Need Some Help With Payday Loans

[Breezy]

Hi,
I have been going through a lean patch money-wise, and have a few pressing expenses that can't be put off till payday. I have heard stories about payday lenders harassing customers. I'm very sure i can pay my loan back before payday, and i'm sure there are some good lenders out there. Can anyone help me out?

 

[Witch consumer]

Don't touch any of them is the best advice I can give you, all the stories indicate they are a nightmare to deal with and their interest rates are astronomical.

I know it sometimes seems impossible when you have cashflow problems but there are other solutions, if your bank won't help, look at what you may be able to sell on e-bay or whether you have anything you can take to a pawnbroker, the interest rates still aren't brilliant but at least you don't get the same level of hassle.

It may be worth looking for a credit union in your area too, although they probably won't help in this short timescale, it would be useful if you find yourself in this position again.

 

[344kenneth]

Pay Day Loans

They are good only in a pinch. As long as you don't mind paying back $15 per $100 per 2 weeks period. That is usually the normal for pay day loans. To determine a good pay day loan place, usually I recommend checking with your state's attorney general. Also the BBB is good too. But if you are concerned about going with the best pay day loan based on track record, maybe you don't need it. Also when it comes to pay day loans, never borrow more than you can afford to pay back within 2 weeks, because a lot of people I have spoke to, get caught up in a nasty high interest cycle.

 

[Georginazn]

My experience with the credit union, talking to scores of people who have come unstuck with payday loans, means I have to say please do not touch them - if you have a local credit union, call in - they may well be able to offer you a reasonably priced loan - and if you can pay it back within a month the interest will be negligible - NOT the case with payday loans.

 

[happywriter]

Payday loans from a reputable, stable company with an prominent outlet should be ok. Take a copy of their terms and conditions away, read them well and ask about any doubtful phrases or conditions.
It is important to understand what will be the total amount to repay on an agreed date. The interest rate will always be high, which is where their profits originate.
Your big question is why you need the payday loan? If nothing changes to your circumstances by next month, you will need another loan. Each loan will just be another bill for you, which is not providing any more money.

 

[Rachelle]

Don't touch them! Look around your house and think of something else you can sell/pawn/etc. I seriously wouldn't touch them with a barge-pole. If your money is tight now unless you are going to receive a pay rise it's only going to get harder for you if you are taking a larger percentage out of your pay cheque to pay off last months loans, etc. It's a slippery slope and one to avoid at all costs.

 

[TracyG]

I agree with Rachelle. Payday loans should be avoided at all costs. I can understand the appeal, but it is very rare, if not unheard of that people will take out a payday loan only once. Payday loans are a downward spiral in to heavy debt with high interest charges and penalties attached.