Payday Loans

I would never do that. They charge crazy interest, often just below 100% (you would pay double what you borrowed!)

I'm sorry to say that I've been desperate enough to do so. I avoid the direct deposit ones you get online. (mainly because I don't have direct deposit). Plus I don't like payments autodrafting out of my account because I'll forget about them. I did one where you go into the store and borrow the money. It is good only for SHORT TERM. And it is best not to think of it as extra money, but rather an advance on your check, which you then have to pay back with interest. It's best to shop around. Certain payday loan places charge less than others. Use only in desperation, but make other opportunities whereever possible (such as ask your work for an advance).

I've never done one. I don't know if that is the same thing as the cash advance type places we have here or not. i had a friend who did that and she just kept getting deeper in debt doing it. with the fees they charge to do it it just wasn't worth it.

There are no end of these things about just lately, I guess with the banks putting the breaks on their lending it is bound to happen that these places pop up. I hopefully will never have to go to one of these places again, years ago there used to be one that would come around the house and give money or vouchers and then I would have to pay weekly. Loads of us low income families used them the trouble was the interest was ridiculous so I did it twice and then once I had paid it off I did not have any more. I am not sure I would consider a payday loan because once I was paid the loan would have to be repaid surely I would just end up worse off and would end up having to keep borrowing.

I've been desperate but never like that. I'd never trust a company like that with my bank information. NO WAY, I just don't trust people enough to do something like that.

My husband did those once and it was a huge fiasco to get the darn thing paid off. They charge such a high rate in intrest its almost always impossible to pay off. I would never recommend them. They are not there to help they are there to make a profit and boy do they make one.

Take it from someone who has been there...stay away from them. Years ago, when payday loans first became popular...2000-2003, I took out several payday loans. The interest rate is so high (30% plus) that it is almost impossible to pay them back, without needing to take out another loan. It is legitimate loansharking. I would advise anyone to run fast if they think about taking out a loan like this. It isn't the answer to your problems and will only create more problems and make you deeper in debt than you can imagine.

I took one of these loans out when I was 18 or so and it was horrible. It was great to walk out of the check cashing place with 1,000 that I did not have before walking in there but the interest rate that you are charged is insane. Chances are most people are not going to just have an extra 1000 laying around in two weeks so you are then forced to basically pay the fee which is usually about a hundred dollars and "refinance the loan." If you read the small print the interest rate on these loans is usually several hundred percent. Even the worst credit card would not charge you that. You are far better taking an advance on a credit card that taking out one of these loans.

I have never done a payday loan before. My son's father did it once and he will never do it again. The place he went to tried to take the money the morning of the day he got paid. The money was obviously not in the account yet. His place of employment was not even open for the day yet to give him his check to cash. He got a bounced check fee because of it on top of the insane interest rate.

I have worked in finance related fields for over 20 years and I would not recommend those types of short term loans, unless it is dire emergency. For the amount of time that they allow for payback you would serve yourself better by just waiting until your payday if its an option. The interest that is charged is just not worth it unless it is extreme emergency. Most people don't realize that they are just digging a bigger hole for yourself. Also if you don't know alot about these companies you could be giving up your bank account information with authorization to pull funds out. Just beware that this can and has happened. If short term loan is needed, try family and friends or maybe cashing in vacation and sick time if available from your employer.

I have never did it but i have a friend who got in the habit of payday loans.It was trouble for him.The interest was crazy and he got a little more than he could handle.He is fine now but it was rough for a bit.He said he would starve before he ever got another one.

DON'T DO IT! These things are awful! We have been in dire straights before & took one out, we were flat broke, and needed to get bills paid. Never again. The interest is insanely high on these types of loans...its hard as heck to get them paid off. By the time we were able to get it paid off, we probably paid an extra couple hundred in interest alone. Its a quick solution at the time, but hurts you more in the long run than it helps.

I've used them, but ONLY when in full-time employment and ONLY in an absolute crisis. Here in the UK, the government runs their own Crisis Loan system which will give you an interest-free loan (a small one) for food, water, electricity and so on if you're stuck, which is obviously better - they also have a system to replace household items on the same terms (such as beds or fridges) if yours breaks and you're stuck. It has an upper limit, though. (Yes, feel free to message me if you want details of that, UK folks: it's a great system and I'm pretty familiar with it since I've worked in a benefits department!) Payday loans are a life-saver in the VERY short term (like, a few days) and if you are absolutely sure to be able to pay the interest. The one I used is completely on-line and also allows you to repay early (at the accumulated rate, not the full amount) if you can. I found them very helpful and friendly, though - as I said - I was absolutely sure of being able to pay and borrowed very little. At about £1 a day of interest, it was worth it for me when I needed fifty quid!

A loan is exactly what it is - A LOAN! It doesn't increase your money it just displaces it and one way or another you're gonna have to pay it back with interest. I believe, however difficult, we will just have to make do with whatever little we have. But if it really can't be helped, I guess it is ok once in a while!

Yes, I have done it a few times, but I don't do it anymore, because I you do is keep yourself in debt. I get those in my email all the time, It is temping but I am not going to do it.

Yes, I have done it a few times, but I don't do it anymore, because I you do is keep yourself in debt. I get those in my email all the time, It is temping but I am not going to do it.

As far as I'm concerned, those people are "legal" theives. I borrowed from them once, to help someone else, and I nearly passed out when I saw what the interest rate was! I paid it back as soon as possible, but I'm telling you, if you need money, they should be the LAST, possible option. If you need money to pay your utility bills, you're better off calling the electric company or the telephone company, and making a deal with them, to extend your payment. At least then, you won't have to pay double!

I don't ever see them on the net but I get them in mail just about everyday. I throw them away because my sister in-law who did do one of these said she was stucking paying an extra 200 dollars on top of what she took. I was gonna do it one time when they told me about that I then relized that I'm not that desperate then. Now if there was no extra money to pay then what you take then yeah I would do it in a heart beat, knowing that I could get the gas bill caught up with it. Happy Mylotting

nope and never will either. as a person who is good with money especially bills i think that loans and credit cards keep anyone in a corner to the point where they become depress so if you can do without it i would suggest that you do

Payday loans are a bad idea. The interest is almost 300% and they charge crazy fees. It is much better to budget your money and save to buy what you need or want. However if you are in a real pinch try and borrow money from your parents, friends or co-workers NEVER Payday loans!!!!