WHY PAYDAY LOANS DONT WORK!!!!!!!!!!!!!!!

They are predatory lenders who take advantage of the poor. And don't get me started on the online pdls! Where are their licenses?

They are like Lay's potato chips..You can't have just one. The ridiculous fees on the first one force you to get another, and so on...

I agree with finsfan - it's impossible to have just ONE PDL - online or otherwise. If you have one storefront PDL, when you go in to pay it off, they are quick to say "want to take out another?" with a cheerful grin on their face. That grin quickly goes away when you get into the fix of not being able to pay off the PDL on time.

My reasons:

1. They are a predatory lending industry in and of themselves. They are not on par with banks or other lenders. They actively seek out people with high risk credit in order to charge them usurious interest rates.

2. Threats. The online PDL industry is quickly becoming infamous for this collection tactic - threatening borrowers with jail time, humiliation, harrassment, etc. unless they pay their outrageous fees.

Internet PDL's Easy to get... Hard to get rid of.
and the Threats...they are counting on people being dumb to the PDL game forever. Thank goodness for this site

Fins you are right they are like chips, I remember being in some kind of stupor filling out the applications for IPDL last year, and with auto fill on my menu bar just forget about it, it was like candy

Gosh, I remember for a few months I spent every Monday afternoon searching the web for new loans.

What is so funny is that so many of these ipdls are one in the same and they are giving one consumer multiple loans at the same time! That's crazy. They even ask "Do you have more than 1 loan out", like saying yes is going to stop them from giving you more money.

I know, I had 2 loans from Rio, and one from paydayok and paydayone.

Oh don't get me started!! The reason they don't work is, you are already on the loosing end when you get one. You may get your money, but by the time you pay back all the charges and everything else, you've lost. Then you have to get more money to cover that etc.,etc.,etc., I speak from experience! I got them beccause we need to eat and have some utilities. at the time. Between pdls and credit cards, we got deeper and deeper. My old granny always told me, never borrow money you don't have to pay another debt. But sadly I didn't listen. Now many years later, I was still paying the pdls and credit cards, long forgotten was the memory of what started this viscious cycle. But thanks to this forum and the people who have educated me, I am almost to the point of being debt free, last pdl paid off a couple of weeks ago. No, they don't work because they prey on people who are desperate and have to eat, etc...Karen