What is a good payday loan?

Simply put, no pay day loan is good. They all rob you blind.
Sounds like you are trying to get into the business. If so, no customers here.

Kashzan,

I understand waht you are saying, that no PDL is a good PDL, and I know that many of them do take advantage of people the way no one ever should. I'm not in the business and would never come to this site to solicit business. As a matter of fact, it kind of chaps me when someone posts that they dealt with Bass and Associates and had a great time, or the "be responsible and pay your debt" posts from the PDL's.

I'm just asking. If I offended anyone in the group, I apologize. It was not my intent.

All is good, not to worry. Just am curious about why you want to know all this info

I will not totally agree with Kash! 90 percent of them rob you blind. They make paying in full very difficult by requiring advance notice by fax and all kinds of tricks. There are a couple that charge 10% and require payment in full. The only problem there is the the borrower see's his future different than reality. He pays the loan and finds himself short again and reloans. It then becomes a weekly or biweekly expense of lets say 50.00. The borrower is now trapped because he is spending 100.00 per month in fees instead of paying his utility bill or something else. The deadline comes for the utility bill and it happens to be between paydays so he runs to the internet and takes another loan with a littlwe extra for a cushion. The snare has been sprung.
Bottom line, avoid them at any cost!

A good PDL is one that at the least has a physical address. When you tell them to take their money in full they do. They actually loan you money until payday and mean it. It should be that the customer calls them to renew because they can't cover in time, not the other way around.

I always speak highly of a lender here in Florida called Amscot. They are easy to work with, very professional and are held to the strict laws here that caps the loan, does not allow more than one out at a time and does not allow rollovers. They should be a model for other lenders in the way they treat you if you have a problem and the cleanliness of their stores.
Unfortunately the IPDLs have made the laws here practically moot because they are not applied to them.

Kashzan,

If there is demand for a product, the product will be produced and sold. If the product is broken, but the demand remains, the product stays broken as there is no reason to change it. It does not mean that a better product can't be produced to meet the demand. I'm just asking the people who have used the broken product what the better product is?

I do understand the question, i am just confused as to why you would want this info. If you never had a pdl, and you are not in the business, why such an interest.

maybe the guest needs to take a loan and wants some encouragement. It won't come from us!

Just want to know why the great interest.

Kashzan,

In an nut shell, I'm trying to figure out is there is a legal and ethical product that works for the borrower and the lender. Or morbid curiousity. I haven't decided.

Frogpatch,

I have read enough posts. I don't need any encouragement. I won't be taking out a PDL.

I think the biggest problem is the whole concept of the payday loan. Paying it back in full on the next payday.

Most people that take out these loans live paycheck to paycheck, and can't really afford to be $300 short on the next check. So they rollover, and over, and over.

I think the best thing to help people would be to offer low loan amounts, like $100 to $1000, but not as a payday loan, as an installment loan with lower interest. Even loaning at like 30% is a decent return for the lender and managable for the borrower.

Goudah2424,

It appears from other threads that the storefronts will do EPP's to break the cycle. Do they all offer those terms. And what about the IPDL's. Will they do EPP's. In repsone to your last post, wouldn't this help taking 25% of the loan amount over four pay periods versus just the full amount due on any single pay period?

The way I see it is that the only option for some, other than another loan to cover the payments on past loans, is to default. Am I wrong?

Only CFSA members are "required" to offer EPP's . . . . And that isn't enforced.

Most IPDL's do not allow for payment plans . . . . You have to really fight them to get one.

It helps, but the problem is in most cases the payment plan comes after the person has already paid for months and months of rollover fees. If the loan was set from the start to have the 4 equal payments, then I think it would be much easier for the consumer to pay it.

You are correct, most get to the point where the only option is default. This hurts the consumer in several ways. First, additional fees are added to the loan amount. Most ipdl's will continue to charge the fees every 2 weeks, whereas most storefronts will then allow you to pay down the current balance, with only late or nsf fees added on. The bad part is that payday loan companies use this to illustrate their point that these loans are high risk, thus they must charge the high rates.

Goudah,

Thanks for the insight. On a different subject, is there anywhere on this site that there is a list of all of the PDL's and IPDL's and the phone and fax for each one and any sort of database of who is who? I have seen a lot of people requesting info on specific PDL's and IDPL's and most of the people on the site can direct the requests. I just didn't know if a single location for all would be a benefit.

And tell Kashzan that I appreciate his thoughts and concerns as to my inquiries, but this idea has nothing to do with anything, other than giving the readers a resource that could be of benefit. I personally think that the "loan and hide" business is no way to run a business.

Thanks again.

Its kash here.I am a girl.
All is good dont worry.
There really is no list. There are thousands of these pdl places with thousands of different names and addresses.It is virtually impossible to get a list of them.One can have 10 different names. They also try very hard to keep their address secret. Sorry but I dont think it can ever be done

...not to mention they are ever changing. Its a great idea though.

Kashzan,

Sorry for the mistake. My fault. I don't want to disagree with anyone, but I think there is a way to track everyone. I know that the names change. I know that some IPDL's use multiple fund names. However, they seem to feel the need to cut costs by using the same phone and fax numbers. If there is a way to pull them together, it may help honest people who just want to get a hold of the IPDL to repay the debt to stop the rollovers. I don't want to sound like an IPDL, nor do I want to promote the "you borrowed the money so pay it back" posts that come through. But if you honestly want to pay the money back, and you can't find the company to pay, all the while paying the fee's, it seems a litle cheap.

Just a thought. If anyone wants to start searching the threads, just start with "A" and go on. If there were 26 people who each picked a letter, it wouldn't be so hard. Who wants to start with "M", as in MTE, or "G" as in who hasn't heard of them?

Quote:

Volleyballmom,

I hope that what you posted was my quote, not the quote of an IPDL. If the quote is verbatim, I am sorry. I just thought that a single database of as many lenders as possible would be a benefit to all. I have not been through what most of you have with regard to PDL's and IPDL's, but just thought if would help.

I"ll start in the morning. If anyone else wants to start also, great.

Actually yes, I did a copy/paste from your post.

What are your ideas on where to store this info and how to maintain the integrity of it?

Edit: Its a great idea as long as it can realistically be achieved and the data is kept up to date.

Kashzan,

The triple banana split should have been a tip-off. "Honey, did you notice my new earings?" "Yes I did, are they new?" "Actually, I got them last year". "Oh, really, I meant to mention them."

And you have to keep a straight face.

Volleyballmom,

Start with the worst of the worst. Pick one. Phone and fax numbers are the start. By searching the "search" box on this site by the known lenders, the names will come up, along with the phone numbers. By then searcing the phone numbers, the other names used will come up. If nothing shows up on this site, then google the phone number and the name and backtrack the numbers. It isn't hard. The hardest part is knowing the names of the lenders. Whether they show up on this site or other related sites, they will show up. When you find them, pick another search engine to look for matches.

Guest the banana split should have been the tip off. Of well my next avatar will have to be a pair of red stilletos

Quote:

VBMom,

This site would be the best to store the info. I would think that because the PDL's have a physical presence, that listing them would be a waste of time. If you can't remember which storefront you walked into to get a loan, then you have another set of issues.

However, with the IPDL's, the situation is different. The common denominator seems to be the phone and fax numbers. By tying the phone and fax to the fund, it would seem that you would know who you were dealing with. With regard to the ACH, I understand that it is difficult to determine who you are dealing with.

Did I answer your question?

We have tried it in the past, but it didn't really work. Problem is most users cannot edit their posts, and the info changes often. It makes it very difficult to keep things up to date and easy to find.

For a while, one of our users actually had a list going on their blog. There have also been about 20 posts started along the lines of what you are suggesting, but they just don't work well for some reason. It seems like a great idea, but it just doesn't work that well.

Just trying to help. I'll kick it around and see if I can come up with something.

CashNetUSA has been great in my dealings, I had over 10 loans with them and the great part of their loans is they are paid in full the next pay period. All the rest of them are horrible, especially Midland Marketing--they are the worst!!!