Why you took PDL? alternatives for payday loans?

Simon,

I agree that this is a great idea for a new forum :-) I'm not sure what other alternatives there are to payday loans but I know it's better to get a second job or borrow from family. I would rather borrow from the mob than deal with these loan sharks again. I took a payday loan because I need to pay bills. I really didn't pay too much attention to the contract or interest rates. I was just so happy to get approved and get the money in my account. I didn't realize at the time what a downward spiral this path would take me on. I lived with these for nearly three years and I'm glad to be rid of them :-) I know that some credit unions give small loans to help people stay away from the pdl trap. I've heard good and bad things about these as well. It will be intersting to read people's opinions on this topic :-)

It started with a store front loan that came totally due on the next payday. I was short for the rent due to car repairs and my wife had lost her job. The storefront only charged ten percent. After I paid it I was short for the utilities so I took another one on line that could be paid back in increments then the car needs repair again. That was followed by an lapse in my direct deposit that caused the payments to be returned and so on and so on.

Lets have more people who have taken payday loan with the big WHY.

I took it for my extra expenses and then it became a habit.

I got my first payday loan ever in 1999. I had quit a job and had just started a new one. I was missing a week's paycheck because of that and I needed money to cover my rent so my cousin suggested I go to Check n Go. Then, when it was time to pay that loan back, I needed the money, so I went to Check Into Cash to get money to pay Check n Go. I got those paid off and stayed away for a couple years. Then my husband and I fell on some hard times and I went to yet another store front. Same scenario, borrowing one to pay back another, then starting over. Soon I had loans at every storefront in town. I got them all paid off 2 or 3 times but always ended up going back. Eventually I got all the storefronts taken care of but this past December I discovered the online pdls. They were so easy to get and I didn't even have to leave the house. Once I got one, I had to get more to cover what they took out every paycheck for interest and still pay the bills. One turned into 9, and one storefront. I knew the interest rate was high but with bad credit I didn't see any alternative. All I knew was that in 24-48 hours I would have money in my bank account.

I took out my first payday loan last June due to some medical expenses; I have not been able to pay them off to date. I have paid more in service fees than the amount I borrowed but I was greatful that someone had lent me the money at the time so I felt that I had to pay back what ever it was they were charging. Thank God for this web site. Eventually I took out two other loans, then the nightmare began. Every two weeks my account was being debited from companies I had never heard of. Since there was no telephone number on my bank statement I looked up the companies on the internet and realized I was not the only one with this problem. I wish I knew of another alternative, but I agree with Mishele, It' much better to borrow money from a family member or get a part-time job. I've gotten a part-time job which is really hard when you have children but I think it's still better than having sleepless nights and wondering who is going to debit my account and how many NSF's the bank is going to charge.