Stay away from the payday loans lenders

Yes, payday ok does have the lowest fees,but boy do they add up,when you keep paying the lowest payment.Then they keep raising what you can borrow,until you get up the the $500 limit.I ended up just paying fees from week to week,and they kept adding on fees from week to week.My balance was always over $500.I must say that they have been very good as far as my consolidation,they dropped any additional fees and I am only paying what I owed when I went into default.They dont call or harrass,so I guess they are one of the good ones,if you can call a payday loan company good.

In my opinion, payday lenders and cash title loan places, should be shut down and made illegal in the united states. Its the downfall of america. They just cause so many problems. I mean, for an example, look at the number of post that come into the forum on payday loans and its never anything positive, always negative. These people are loan sharks and they thrive on people that are at their low points and have hit rock bottom or one step above it----actually I think if you take out one of these loans, you have HIT rock bottom--by the time they're done with you. I would ask people to think real hard before taking out one of these loans, unless you have no other choice. But as bad as I hate asking family for money, if you're that bad off, then I would suggest trying this before taking out a loan from these people. It ends up being a heart ache. As I have posted before, my brother in law has lost three cars due to cash title loans, he is currently walking. some of the family will offer him a ride if one of us is going up town anyways, but we won't go out of our way for him because he has done this sooo many times and we are trying to make him think and learn something. Maybe next time he gets a car, the first thing he does won't be to run the title to the pawn shop. Now I'm not getting down on anyone here that has gotten a loan this way---by no means--I've made mistakes too and I'm the last one to judge or criticize others for this. It just makes me mad that these places feed off of people and end up causing more trouble in the long run. JMHO. shirley

I am always amazed to find out how many people, like myself, have been hurt by payday loans. It's so frustrating..on the payday loan websites they all have "testimonials from actual customers" that talk about how great the company is and so on..Has anyone really ever had a positive experience with a payday company? For me, the first loan was a last resort, then there was no way out. my husband is a cpa..(can you believe I kept these payday loans secret from him? I finally confessed..He was wonderful about it and showed me what I could've done different..Then he taught me how to budget, and now all of the finances are handled together..I don't hida bills and bank balances anymore.)And he tells me that some states have laws that won't allow an interest rate to be over 28%. If that's true, how on earth can payday loans be legal?

Some states have banned payday loans altogether. There is another post about it on the forum. I know a few other states are working on banning them or trying to get tougher laws in regulating these places. They are having difficulties regulating online lenders because they move around so much. It's a whole different ball game when it comes to online payday lenders. There is a reason they call this predatory lending. I've found out the hard way. We can work together to get these places shut down. Check with your state's AG's office to see if there is more that you can do. :)

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They are also banning payday lenders because they are not licensed in a certain state to do business. This is going to hurt a lot of companies in the near future. I'm glad to see more states cracking down on it.

I also wish that all of them would be banned. Too many people have been hurt by these companies, and too many laws are being broken!

~Mary

I also agree, STAY AWAY! They are very nice at the time but when it comes time to start paying them back that's generally when everything goes bad. I know that 99% of us on here agree that taking out payday loans was a HUGE costly mistake. I hope that others read these posts before taking the money.

I hope so too Danna!! I really do. Look at our forum---there are sooo many people wondering in, asking for help dealing with pay day loans and all their sad hard luck stories. It just really makes me mad. I feel bad for them. We just have to keep putting the warning out about these places and maybe people will listen. shirley

It's just a quick fix with too many problems attached. I know that I have learned my lesson about payday lenders. My mission now is to see them banned or even regulated better.

My new theory is if you get paid regularly ( even monthly ) then there is no bill that cannot wait until your next paycheck. The late fees you will owe are far far less than what a payday loan charges for interest/fees. Even the avoiding NSF angle does not fly as the money probably will not be in there in time to avoid them.

For those of you who are not used to being late for things ( car/rent/utilities ) please call them 1st and ask for an extension before resorting to a payday loan.

Yeah avoid them at all costs. But, because we have no other way of borrowing money, these guys are only to willing to let us in the door. I know we make the ultimate decision, but it just chaps me that the very underwriters of these loans are the Bank of Americas of the world.

Glynnie,

That is great advice. When I first started debt consolidation for payday loans, I contacted my other lenders (legitimate) and they were more than willing to work with me. If I have a problem, I just call them and let them know I might need a couple of extra days. I don't missing paying all those fees to the payday lenders. I even put some money every week into a savings account. It's a small amount right now but it's a step in the right direction. :)

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Yea, for anyone unsure of what to say when asking for extensions on Utility, car or rent/mortgage payments just tell them that you are experiencing temporary financial difficulties. If they press for more info then tell them its legal issues and you cannot go into detail.

Be nice and it works everytime. Utilities are the easist to deal with. Car loans are also simple. If you own then they can simply expend your loan period giving you 1 or 2 free months and if you lease they will extend it for a fee.

Even with rent you can go as much as 30-45 days as long as you explain that its temporary and inform them in a timely manner.

Its much better and far cheaper than a payday loan.

And above all do not be ashamed. Odds are the person your are dealing with does not exactly make a fortune and has been there themselfs.

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