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Payday loan - Is it a blessing or a curse? Give reasons

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Consumers often take out pdls to meet their expenses. But this short term loan comes with high interest rates. So, is it a blessing or a curse? Give reasons.

They are a pain cause you never finish to paid i had a very bad experience with them thats why i will not recomend to anybody to make a payday loan so if your credit its not that good my recomdation is try to work with your credit a payday loan is not the solution is too high the interest and most of them dont have any respect for people

Sub: #1 posted on Mon, 08/08/2011 - 08:36


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When I received my first PDL I thought it would be a blessing, but as time went by I began to realize that once you get into this up and down rollercoster It gets harder and harder to get off, with high intrest that they charge it makes it almost impossable
to have a normal life and fell good about your self, no these type of loans are not a blessing , curse is a mild wodr for this type of loan.

Sub: #2 posted on Mon, 08/08/2011 - 10:50

countrylakeworkorders countrylakeworkorders

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It is a curse for sure. The payday loan lenders are sharks. All they want is money. They will give you a loan worth $400 and make you pay twice or thrice the amount. The tragedy is you can't get rid of the loan even after paying twice the amount. The lenders will keep calling you more and more money.

Sub: #3 posted on Mon, 08/08/2011 - 20:03

nandydiana nandydiana

(Posts: 114 | Credits: )

I am currently in big trouble with payday loans. Initially it feels like a blessing. You have this easy way to access money to help with something you are struggling with. Unfortunately, when you pay off what you need to, you have this loan hanging over your head. I have several right now and I honestly don't know how I'm going to get them paid off.

Sub: #4 posted on Sun, 08/14/2011 - 09:44

bengalbaby bengalbaby

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Due to the short fall in one month and making a payday loan is not ness. You can contact one or more of your creditors and make an arrangement for 1/2 payments over 2 months.
Making a loan of 1000 and paying interest & cost of 300 is not worth it. The payday loans is usauly small amounts

Sub: #5 posted on Mon, 08/15/2011 - 02:48

mzpretorius mzpretorius

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it is a curse in the long run,because you have all these interest fees and penalty fees that add up.but it is a temporary blessing to have a little extra cash for emergencies.some of these payday loans do not even work with you,they can even take all of what you owe and then some.Don't get one! The'yre evil.

Sub: #6 posted on Mon, 08/15/2011 - 09:07

mispigy1970 mispigy1970

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Payday loans are a CURSE in every way! I have been there and been one of those people who got behind on some bills and was in a rut, didnt know what to do, well I got a payday loan in my hometown. At that time they were new to our town, i wasnt very familiar with them.

Here is my Own Story:

Sure it was nice when i got my first loan, I think it was $200 and at that time you only had to pay back the interest which think was around $30 at that time, but i had an introductory of a FREE NO interest loan, to get me in there and it would just renew and in 2 wks you pay that interest amount again. Well, Then i was in need of more money, so i got the full $600 that was available in my state, which of course the fees got higher. Then the laws changed and were forced to pay the full loan amount plus the interest if you wanted to get another loan. Well of course that caught up, so I was able to get a second loan in my home town from a different company for $600 ~ no problem, used that to pay off the other one and got another loan. Well, as you can imagine, it only snowballs more and more and more.....I then went to online....oh NO!!!! ~ NEVER NEVER NEVER NEVER get a loan online.....99% are not legit and that is generous. In reality none of them in person or the store are legit, they catch up to you fast.....
I did go online, applied for a company got approved for $300 i believe, yeah took that, of course it helped at that time.....Then wow....those fees adn so much more go on and add up, I got a few more loans, and a couple UNAUTHORIZED deposits into my bank account....GREAT.....I was scared to death.....I had so much help in these forums, i closed my checking account, but got calls and more calls.....I filed complaints with my state, their state if i knew where they were, Thankfully most were settled easily, but it was rough and stomach turning :(

I do NOT recommend to anyone getting any type of payday loan. You are better off making a late payment, waiting ont that car to get fixed till you get paid, or if you are lucky enough to have a GREAT friend or family member to assist you.

These are all bad news, again they sound all good in the beginning, but remember the ones online only take out fees for months on end, so a $200 will end up being $2000 if your lucky!!!

Try your best to keep away from these "scams" as I now call them. They are such a nightmare, litterally i had many of them....wondering what we were going to do when my husband direct deposit check was going to be totally gone before it even hit our acct, now that is Scary...and REAL!!

I will NEVER use one of those companies again.....They are a CURSE in everyway!! Please do NOT fall in their Scams!!

Sub: #7 posted on Mon, 08/15/2011 - 15:34

wendylynn93 wendylynn93

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For those of us who are credit challenged, a payday loan can be a blessing when the unexpected arrives and there are no other avenues available to us. You have transportation problems, you need your prescription filled, your child has a field trip with a fee...However, the curse comes when too much is borrowed without consideration for the payment that is due in 2 weeks or less. The curse continues when we get a 2nd loan to pay off the first and find that we can't pay either one on payday, and our household bills start to get behind because the payday lenders have access to our hard earned money and get paid even before we do, and all payments to them are only for fees, never touching the principle! The blessing would be to be able to get a loan for a reasonable fee, paid over a 30 day period rather than 14 day period. That would enable payback on payday, as planned, and the lender would be seen as a blessing in our eyes for saving the day!

Sub: #8 posted on Mon, 08/15/2011 - 18:59

rgoldsmith0324 rgoldsmith0324

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Sticky situations sometimes occurs. Payday loans for whatever reason seem to be the cure for the moment. The initial loan deposit is a blessing. Afterwards, the payment back is a curse. It just becomes a horrendous cycle that never seems to end. You obtain another loan to pay the first one and so on and so on. If at all possible, obtain you funding from a different source other than payday loans.

Sub: #9 posted on Wed, 08/17/2011 - 06:56

bingonut bingonut

(Posts: 1433 | Credits: )

i belive it is both because at the time of the loan you are probly in a bad place and it a curse because hen you finly start seeing a clear sky your are hit with the payback and the 200% interest rates.thus putting you back were you started i now know that the bestthing to do is not to take a loan so in another way its a blessing if you learn from your mistakes.

Sub: #10 posted on Wed, 08/17/2011 - 22:40

kellyhicks21284 kellyhicks21284

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