Did you ever get a pay day loan
By moneymommy
@moneymommy (3418)
United States
15 responses
@floridaangel (28)
• United States
14 Apr 09
We have had to do it a few times and it really sucks. The company we use charges us $55 to borrow $500 for 2 weeks, so it is definitely a sucky interest rate. It also really sucks if you get stuck in the cycle and end up paying it and then going back the next day to get one. We have had to do it before and never want to do it again. It makes me feel so bad, but a necessity in times of emergency
1 person likes this
@moneymommy (3418)
• United States
15 Apr 09
I dont want that to happen so I dont think I will be getting one.
@lilybug (21107)
• United States
14 Apr 09
I have never gotten a payday loan before, but my son's father did a long time ago when we were still together. They tried to take the money out of his checking account BEFORE the date that he was going to get paid. Never again will he do it and it made me really not want to ever do it.
Since you just started the job and you have not gotten a check yet, you might not be able to get one. They usually want check stubs.
1 person likes this
@moneymommy (3418)
• United States
15 Apr 09
I dont think I will bother with one of those. I can see myself owing alot if I did.
@cynthiann (18602)
• Jamaica
14 Apr 09
My advice is to try not to do this. If you take a pay day loan then when you get paid you have to pay it back and then you get short of money again. It really sin't worth it unless what is happening in your life right now is a serious emergency and yo cannot mnanage any other way to pay for this emergency. This way, you only get in debt and it is not worth the risk. Blessings
1 person likes this
@TLChimes (4822)
• United States
14 Apr 09
My mother is on SSI and does it twice a month. She pays out $65 a month in fees but does it every month.
I don't think it's worth it, when you do it all the time. I think she's hurting herself. I think it's ok to do it now and again when things come up and there isn't any other way.
But that's just my thoughts.
@kissieme (777)
• Philippines
14 Apr 09
Hi moneymommy,
It's not a good idea to take a payday loan, avoid it as much as possible unless you really need to. Our company doesn't have one though so even at the time of emergencies we can't do that though I've never been tempted to ask for a loan because I think it's better to receive the whole month salary than just a part of it because of the advanced loan.
Trying to avoid payday loan can also be a good way to learn how to better manage personal finances and budgeting...
hugs... Happy Easter! ^_^
1 person likes this
@thadreamer (46)
• United States
14 Apr 09
You don't want to do that unless its an absolute emergency. You end up paying those companies like a million percent, and it seems to become a never ending circle.
1 person likes this
@cher913 (25782)
• Canada
15 Apr 09
no, not ever because they eat up so much of your paycheque! its so not worth it! my hubby is in the financial sector and he says these guys just eat up your money. i just wait til payday (which is only once a month). it is better to put what you want to buy on hold and wait til payday.
@3SnuggleBunnies (16374)
• United States
15 Apr 09
I would not even ponder such a thing. I would rather be late on my bills than do that. Please don't consider this, as these places IMO are legalized loan sharks and you may as well max out your credit card before even thinking about it. The feed on peoples desperation and financial troubles.
@sn_singh56 (261)
• India
14 Apr 09
Lots of people do it as per their needs.Nothing new in it or worth discussing.
@sn_singh56 (261)
• India
14 Apr 09
In one of the discussions you initiated you say you drink three cups of coffee in the morning.If mylot members were to tell you to drink 2 or 5 cups would you do it.These are personal choices and its better they remain that way.If you drink 3 cups of coffee the consequences are yours' and if I gulp 5 glasses of whiskey the consequences are mine.What is so innovative or worthwhile about it to merit discussion.
@maezee (41988)
• United States
14 Apr 09
I'd be way too scared to do something like that. I would avoid it if at all possible. I've heard horrible things about them, and that they really hound you if you're late or some minor thing goes wrong with your payment - and plus, as someone else mentioned already, you have to pay REALLY high interest rates. The whole deal just seems pretty shady to me and I wouldn't do it.
1 person likes this
@Effusive (156)
• United States
14 Apr 09
I used a payday loan before but they really do not benefit you. Yeah they may help you out of a jam at the time. So what happens when it is time to pay them back and you also have to pay interest. This just gets you right back where you started short on money. It sucks that it is supposed to help you but it really does not as it is a short term loan with high interest rates. Just try to wait until your next pay.
Good luck
1 person likes this
@carolbee (16230)
• United States
14 Apr 09
Personally, I have never taken a payday loan. However I do know someone who did more than once and got herself into a major mess. The interest rate here is way over 100% so when she paid back part of the initial loan, only part of the dollar amount went to the actual loan. Most went to the interest. It was a horrible experience for this friend and the only way she could pay it in full was to borrow from someone else or make another loan to pay it off. I wouldn't recommend it for anyone.