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Pay day loans?

Have you ever gotten one? If so what was your experience?? Good, bad??

Answer Question
 
MissLoveLyfe

Asked by MissLoveLyfe at 2:57 PM on Mar. 24, 2011 in Money & Work

Level 14 (1,375 Credits)
Answers (10)
  • They pull you into a cycle of borrowing. Seriously a bad idea.
    CraftingMama

    Answer by CraftingMama at 2:58 PM on Mar. 24, 2011

  • What I've read, seen and heard about them it what makes me know I don't ever want to try one. Unelss they have changed drastically lately, they charge a very high rate of interest. The interest is usually so high the borrower cannot pay if off the next payday and keeps refinancing. LIke the first answer said, it's a cycle of borrowing.
    wildflowers25

    Answer by wildflowers25 at 3:00 PM on Mar. 24, 2011

  • A very very bad idea, unless there is no way out, you should not do this, I got into alot of trouble with this and am still paying for what seemed like a quick fix--now if you need food, perhaps a very small one, but everything else should wait until payday!
    Anonymous

    Answer by Anonymous at 3:00 PM on Mar. 24, 2011

  • they can get you into a lot of trouble...but when you have no other options, sometimes it is the only way. Be very careful, they are very pricey and should be used for the shortest period of time possible...if at all possible, I'd find another way as they can cost anywhere from $15 to $30 for every hundred you borrow and they will expect you to pay that fee on every one of your paydays. So, you borrow $200 and are paid bi-weekly @ $30/hundred, you end up paying them a minimum of $60 every other week unless you are able to pay down the principle amount a little each time you get paid or can pay it off completely on your next payday.

    My ultimate answer would have to be bad!!!
    sdks2011

    Answer by sdks2011 at 3:02 PM on Mar. 24, 2011

  • i have, it was a good experience however it gets you into a whole.. i would not suggest it
    kylansmommy09

    Answer by kylansmommy09 at 3:06 PM on Mar. 24, 2011

  • We get one at least once a month cuz a couple of our bills are due a few days before pay day. And we have always had good experiences. Its fast, easy, and we would be lost without it. lol
    AshleyManjares

    Answer by AshleyManjares at 3:17 PM on Mar. 24, 2011

  • VERY BAD IDEA. You have to pay back like as soon as you get it and very high interest. Don't do it.
    Keeely07

    Answer by Keeely07 at 3:19 PM on Mar. 24, 2011

  • If you absolutely have to do it I suggest signing the paper that gives you about a month or 2 to pay it back.  We literally got paid on Thursday and had to get a loan that same Monday.  I went from only needing 50 extra bucks and that was what originally started the loan.  Then because of the interest I had to keep borrowing higher and higher and higher.  I ended up borrowing the 300.  Then I got into the cycle of being paid on Thursday, borrowing on Monday.  NO ONE told me there like they are REQUIRED to that I could pay it back in small amounts with less interest over time.  Make sure to find that out.  They only told me that after MONTHS of borrowing the 300 bucks.  I absolutely do not recommend them but hey do what you gotta do.

    MrsHouston47302

    Answer by MrsHouston47302 at 3:22 PM on Mar. 24, 2011

  • Most people need an additional $50-$500 NOT $50 to $500 a few days early.
    The interest rates are insane ranging from 100% APR, to over 800%. So if it's at all possible start looking at other ways to get the cash- look around your home see what you can sell, mow a lawn, babysit, make a meal for someone etc.

    Good luck!
    Erica_Smerica

    Answer by Erica_Smerica at 4:29 PM on Mar. 24, 2011

  • It's nothing more than legalized loan sharking.
    Robsmommy

    Answer by Robsmommy at 5:48 PM on Mar. 24, 2011

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