week you needed the loan (payday usually pays you for the week before, after all), then you won't be able to pay it off and will still owe on the loan. I have no idea what the interest rates are but I'm betting they don't favor the person who needs the loan!
Basically, with those things you could get yourself in deep trouble real fast.
2007-01-16 17:28:45 · answer #2 · answered by Sulkahlee 3 · 1⤊ 0⤋
Some states are starting to shut them down because of the excessive interest rates they charge. Each state has compliance laws and a lot of the payday loan places are not conforming to the laws.
You will see some of the payday loan places on line will tell you they don't do loans in certain states. This is why. They aren't allowed to.
2007-01-16 17:10:31 · answer #3 · answered by kelly h 3 · 1⤊ 1⤋
I don't know if they should be legal or not, what I can tell you is they need to be HEAVILY regulated. The fees and interest are OUTRAGEOUS!!!
2007-01-16 17:41:58 · answer #4 · answered by bundysmom 6 · 1⤊ 0⤋
naw...they charge too much interest. They have been a no-no for low paid wage earners since the 1940's.
2007-01-16 17:09:50 · answer #5 · answered by sophieb 7 · 0⤊ 1⤋
Are payday loans legal in NYS? T.R.Y T.H.I.S. S.I.T.E W.H.E.R.E Y.O.U C.A.N F.I.N.D T.H.E B.E.S.T S.O.L.U.T.I.O.N F.O.R Y.O.U
2016-05-23 23:11:57 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I think they should be illegal!!! They are the worst thing you can get caught up in...trust me been there done that...glad I am out of that whole mess....
2007-01-16 17:07:18 · answer #7 · answered by ?only?me? 6 · 1⤊ 1⤋
yes they should be, the interest rates are ridiculous, big mistake for those who choose it
2007-01-16 17:39:32 · answer #8 · answered by Leelee 2 · 0⤊ 1⤋
why not ?
2007-01-16 17:06:38 · answer #9 · answered by ? 7 · 1⤊ 0⤋