Who fell for the Pay-Day Loans
- FrankN
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Replied by FrankN on topic Re: Who fell for the Pay-Day Loans
Moneyes wrote:
FrankN wrote: I would NEVER EVER recommend anyone to getting a pay-day loans. There are better alternatives.
Yeah, like the mafia. Pay Day interest rates are insane. Even back when I was younger and didn't know much about finances, I knew that what they were doing was a trap for the people getting loans.
Pay Day interest rates prey on the poorly educated and basically scam people
- Moneyes
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Replied by Moneyes on topic Re: Who fell for the Pay-Day Loans
FrankN wrote: I would NEVER EVER recommend anyone to getting a pay-day loans. There are better alternatives.
Yeah, like the mafia. Pay Day interest rates are insane. Even back when I was younger and didn't know much about finances, I knew that what they were doing was a trap for the people getting loans.
- JacksonM
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- FrankN
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- JGibbs
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- Pinky
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Replied by Pinky on topic Looked into it once for someone else
- CentsibleSaver
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Replied by CentsibleSaver on topic Looked into it once for someone else
Oh, I never even thought of something like that, but I bet you're right. There is probably some catch to it with impossible expectations that few of their borrowers could meet - or they'd get the loan from a credit union or bank.FrugalFran wrote: I don't think I've seen commercials claiming to have a one dollar fee. I wonder if the catch is that the loan has to be paid back within a week or something like that.
- Joker
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Replied by Joker on topic Pay-Day Loans and Title Loans
- FrankN
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Replied by FrankN on topic Looked into it once for someone else
CentsibleSaver wrote:
The industry is illegal in my state and a few others. Wish it was like that nationwide.FrankN wrote: I agree payday loans are a complete scam and are screwing over people who do not understand finances. If you have a friend who is using it, you should try and teach them why you should NEVER use a payday loan. I also agree it should be against the law.
Congratulations Frugalfran and Pinky for digging yourselves out which is never easy. Since you've taken out a loan with them before, can you tell me if the commercials that claim you can borrow X amount and only have to pay back a dollar extra are true? I always figured it was just advertising to draw people in but only those with perfect credit scores could get that deal. And of course, those with perfect FICO scores would be more likely to go to a bank or credit union for a loan in the first place.
Totally agree, it takes advantage of people who may not have the financial savy to really understand it either.
- FrugalFran
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Replied by FrugalFran on topic Looked into it once for someone else
- CentsibleSaver
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Replied by CentsibleSaver on topic Looked into it once for someone else
The industry is illegal in my state and a few others. Wish it was like that nationwide.FrankN wrote: I agree payday loans are a complete scam and are screwing over people who do not understand finances. If you have a friend who is using it, you should try and teach them why you should NEVER use a payday loan. I also agree it should be against the law.
Congratulations Frugalfran and Pinky for digging yourselves out which is never easy. Since you've taken out a loan with them before, can you tell me if the commercials that claim you can borrow X amount and only have to pay back a dollar extra are true? I always figured it was just advertising to draw people in but only those with perfect credit scores could get that deal. And of course, those with perfect FICO scores would be more likely to go to a bank or credit union for a loan in the first place.
- Pinky
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- FrugalFran
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- FrankN
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- 2darnbroke
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