2007-09-29 14:19:40 · 11 answers · asked by ASH 1 in Business & Finance ➔ Credit
Good for making you homeless .
By the second month you will have a choice between paying the 500% interest and paying your rent .
Bruno may have issues with you not paying your 500% and the courts always side with Bruno ,
Becuase once the idiots signature is on the check ,
They legally owe it .
I've watched people cry about it's too much but
The judge says they're grown up and expected to read .
If you sign , You Must Pay .
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2007-09-29 14:24:41 · answer #1 · answered by kate 7 · 1⤊ 0⤋
Payday loans are not good at all. The industry primarily makes its money when you are not able to re-pay the initial loan and roll the loan over. A person testified in our city about a payday loan that he had obtained 6 years ago for $300 and ended up costing him over $10,000 and he just cried when he was shown the actual cost of this loan. The average interest rate with fees can run from 390 to 900 percent. Internet loans are not much better since they can average an interest of 650%.
The payday lending industry is currently being either investigated or having legislation passed against them in numerous states, i.e. Georgia, Alabama, Arizona, New Mexico, North Carolina and the District of Columbia amongst just some of the jurisdictions. If the payday loan industry was good for the community they would not be suffering from this type of backlash.
I would suggest that you check out alternatives. You can find a whole list of alternatives that are legitimate from the Center for Responsible Lending which is a non-profit group and also see information on the payday lending industry. The alternatives are listed on this web page
http://www.responsiblelending.org/issues/payday/briefs/page.jsp?itemID=29573161 & the main page for the Center so that you can do some research into the industry is http://www.responsiblelending.org/
I hope that you will be able to successfully resolve your financial situation and wish you prosperity.
2007-09-29 15:05:54 · answer #2 · answered by Margarita D 6 · 2⤊ 0⤋
No they will take your the money back out of your account on your payday.
2007-09-29 15:37:52 · answer #3 · answered by SandraD 3 · 0⤊ 0⤋
Hi,
Though their interest rates are very high, they come very handy when we are having a financial emergency. You can checkout the webguide http://paydayloan.friendlymarket.info for useful info on payday advance companies. Good luck!
2007-09-29 19:19:27 · answer #4 · answered by Alvin 2 · 0⤊ 1⤋
Heck no! Not unless you like paying over 400% interest. Some states are trying to make them illegal.
2007-10-03 14:18:21 · answer #5 · answered by RLW 4 · 0⤊ 0⤋
No way!!! They are one of the worst loans!!! Don't do it
2007-09-29 14:23:53 · answer #6 · answered by Anonymous · 1⤊ 0⤋
No they are not. You have to pay so much to borrow it. Find another way.
2007-09-29 20:36:09 · answer #7 · answered by kim h 7 · 0⤊ 0⤋
No once you get in you can never get out
2007-09-29 14:25:50 · answer #8 · answered by little D 2 · 1⤊ 0⤋
no
2007-09-29 16:00:32 · answer #9 · answered by Anonymous · 0⤊ 0⤋
NO! NO! NO!
2007-09-29 17:40:24 · answer #10 · answered by Ozzie 4 · 0⤊ 0⤋