Pay day loans?
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Pay day loans?
| Tue, 09-28-2004 - 4:24pm |
I am just curious. I have only heard horrible things about these loans. Why are they so bad? If you intentionally get these loans knowing you have to pay them back on pay day? It seem to me if you know the fees and you pay back the fees plus the amount you borrowed it's all good right? Unless these people cannot really afford the fees or they had no money on pay day i guess.

HIGH? Yeah I think they average about 50% interest. NY puts an interest cap of 30% on loans, so you won't even find a payday place here, guess they won't make enough.
Other then that, I dont think they are 'bad'. Just a rip off. If the interest and fees are less then you would pay in bounced checks, late fees, etc. then it definetly makes sense to utilize one, as long as you dont get in the habit of it as an easy way out.
I read an article once about these places, and one reported a girl writing a thank you letter, because without their loan she would not have been able to go out shopping with her friend. That, I think is dumb...lol...
I guess if it is better then paying a bill late, it is worth it. I would try calling a CC company or a utility first though and ask for an extension.
They just tend to get a bad name because they
~okee
(formerly oneandonlyother)
-Darcy