Confessions of a former payday loan employee

Please someone close down these PDLs!!!!!!!!

However.........how would you handle the PDL's that you did over the Internet? The PDL, I dealt with ( and STILL dealing with..) was over the Net. Biggest Cash is what it is. I don't even know what state they are out of.

Holy Cow shazzers! Just ran across this and wow! I copied and pasted your original post to my documents folder for future reference!

These PDL Companies have there own lil form of Mafia!

Thanks so much for all the great stuff you post!

I worked for this industry for 3 yrs, it was the worst time of my life. I really felt bad for these people. It got to the point where i had a mini nervous breakdown and had to take a stress leave. Shortly after, I quit. I wish they would do something to ban these sort of businesses. They don't care what they have to do to get their money back. It's kind of funny though, because they can get you fired from your job from all the collection calls they make, its like how do they expect you to pay them back?

If that SOB showed up at my doorstep making demands he'd get shot.

This is FRIGHTENING! I knew payday loans were bad, but I had NO idea!

After 6 months of being unemployed and savings running out, I took a job with Amscot located in Florida. I've been with the company for 5 month's now and am really struggling with the ethics and morality of the business.

First off, I think that payday loans are both a benefit and detriment to society. If used correctly they can provide short term help, but unfortunately the majority of the customers misuse them.

The majority of the customers are uneducated and financially irresponsible. Honestly there is no need for the business to exist.

My biggest pet peeve is the 24hr cooling off period which is utterly useless and serves no purpose. I would really like to see a 7 day cooling off period which would force people not to rely on the payday advance.

I feel sick to my stomach about my job. I want to be helping people, not hurting them.

I don't think the majority of people intentionally misuse PDLs; however, most people who take them out in the first place are having financial problems - at the end of the 2 week cycle when the loan comes due, many people are still in the same situation they were when they took out the loan but now they also have to pay a rollover fee. So they look at other PDl's to cover the fees, and so it grows.

i agree for the most part, i do not think people really know what they are getting into and keep borrowing to pay other bills.

Loan Shop Online is a scam. They are NOT located in Wilmington, DE. That is a non-functioning PO Box..
**They even have since changed the company name to continue operating to non-suspecting customers. They are now called "EXTRA CASH LIVE". The same phony PO Box in DE. This is the same company, be informed.
They are actually located in downtown Kansas City, MO. It's real name is LTS Management. I know this all to be true because my closest friend worked for them... stories of shady dealings
He saw account after account where people had paid $1000s to extend loans that were only $400 to begin with!!