What do you think about cash loans?
By lilma7
@lilma7 (91)
United States
July 26, 2008 8:23am CST
I have never used this type of loan service. Have you, and has it helped or put you in a deeper hole?
3 responses
@dragon54u (31634)
• United States
26 Jul 08
Please don't even consider this! Cut back on something else to save money or borrow from your family but not the cash loan thing.
Many people have borrowed from them and when it comes time to repay the loan, they have to extend it, adding more fees. Sometimes they even go to another cash loan place to borrow money to pay the first one. It becomes a vicious cycle if you can't repay right away.
Best to save money before an emergency. I know it's hard, but even stashing away a quarter a day helps--how about giving up that candy bar and saving the money, etc.
It's hard nowadays to be prepared for an emergency but people are usually glad they made some sacrifices to save that cash. Sorry for the lecture, finances are a sore spot with me lately. 
@dragon54u (31634)
• United States
26 Jul 08
They have TONS of business! Used to be, people went to pawn shops and borrowed money on their treasures. I had a tv I used to pawn, I got $15 loan and to get it back cost me $17. I always got it back, thank goodness. But now they're going to these payday loan places and not using the pawnshops. With pawning, you might lose the item but there's no other penalty and you can extend the loan for a small additional amount. With payday loans, it keeps revolving if you don't pay it, accumulating interest.
In Ohio, they passed some legislation because the shops were charging over 300% per year as loans accumulated interest. It's a really bad decision to borrow from one!
@Gargoyle0134 (1257)
• United States
26 Jul 08
I have never used it. but a friend did and it only put them in a deeper hole. They are after interest and you pay more back than oyu borrow. I wouldn't do it. If you could not afford the original amount, then how can you afford that PLUS interest!?
@luvstochat (6907)
• United States
26 Jul 08
Do you mean those payday or cash advance loans? We have never used those as the interest rates on them is horrible! It should be illegal how much they charge they charge like 59 percent or more interest on them. Now I do have a personal bank loan from consolidatinog credit cards though.
