2007-09-19 16:07:01 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
Payday loans used to be the lucrative province of the Mafia. Suddenly, they seem to be legal. But the effect is still the same. Instead of usury interest rates, they call them fees, and then tack on interest on top of that.
Basically it eats up a huge chunk of your next paycheck if you pay it off, and if you don't pay it off, it eats up even more of your life very quickly. It's like a cancer, spreads quickly and devours you. Because they are now a legal business, they can get court judgements against you, garnish your wages and put liens against your property.
The only thing today is that they don't break your legs. (At least that we've heard.)
2007-09-19 17:37:17 · answer #1 · answered by Marc X 6 · 0⤊ 0⤋
A payday loan is the easiest method of meeting your emergency cash requirements till you get your next paycheck. Today many Internet lenders offer online payday loans. You complete an online application and send your bank statement to the lender. After verifying the credibility of your bank account, the lender processes and sanctions the loan and transfers the cash unto your bank account.
http://debt-loan-mortgage.com/category/How-to-Apply-for-Online-Payday-Loans.html
2007-09-19 23:50:36 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I have never taken a payday loan. I hear it is a bad idea.
2007-09-20 07:32:04 · answer #3 · answered by gonzo 3 · 0⤊ 0⤋
Interest rates in the 600% range. Dont go there. It's a very bad place.
2007-09-19 17:01:02 · answer #4 · answered by bdancer222 7 · 1⤊ 0⤋