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

Submitted by Vikas on Mon, 08/01/2011 - 01:17
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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


Submitted by EOTERO5473 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.


Submitted by countrylakeworkorders on Mon, 08/08/2011 - 10:50

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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.


Submitted by nandydiana on Mon, 08/08/2011 - 20:03

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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.


Submitted by bengalbaby on Sun, 08/14/2011 - 09:44

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Curse,
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


Submitted by mzpretorius on Mon, 08/15/2011 - 02:48

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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.


Submitted by mispigy1970 on Mon, 08/15/2011 - 09:07

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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!!


Submitted by wendylynn93 on Mon, 08/15/2011 - 15:34

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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!


Submitted by rgoldsmith0324 on Mon, 08/15/2011 - 18:59

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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.


Submitted by bingonut on Wed, 08/17/2011 - 06:56

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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.


Submitted by kellyhicks21284 on Wed, 08/17/2011 - 22:40

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Payday Loans are definitely a curse. The interest rates they charge are ridiculous and should be (probably are) against all state usary laws. Most of them are not supposed to loan in certain states, but do it anyway. The United States government should have all of these companies shut down immediately. I had the misfortune of applying to some of these companies. At one point, I had 6 loans totaling 2,100 in principal payments alone. I later found out that my state does not allow for reloans. The only way I was able to get out of this situation was to close my bank account. All of my bills were behind and I had to play catch up with them. I would rather take a few phone calls at home/work than to pay them another dime.


Submitted by joneslatisha.kirk17 on Fri, 08/19/2011 - 10:18

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Yes payday loans can be both a curse and a blessing,depending on your needs,some need to make the bills,others get sick the sad part is the elder who are on a fixed income that's the sad part not only do we have a hard time paying back,they also have a hard time,the rules aren't tough enough.,they should not be able to borrow when on social security ,internet borrow should not be aloud in any state.


Submitted by rkujat42 on Fri, 08/19/2011 - 16:01

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Payday loans are a curse! It is a curse because after you take out the payday loan and pay it back, you then have to get another one to cover the monthly bills that you didn't pay because you had to pay the payday loan people back, and it turns in to a vicious cycle. It feels good to have that money but when you have to pay it back you just find yourself back in the hole again!


Submitted by martha.dasen on Sat, 08/20/2011 - 00:26

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I thought it was the answer, until I found this website. The stories that I read was troubling to say the least. Also, I experienced having $50 just disappear from my checking account, long after I got my loan from Star Cash. I contacted my bank, and they had no trace of where the money went. I know I keep track of every cent that goes through my account. Anyway, I got $25 back mysteriously a few weeks ago. I have not contacted my bank about this, however. Then, coupe of weeks later, Star Cash calls offering another loan [ this after I borrowed $200 from them two years ago, and paid back almost $700]. I am in tough times again, so I took them up on their offer, this time for $300. But I wanted to know more about this company. This is when I found this website. I was 'approved' for the new loan. But, I am going to return it, and maybe get a new account. Thanks for the advice


Submitted by jc.broussard on Sat, 08/20/2011 - 11:29

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its a curse and a horrible nightmare!! Reason being once your in there little scheme you are trapped! You will write a posted dated check on friday and its owed back the following friday, well you realize you need more of your check than you thought when you originally wrote the check. So you end up getting another pay day loan instead of making payments back like a normal loan. I hate PDL thats for sure. Then the pdl companys sell or some how others get your account info like DT&A, and they begin harassing you to pay a unpaid PDL which I'm sure dont exist!

Gahhh Just Say NO to Pay Day Loans!!!


Submitted by juicyazzmarie on Sun, 08/21/2011 - 21:32

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PDLS can be both, but to most consumers they are a curse. Yes they are there in times of need to avoid late fees, overdrafts and emergencies. But dont borrow more than you can pay back on the due date. Been there and done that. If I need emergency cash I will only go to a storefront business or my credit union but only as my last resort. I will face a late fee or an overdraft before I will ever go to a pdl again. Most people will borrow money and then when it comes to payday then they realize they dont have enough money to pay that loan off so they will go to another place and take one out to pay off the other one. Then they run out of storefronts to go to so they turn to on-line lenders (BIG mistake). Then when all is said and done they have like 6 different loans and are using their whole paycheck to just TRY and pay off the interest payments. Then in the end a $500 loan can cost you thousands to repay. You have to think before you borrow from a pdl, 1. is this an emergency or can I wait for this till payday? 2. How much can I afford to pay back in FULL next payday? 3. Do I REALLY want to pay 500% + interest on a loan? Take it from me, I have had MANY pdls and I have paid THOUSANDS back and have had so much stress from this and almost lost my job because they were calling my job telling them I stole money and was going to be arrested for it. I had to close my bank account because they were taking out of it when I didnt owe them any more money. If it wasnt for this place and the help of the state I live in I would still be going through all the hell from them. It took me like 3 years to finally get them all paid off and settled. I have already been a speaker during a meeting with the state about our pdl laws and how they can affect the consumers. I have to say that I am thankful my state has changed the pdl lending laws :-) So if you can avoid it, DONT take one out.


Submitted by puddlejmpr on Mon, 08/22/2011 - 09:50

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It's a bad choice that feels like a curse. Its best not to give your banking information to anyone,especially a business you don't know.(REFERRING TO ONLINE) it could be inmates for all you know. Rates is higher. In person at a check cashing place not so bad. it can help when you need it and it not expensive. You have a month to repay +fee. The best way without completely clean out your pocket is to borrow less and less each month or payday to none. Then just try to keep track.


Submitted by electiaba on Tue, 08/23/2011 - 09:27

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I think Pay Day Loan are very addictive. Most consumers rob Peter to Pay Paul and it turns into a cycle. The interest is so high that you get another loan to pay off the previous loan. A PDL should be for a short term period, if you cannot pay off the loan on your next pay day you should rethink getting a loan. You are better off going to a pawn shop for a loan. I am divorced but I kept my wedding ring. The ring is valued at around $1600 dollars, I got a loan of $800 for my wedding ring and had to pay back $920 for a 30 loan period. So consider a piece of Jewerly that is not that dear to you and get a loan when you need extra cash. If you lose the Jewerly "O Well".


Submitted by June.E.Windmon on Thu, 08/25/2011 - 07:41

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