Pay Day Loans...simple facts
Date: Sat, 01/10/2009 - 13:01
I have dealt with payday loans...both in a good way and bad. Based on my experience...payday loans done right can be a great benefit in a pinch..done wrong....can be an absolute nightmare. If you use this outlet to get out of a pinch i.e. car repair, tires, running a little low this pay period...these companies can save you. If you are using them to make it by due to poor spending habits etc....they will eat you alive.
1. Never take out a payday loan for more than a couple hundred dollars the fees and the interest rates are very high and the more you take out the more you will be paying in.....some interest rates can be 107%.
2. Never take out one that you cannot pay off in one or two of your next pay days. They will renew your loan up to 5 times which sounds great BUT you will be paying double or triple what you borrowed.
1. Never take out a payday loan for more than a couple hundred dollars the fees and the interest rates are very high and the more you take out the more you will be paying in.....some interest rates can be 107%.
2. Never take out one that you cannot pay off in one or two of your next pay days. They will renew your loan up to 5 times which sounds great BUT you will be paying double or triple what you borrowed.
State laws vary as to how many times you can renew a loan, my st
State laws vary as to how many times you can renew a loan, my state is 3. This is good advice from Guest but dont take any at all if you have other means such as borrowing from a friend or family member.
They are illegal in CT, but I had companies that were renewing 4
They are illegal in CT, but I had companies that were renewing 4 times then started to pay down the loan which was another 4 to 6 times depending on what I borrowed...I'll go to my mother for money before I ever do a payday loan again...
