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payday loans?

has anyone used a payday loan? we need about $500 to get me through until DH's next paycheck and i just wanted to know the good, the bad and the ugly of payday loans. thanks!

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Anonymous

Asked by Anonymous at 3:01 PM on Aug. 5, 2009 in Money & Work

Answers (14)
  • interest is through the roof, you have to pay it back ASAP or its gonna cost you
    staciandababy

    Answer by staciandababy at 3:03 PM on Aug. 5, 2009

  • My Mom did payday loans. She got one didnt have the money to repay it due to interest and had to get another.. then another and another. Well long story short they screwed her over and she had to file for bankruptcy
    Anonymous

    Answer by Anonymous at 3:04 PM on Aug. 5, 2009

  • well, if absolutely necessary, they are a godsend.. however, if you're not able to pay it back right away, the interest is outRAGEOUS... most of them have around a 512% interest rate.
    it's ridiculous, but like i said, if you really need it they're wonderful... but make sure you're going to be able to repay it within a short amount of time...
    katatrinakay

    Answer by katatrinakay at 3:05 PM on Aug. 5, 2009

  • The same thing is about to happen to my MIL anon 04
    firethearson

    Answer by firethearson at 3:05 PM on Aug. 5, 2009

  • how soon is right away? because i wont be able to do it for a few months possibly sooner but im not sure....like within 6 months?? is that soon enough?
    Anonymous

    Answer by Anonymous at 3:07 PM on Aug. 5, 2009

  • HELL NO, sell some of your stuff, otherwise you're going to be in debt so fast.
    staciandababy

    Answer by staciandababy at 3:09 PM on Aug. 5, 2009

  • yeah payday loans are horrible...think about it so you borrow 500 today but then your short 500 on payday so you have to do it again and again and again! DONT DO IT
    Anonymous

    Answer by Anonymous at 3:13 PM on Aug. 5, 2009

  • If you need $500 now, and won't be able to pay it back for a few months, you're going to end up having to pay closer to $700 if not more - is it worth it to be out the extra money? I say cut back on anything & everything possible, even if you think you already have you can tighten up more, and deal with it. Those things are a major rip off.
    Anonymous

    Answer by Anonymous at 3:15 PM on Aug. 5, 2009

  • no they typically want it by your next pay day cycle
    Anonymous

    Answer by Anonymous at 3:15 PM on Aug. 5, 2009

  • the interest is more like 100 dollars a week
    staciandababy

    Answer by staciandababy at 3:16 PM on Aug. 5, 2009

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