Payday loans...new form of loan sharking

I used to work for a payday loan company and while I don't condone how they work, I would like people to view it from the other side of the card. So here we have Mr. Joe Schmo. Joe got himself in a load of trouble with a credit card when he was young and has therefore shot his credit. His bank won't touch him with a 20 foot pole, his family has told him he should be saving for a rainy day and thus he can't go to them and admit he's fallen behind, but his car needs gas to get him to and from work and payday's a week away. He could go to a friend, but what if they're in a tough spot, too? Then where does he turn? Well, that's where payday loan/cash advance companies come in.. they're a last ditch option for those down on your luck. Something I always tried coaching people to do was only to borrow as much as they absolutely need, for example, if you need money for gas for your car for a week, and you know it'll cost you $30 to fill it up, see if you can get the absolute minimum amount they will lend (sometimes this doesn't work unfortunately, the cash advance company here with the lowest rates, has a minimum of $120, which is always much much more than I ever need in a pinch), only spend as much as you need and hold onto the rest of the cash for the payback. Most of these companies are required by law (at least in my area) to have a 'rescind clause' in the loan contract/agreement which entitles you to give back the face value of the loan, plus a small amount of interest (I usually pay back 25 cents) if you pay it back in full before the due date (usually your payday). I usually ask a friend if I can borrow the money for a day (I'll rescind the day before my payday or the 'due date' and most friends are more likely to lend you the money for a day rather than a week), go in, pay the loan off and then pay my friend back the next day. It's best to research your options beforehand though and be really specific when asking questions about this policy -- some companies in some parts of the world won't allow you to rescind, won't give you the discount you should get or will tack on stupid little service charges that don't save you anything at all. Read through your contracts carefully. Everything that requires a signature or initial should be understood and ask questions about anything you don't. They might get annoyed but this is your personal financial situation we're talking about and it's important you're clear on everything. Never give the company a preauthorized debit form. I worked for a bank after I worked for a payday loan company and these are a huge grey area for most banks still. Once a payday loan company has this form they can go into or 'ping' your account any day of the month for any amount they want to (usually they'll hit it for a lesser amount than the loan just to feel out when you might have SOME money in there) and there's not much you can do. Some banks will refuse to put a stop payment on pre-auths as they're never consistent. If you must borrow from a payday loan company, order cheques from your bank and keep a record of cheque numbers, and once the loan is done, make sure you ask for the cheque back -- mistakes happen. Hope this helps!

I have delt with a payday loan before and best believe I will not go back to them.They will hit you with that high interest fee and then they get the customer by getting them to renew the loan over and over again.

i wont use them at all there such a rip off high interest its just not worth it and yes they do pray on the weak