What do you think about Payday Loans?
By CharRay7
@CharRay7 (1549)
United States
December 10, 2008 1:39am CST
In the past, I've had to do a Payday Loan a few times. I was able to pay back the loan either by the due date or before. I always tried to pay more on it each time than was required because the interest was so darn high. I only used them when we needed money for when our sewer downstairs had to be pumped out and on emergencies only.
Since we don't have any credit cards anymore, it was the only way I could get the money. They charged such huge interest rates that I always wondered how they got away with it. I read somewhere that some states are stopping them from charging so much.
If you don't know what I'm talking about or want to learn more about payday loans, go here: http://www.associatedcontent.com/article/977542/the_shocking_truth_about_payday_loans.html?cat=3
So what are your experiences with payday loans? Do you think they are a good deal?
Have a great day!
Char 

1 person likes this
3 responses
@goldeneagle (6743)
• United States
10 Dec 08
They provide a service. I don't like those places, because they usually take advantage of people with the interest rates they put on these loans, but I guess they are almost necessary for some people.
1 person likes this
@winterose (39887)
• Canada
10 Dec 08
I think payday loans are very expensive and people should be careful about these loans, to me it is a form of loan sharking, and they actually exploit the people who need them and are desperate to get them at all cost.
1 person likes this




