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how pay back loan works

Date: Fri, 04/20/2007 - 05:54

Submitted by anonymous
on Fri, 04/20/2007 - 05:54

Posts: 202330 Credits: [Donate]

Total Replies: 13


how pay back loan works


berthalgross

Hi, welcome to the forums!

This site is not affiliated with any payday loan company. They help with debt, and debt consolidation.

Perhaps you googled loan, a company, and it came back to this site.

Generally, payday loans are due the next payday. They're for quick, short term money needs. Not something to rely on. There are also high interest fees attached to loans, and they are also automatically debited from your checking account on the due date.

Some payday loan companies allow you to renew the loan, just by paying the loan fee, and then giving you another pay period. This vicious cycle can end up being costly.

Think carefully before placing a loan. Sometimes unforeseen things come up, even during your loaning process, that make repayment difficult. After missing a payment, some fall into the trap of 'payday loan hell'.

Maybe relatives or even your employer could spot you.

Let us know if we can be of more help.


lrhall41

Submitted by Teleport on Fri, 04/20/2007 - 06:46

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You definilty want to stay away from payday loans. They are too easy to get and too easy for fall into their cycle of one after another and then you end up worse than you were before you got the loan. Some companies offer their employees an "Employee Loan" and only take a small protion at a time out of their paycheck each payday to pay it back. But stay away from the payday loans!!!


lrhall41

Submitted by 2nband on Sat, 04/21/2007 - 20:02

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Payday Loans: BAD idea!! Can I say BAD idea?? Don't do it!!! It seems great in the short run, but you will dig the hole a little deeper each pay cycle. Soon, you'll need another PDL to get by after paying the fees on the first one, then you'll need another one and well, you see what I'm saying. We have people on the forums who have joined after having as many as 10 at one time and got sick of watching their paychecks being eaten up by the fees. Read some of their stories. Once again, DON'T DO IT!!!!!!


lrhall41

Submitted by kscornell on Sun, 04/22/2007 - 11:21

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