Is anyone familiar with “payday loans”? If so, are these known to be scams or is it legitimate?
Question by babydoll86: Is anyone familiar with “payday loans”? If so, are these known to be scams or is it legitimate?
I see these payday loan websites pop up on my computer and find them in my inbox. I was wondering if these are all scamming websites, or are these legitimate loan offers you can use if you have issues with your job pay? I would like to know details about these type of websites.
Best answer:
Answer by Judy
I hope you are aware how much trouble pay day loans can cause.
Our state passed a law that pay day loans places can not charge more than 430% interest.
The places have been closing down quickly.
I guess that’s not enough profit for them.
Be careful – ask anyone that has done one – they will only get you in deeper trouble.
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Tags: anyone, familiar, known, legitimate, Loans, Payday, Scams, These
they are legitimate but the interest rate can easily exceed 100%
using any of these firms usually leaves you worse off.
Payday loans do have a place, they are just legalized loan sharks.
1. Understand what you are doing. 2. for every $ 100 borrowed it will cost you $ 20-30 3. It is due in less than 14 days usually.
If you have a friend or family or even if your work would allow you to borrow some if you need it in an emergency – do it that way and pay them back at a reasonable rate – say 10-15% or 1-3 months.
Credit cards are cheaper if you can. Even the bank if you can. There really is nothing good about them honestly.. And i have used to my regret.
Here in texas, payday loan places charge 1,000% (yes ONE THOUSAND PERCENT) interest. So guess what, I looked into what the breakdown is. If you get a $ 500 loan for two weeks, you owe them roughly $ 650. So over two weeks alone, you pay $ 150 interest charges and fees. Now, what happens on your next check? Oh crap that extra $ 150 they took set you up to be short again. Well, darn here we go get another payday loan, but this time I need 600 because they took 650 and now i can’t pay rent. Ok sure we’ll give you $ 600 today, but two weeks from now you owe us $ 775. It’s this cycle that is parasitic, and destroys people. It’s essentially legal loan sharks. That’s why at the 400% they start closing. People just can’t afford to pay it back. So they default, and the company just can’t make a profit charging 400%.
They are legal (usually) but carry terrifyingly high charges. You’d have to be very, very desperate to consider one. The first port of call if you’re temporarily having difficulties would be family, friends, your bank, anyone but these sharks . . .
hi
There are lot of loan sites or options that may confuse to get right one.i have used it.if you want a payday loan for up to $ 1500 .here some good
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http://www.legitimatepaydayloans.net
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good luck!
The pop ups and emails are largely scam-y if not outright scams. (You almost never know who you are really dealing with).
The ones on the street corner with “big names” are legit, but extraordinarily expensive in a very short period of time. The “trick” is that if you roll over your loan from the first repayment date to the next (and the next and the next) the interest rate is generally high enough that you will be quickly locked into a loan that you cannot payoff without a significant increase in weekly income.