Why payday loans work

anyone out there?

would someone be so kind as to help me with my question?

People might not have the required credit to borrow money from a bank or apply for a credit card. And the payday loan companies represent payday loans as easy cash. Perhaps that is the reason people go for them. Why are you asking this question? Are you looking for payday loan?

Oh forgot to login :oops: that was me :D

Hi, dave, do you know anything about nationwide cash or ambassador?

Dave--what about borrowing from family or friends?

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Sometimes people feel embarassed about borrowing from family or friends. Then you get an e-mail that says something to the effect of "Don't borrow from your family or friends, we make it EASY". It catches you at a vulnerable time, and it all goes downhill from there.

ok, so if people are embarrassed and don't want to borrow from family or friends and they don't have the credit to borrow from a bank or credit card company, what are they supposed to do?

My recommendation would be to suck it up and BORROW from family or friends and stay away from PDL's so that you don't end up like many of us here who were caught in the PDL trap.

I guess it depends how bad the debt is. Check your budget - are you living beyond your means? Do you need to scale back your life and make cuts to survive on your current income?

If it is short term, maybe you need to bite the bullet and ask for help from family. But the key it to make it a very short loan and a one time thing. Readjust your life so you don't have to make loans a regular part of life.

Sometimes emergencies hit..I had one and had to have cash almost immediately. A Credit card is not feesbile, it is not like you get the card in the mail the next business day like the PDL's promise...I would never get another PDL....I have certainly learned my lesson.

So i don't understand, what you are saying is that you don't want to ask family and credit cards are not realistic, then what do you do if you can't get to work because your car is broken and needs repairs, do you just sit at home and lose your job?

Take the bus. Or get a ride from a co-worker, family member, or friend.

My suggestion would be to get on the telephone and find a ride to work, or take the bus/cab if you don't want to borrow money from friends/family. Your payday will come soon enough and you can take care of your car then, without a huge interest rate.

I think you're trying to get me to say a PDL is a good idea, and I will NEVER say that. I was in my own personal Hell due to PDL's. Yes, I got myself into the mess, and I got myself out of it. But if I had just swallowed my pride and let the people around me help me instead of thinking, "Watch me take care of this all by myself without them helping me. They'll be proud of me." and then the next minute my checking account is going hundreds of dollars in the negative each payday, resulting in me having to take another PDL to get back in the positive. No thanks. Never again. And you know I tell EVERYONE I know to NEVER take a PDL.

I think that is what Guest is trying to get us to say. I would use up all options in regards to getting to work before I took another pdl. I PAID mine back than you, and I won't take out anymore.

I would agree with them both. I was lucky - I never got a PDL, so I never got into the trap others here have. But PDLs, from a financial standpoint, are a bad idea. Forget all the other reasons. The interest rate is enormous. Far beyond what a friend might charge you, if you have friends like that. There are so many more options out there.

You asked about ride. There HAS to be someone in your area that wouldn't have an issue giving you a ride to and from work. So you have a broken car - big deal. You aren't the first and you won't be the last. People understand that you don't have the time or money to fix your car and are very willing to help. If they don't, move by me - I'll drive ya.

For other issues, there are other options. Personally, I went thru a hard job loss. Dang near had my home foreclosed. I spoke with my church pastor who put me in contact with someone in my church that helps in such a situation. People helped me out with cash to make up for missing money and get me back on my feet. There is a great option for help.

Basically, when you are down, you really can't get much lower. Humble yourself and ask for assistance - there is nothing wrong in asking for help. By nature, humans WANT to help. We just never know when we can have the chance.

Here I am in one of the deepest holes ever and I really see no way out! I have pay day loans to cover payday loans and I can't do this any longer! I was just contacted by the credit counseling company that you suggested earlier today, but I have to get all of the loan companies together. I am so ashamed and embarassed.

Welcome, Irish. You've found a place where people understand, and you don't have to be embarassed or ashamed.

Hi Irish. Many of us have been in your shoes, so we understand what you're going through. I will tell you this, though - there is an end in sight. You've taken the first step. There's no need to be ashamed or embarrassed. Everyone makes mistakes. The important thing is for us to learn from our mistakes. Do as the credit counseling company suggests and get all the loans together so they can work with you on resolving your debt. The best of luck to you. Let us know how you're doing.

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so can anyone tell me why the subject line of this post was changed from all caps to upper/lower case?

just curious.

why was it necessary for the subject line to be in caps? That's shouting.

Welcome Irish, We have all been there. You have nothing to be ashamed or embarassed about. Keep us posted on your progress and if you have any questions just ask. Best Wishes KYSIDE38

i wanted it TO BE HEARD! so why was it changed, can you tell me that and who would have changed it?

oh trust me guest, we hear you. I have no idea why it was changed, or by who. I guess I don't think it's a big deal.

Payday loans DO NOT WORK!!!

actually i would say that they are certainly not an answer for solid financial management, that is for sure. however, if you look at history, this type of lending has been around for centuries. there has always been a segment of the population that does not have access to unsecured capital. not saying that it is good but it is a fact.

That is a crock, no offense.

There once was a day when credit bureau's did not exist. My grandpa will tell you in a minute that times were easier once upon a time. He had a mortgage on his farm, and he made payments twice a year. If he didn't have the money, he sold something. Up until 30 years ago a person could walk into their bank and borrow $1,000.00 at 1% interest with no credit check and you had 6 months to pay it back.

Quote:

The trouble with PDL's is that they are good in theory, BUT. Unfortunately when you get to the point that you are forced to use desperate measures (like PDL's)a person is usually in pretty dire straits financially.

Despite good intentions to do it just this once, it most likely continues on. While it seems like an easy answer it just exacerbates the problem (by starting the cycle we all know of getting one to pay the other). I don't think anyone liked or likes to be in this horrible cycle.

Exactly!! PDL industry failed to deliver the purpose of the loan and people got a wrong interpretation of the whole process. That is the problem with PDL.

Lorri, have you read noticed this thread? AG????????s Office, WV is about to take steps against PDL.

http://www.debtconsolidationcare.com/westvirginia/pdl-restrictions.html

Lorri, I must say read the thread. I am proud of the action my state has taken. The AG office has worked many hours getting this done and its was not election year for them. Hopefully all states will someday do away with this practice of predatory lending. KYSIDE38

oh polly, polly, polly. you my friend are exactly correct. you USED to be able to go and get a signature loan for $5000---back in the good old days. why can you not do that today, you ask? Well let me tell you. There is a thing called personal responsibility and just the exact same way that your car insurance works (the accident free drivers pay the way for the under/non insured by way of higher premiums) the banks and lenders work today. There is a much higher incidence of people taking out loans (all kinds mind you) and feeling like they don't have to pay them back. Does that sound familiar? In any case it doesn't take much to see why that is. As for the credit bureaus, emerging countries, not unlike the US about 80 years ago, are forming non-traditional credit bureaus via the form of cell phone bills. That's right, could you imagine what the credit world would look like in the US if we based credit off of that? I guess then the cell phone companies would be ripping everyone off.

whew...that was a really long winded post of opinion. enjoy!

I was able to go back and read the thread (thanks!). My belief is that someday all states WILL take action against this type of scam (and eventually another crooked scheme will take over). Geez, that sounds just a teensy bit cynical, doesn't it?

Lorri, if I have anything to do with it, Tennessee will be leading the pack in outlawing these predators, just give me time BRING IT ON!

the reason why payday loans work is because as for me i have no family member to borrow from because its only a few that are still living, i just recently went to work andthere was no job to have my bills were not gonna wait for me to find a job my credit is not good enough for a credit card and the couple of credit cards i just received for a line of 300 dollars hell they took out more than 200 for no good credit fees that i was only left with 50 dollars to spend now aint that some shit although they charge an arm and leg to get it the next day you need it and thats all you see

Be careful of these payday loans. They only sink you deeper. KYSIDE38

Amen Kyside! You are gellin, sister!

Lets start another thread why they dont work. Tick her off good.

where has she been?

Good idea!

Who knows? Out robbing the poor to give to Rich? LOL

I'm trying to start a new thread, but it won't let me.

It's Karma, steelers!

#%**?!! that Guest! :evil:

lol!!