Have you ever used those "loans until payday" advance places?

No I have never used them and I am so sorry this has happened to you I really am I hope you get it sorted out They do say that it leads from one to another and these People make their money that way Good luck in getting it sorted out

I've used those places before and there are still the odd times we have to. However, we've never had the experience that you have. We usually borrow around $200 from them. My partner writes a post dated check for that amount, and once they've checked to make sure his bank account is still active, they grant the loan. Then on payday they cash the check. So long as you're not late in paying back the loan they don't charge interest, or at least thats the experience we've always had. We've never had any problems in paying them back, and we've always been able to repay the loan in full.

I think basically this is electronic loan sharking. Good thing they can't jump out of the monitor and break your fingers.

No I never have even been in one of these places and the interst is extortionate.

I've done it in the past, while I was working to cover some emergencies, but it's never ruined my life or anything like that. I understand the extremely high interest rates can ruin one's finances, and it's pleasing to know that some states are taking measures to make sure these businesses practice fairly with lower rates and making sure the consumer can afford such loans.

I just recently became a "victim" of the Pay Day loan. I am currently in a situation where I am trying to obtain custody of my brothers 4 girls, they have been in the care of the state since Dec 05. I have had to travel back and forth from South Central PA to Cambridge OH and I got one of those loans to "help out". This is set up where you can pay it off or you can pay $180 per month and they call it a line of credit, the total amount was 500.00, well needless to say I have made 2 payments of 180 and still owe over 500.00. Personally I think that these places need to be regulated, hell LOAN SHARKS don't even charge as much as these places do. I did check in to a loan, but was not eleigable because of a $400.00 hospitial bill, but then I found out that the place that I had applied with charged over 25% interest, so if I borrowed 1500, I would have to pay back 2500. I know that I will NEVER make this mistake again and as soon as I get out of this I plan on writing a letter to the company letting them know how they take people that are already in trouble and take full advantage of their financial situation.

This is where Peer To Peer lending will shine! :) I hope that businesses like Prosper: http://www.prosper.com will put these bloodsuckers out of business, whether they are Large, like financial institutions, or Small, like those payday "loan" scum... it's time that somebody came up with a viable alternative that people can actually LIVE with! :)

no i never borrow moeny from a paydayploan office. I heard, they charge the people a high interest rate.

Yeah I keep getting bank loans and it has lead me into a lot of debt and so too my husband. Loans are bad news.

Oh man! I feel for you!! We fell into that trap when we got married about 10 years ago. We finally got out of it by making each "loan" the next smaller amount but it took months! We thought it was a good idea, as well, and ended up in a huge hole! If we have a money issue now, we either tough it out the best we can or try to borrow a little from family since they don't have the interest and fees. We swore we'd never go back to them since they about broke up the first time around!

Yes...I fell into that trap once...never, ever, again. I would get a cup and ride the trains in NYC and beg for change before I would ever do that again. Yes, they let you know the fees but you always think that you can handle it. It just seems to go up more as you pay. My advice to anyone...Don't do it, borrow from a friend or family member, just don't fall into this trap! Take care...

I have never fallen into the trap of these loans. I saw through to the next payday and said to myself what will I do without a paycheck next week. I have seen family members go through the whole process before. They would get the loan, then have to pay it back the next week and be left without money for that week, this would lead them to pawn all of their stuff. They would actually still take out loans though! Needless to say, all of their electronics are gone now, lost to the pawn shop. It was sad to watch but they wouldn't listen.

nope I use credit cards though same deal kind of

I've been tempted to do this a few times,but managed ti avoid it. I know people who have fallen into this trap and it was so hard for them to get back on track.

Those payday loan people to me are legal loan sharks. They take advantage of people who can least afford it. Luckily I haven't had to use one. If something happens and we're short of cash I will borrow from a friend or family member before I'll use those thieves.

Well, they are there for a purpose like banks - to lend you money and charge you for it. Its not a trap, because they are by law required to be upfront about the fees and it is your decision to use them or not. Unfortunately, when banks dont want to know you, then you must pay the higher premiums at these places. I used them twice and ONLY because it was an emergency, but I didnt go all out and get more than I needed. I quickly paid them off and forgot about them until I needed them the second time. Now I am better off and wont (knock wood) need them again.

My son used one of those and learned the same lesson you did. You can make no headway because when payday roles around it has to be given to those people. He also said that their interest is ridiculous. But they prey on people who have got to have some money and so they come to them because according to the commercials it is just so easy. It may be easy to get the money but the consequsenses are far reaching. Those places are like fulcars with their talons open.

I have categorically avoided those payday loan places-- not because I haven't needed money, but because I refuse to pay their usuary "interest" rates. With their interest and assorted fees, you can end up paying the effective equivalent of 150% interest on your loan. I have been in that situation a few times, but fortunately have a long enough established account and relationship with my bank that I could get a "personal line of credit" there... it's still "taking a loan," but at least banks are subject to federal rules on how much they can charge for the service.

OMG yes! I got in some financial trouble a few years back due to not being able to work because of hurricanes knocking out my power for 4 days two weeks in a row. I figured I'd borrow and pay it back, no problem! but once I got in that trap it took FOREVER to get out of it and cost me about 3000.00. I would NEVER do that again. I'd sell everything I own and live in a one room hovel in the middle of the worst neighborhood anywhere to avoid having to falling into that trap again.

I've never used them, but I've seen them adverised. You really have to pay them back right away otherwise you get penalized with all kinds of fees and crazy interest rates. It's not a good thing to do and should be avoided at all costs. Thankfully, I learned to save money at a very young age so I have never had to live paycheck to paycheck.