so i took out a payday loan...bad idea?

They will deduct the interest each pay period through each debit unless you pay it back in full on your next payday. Who did you take the loan out with?

Try to pay it in full on your next payday. Don't revolve the balance from one month to next. It will be piled up and cross your scope.

it was with USFASTCASHLOAN,

so my interest was 46 dollars i think they said id pay unless i didnt renew

so does that mean, they will take 46 dollars every pay till i reach 150?

i was stupid about doing this. i didnt do much research, and just figured it was an easy way and didnt look into it...

so when i pay it in full, do i just call the company and have them deduct it from my account?

No it means you will pay back the $150.00 plus the $46.00 fee totaling $196.00 payback. When you took the loan with US Fast Cash, on the application you had to give them your account number for them to deposit the money. They will automatically hit your account unless you contact them at least 3 days prior to the due date, otherwise they will only deduct the $49.00 renewal fee.

so if i just let them take out for 4 pays, it will be 196, and then it will be done with?

No, they will keep deducting the $49.00 each pay period til you tell them to pay the loan in full. I think with US Fast Cash after the 3rd renewal they start taking out the $49.00 plus $50.00 toward the princpal. If you can at all, pay it in full on the first due date.

wow, so id actualyl pay like 400 or something for a 150 loan

wow, thanks alot!

That's how they make their money. Of course they won't tell you that when you open the loan...i would suggest paying it all back your next payday, this way you won't have to worry about paying that much in fees.