Who fell for the Pay-Day Loans

  • Meya
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Replied by Meya on topic Well, that is very new

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!
:fun:
12 years 8 months ago #46
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Replied by defserv on topic not a credit line, just

not a credit line, just an advanced service they offer for those that get their paychecks direct deposited.
12 years 8 months ago #47
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Replied by Meya on topic defserv, are you talking about

defserv, are you talking about from your "line of credit"?
12 years 8 months ago #48
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Replied by defserv on topic I get cash advances from

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.
12 years 8 months ago #49
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Replied by jnjsarauer on topic I was saved from these

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!
12 years 8 months ago #50
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Replied by Meya on topic Oh my goodness, so if

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.
:confused: :scared: :scared:
12 years 8 months ago #51
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Replied by Finance Globe on topic Unfortunately 11 years ago when

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! :upset:
12 years 8 months ago #52
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was created by Meya

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.
:innocent:
12 years 8 months ago #53