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  1. #1

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    I am just curious to see who in here fell for the payday advanced loans. I was tempted a long time ago until I manipualted one of my associates to go first. Boy was she ever hit with a 300% rate. When she could not pay it all, they told her "No Problem" and she looked up and recieved nearly another 300% hike against what she should have paid along with the weekly (or monthly) charge. How can something start at $300 and end up nearly $1k so quick. She had to close her checking account because of this. She is still my associate and everything but she is only mad at me because I told her that I had one and it was cool. Like I told her, I did not put a gun to your head and forced you to apply for it, and if I did tell you I had one, I must have had too many Millers.

  2. #2

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    Unfortunately 11 years ago when I was young and dumb, I took up a Pioneer military loan. It was a tough battle for a newly enlisted soldier to make it on a tight salary. It got worse after I fell prey to the "what should be illegal loan". To put it this way, I took up a 20% cash advance on my credit card to pay it off. And that was worth it! The fine print that I never remembered seeing for a $700 advance included at least $200 in processing fees for one month, as well as around a 60% annual interest rate, and a $100 pre-payment penalty.

    The only advice that I can give is to never even think about the places that advertise "Fast Cash Now", "Pawn Your Title", "Advance Tax Checks" or "Payday Advance" or the similar. If you need money that bad, your church, the American Red Cross or family should be the first to call. Never these sharks!

  3. #3

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    Oh my goodness, so if you pay early, they will chage you a fee? The $200 processing fee is highway robbery and these company's should be closed down. When they penalized you for paying early did they take it out of your checking account? They actually took my firends money from her account when she had the second contract drawn up. She was under the impression that the new contract would still have automatic payments comming from her account at a slightly higher rate. She was not under the impression that they were going to charge all the fees to her checking account right away. GIve me a break, they might as well charged her all the fees and then took all she owed from her account and called it quits. Good story FG, I know someone has learned something from this one.

  4. #4

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    I was saved from these loans by a friend's experience. She got one, thinking she'd pay it back right away, but the interest was so high she couldn't pay it back when planned. It took her forever to pay it back, and the interest she paid was huge compared to the little bit of money she initially took out. I can't believe how many of these payday loan companies there are. Someone is obviously using their services, and I feel sorry for those peopel!

  5. #5

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    I get cash advances from my us bank account from time to time.. they charge 10$ for every 100$ you take.. which isn't too bad.

  6. #6

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    defserv, are you talking about from your "line of credit"?

  7. #7

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    not a credit line, just an advanced service they offer for those that get their paychecks direct deposited.

  8. #8

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    Well, that is very new to me, I never knew that. See how we learn new things from this site!

    I bet there are at least 800 more member on this board who are with-holding valueable information. But they just want to read for hier own sake. Come on members, stop just reading posts and add your own. I dont care what it sounds like to you, it is probably valuable to us. Who would of ever thought that I will hear what defserv said in this forum, no-one. This was really cool!

  9. #9

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    Meya, Pioneer Military Loans has a good thing going for themselves. They know that if a soldier can't pay the loan back, military leadership would get involved. This is true for all soldiers, sailors and marines. The military will not let their personnel get behind. Wage garnishments or punishment will come walking right in...

    However, even though these loans are frowned upon everywhere in the military, they're still legal. They add these processing fees and interest right to the balance with that obscene APR, in hopes that you get stuck with the loan for a very long time. Just like jnjsarauer's friend, I needed the loan very short term and thought that it would be a small penny on the dollar as explained to me. However, when they handed me the check, they through in, "Oh you forgot to sign this form as well". All too deceptive! I know that most of the other companies out there open to civilians as well operate on this same basis of evil.

  10. #10

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    Fg, I totally agree!

  11. #11

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    Two People:
    1. Someone who is desperate
    2. Someone who doesnt know any better

  12. #12

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    These Pay Day Loans have new rules as of Oct 2007 . They have new rules for Military personnel that Congress passed so all Military Members should go to http://www.naca.net/_assets/media/mi...dayloanlaw.pdf I'm active Military and the rules have been changed on these sharks ....To all the new soldiers first go see PLT SGT before taking out one of these loans we've got loans through the Military that have zero interest see Chain of Command first before ever using one of these Companies ....

  13. #13

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    Quote Originally Posted by 100046
    These Pay Day Loans have new rules as of Oct 2007 . They have new rules for Military personnel that Congress passed so all Military Members should go to http://www.naca.net/_assets/media/mi...dayloanlaw.pdf I'm active Military and the rules have been changed on these sharks ....To all the new soldiers first go see PLT SGT before taking out one of these loans we've got loans through the Military that have zero interest see Chain of Command first before ever using one of these Companies ....
    It's about time that troops get some backing against these ripoffs! Thanks for sharing.

  14. #14

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    Quote Originally Posted by 100008
    Two People:
    1. Someone who is desperate
    2. Someone who doesnt know any better
    Agreed and haste always wastes. So all you should do is be patient and never be desperate and always take advice and then proceed.

  15. #15

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    Unfortunately I fell for this type of loan. I am ashamed to admit that but I need some advice with this situation...
    I got a payday loan over the internet back in May of 2007 and I couldn't pay it back. All the fees ended up overdrawing my account so bad it got closed eventually. When the collection agency contacted me 3 months later to pay it I owed $750 on a $300 loan... which of course I couldn't pay so I asked them for a payment plan they said no we are going to sue you. I didn't have (and still don't have) anyone to borrow the money from so what could I do??? So I waited. Nothing happened. They called again demanding payment...I asked again for a payment plan and again they refused. Pay it NOW in full or we are going to sue you. So basically I have been going through this cycle, all the while TRYING to save the money to pay it off. Today they called me at work again and we went through the same thing. This time she told me that if I didn't pay it in full they are going to send "the authorities" to my work tomorrow at 1pm to "identify me" and take care of this because since my checking account was closed now it's considered fraud. As I said this is a really embarrasing situation for me I REALLY want to pay this back but I just don't have $750 to pay it and they won't take any payment arrangement I have suggested. Can they really have me arrested?? (I'm assuming that's what her threats today are implying) I am scared now...
    Sorry for the long post thanks for reading...any advice would be appreciated...

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