A
payday loan
(also called a
paycheck advance
or
payday advance
) is a small, short-term loan that is intended to cover a borrower's expenses until his or her next payday. The loans are also sometimes referred to as
cash advances
, though that term can also refer to cash provided against a prearranged line of credit such as a credit card. Legislation regarding payday loans varies widely between different countries and, within the USA, between different states.
Some jurisdictions impose strict usury limits, limiting the APR that any lender, including payday lenders, can charge; some outlaw payday lending entirely; and some have very few restrictions on payday lenders. Due to the extremely short-term nature of payday loans, the difference between APR and effective annual rate (EAR) can be substantial, because EAR takes compounding into account. For a $15 charge on a $100 2-week payday loan, the APR is 26 × 15% = 390% but the EAR is 1.15
26
- 1 × 100% = 3686%. Careful reporting of whether EAR or APR is quoted is necessary to make meaningful comparisons.
Amber W
asked:
"We are in need of some money until payday and I was wondering what payday loan website is good. I know some say payday loans are bad but they are only bad if you dont pay it back the next paycheck and my husband gets a bonus next week so we will be paying it back next week. Anyone have an idea of a good site?"
Question posted courtesy of:
Lori A replied:
"I'd ask family or friends before I'd pay the outrageous fees those places want.Have you considered evaluating the junk in the garage or your closets that you could put up on Craigslist.org and sell to raise cash you won't have to pay interest on?"
InnerCircle replied:
"Stay away from the vultures."
HoneyB replied:
"Just to let you know, the payday loans are so terrible because they have interest that is so high that you end up repaying a lot more than you borrowed. The cost of borrowing from these places can be as high as the equivalent of 75% interest. Even if your husband is getting a bonus, and you pay the loan off you still may be starting off the week with less money because of what you have to pay in fees. What if another emergency arises? You'll end up going back to the company again - this is how the cycle of dependency starts. If you need money fast, try getting an interest free loan from family or friends, a short-term loan from a bank (you can apply and be approved for a line of credit within minutes) or going to a pawn shop. Please don't take a chance on these pay-day loan organizations. They are a total rip off, and they should be illegal."
john d replied:
"There may be something of use here."
Gillian G replied:
"Research the options on this website. Good luck!"
elaine
asked:
"I fell into the payday loan trap, which I struggled my way out of. Now when I see someone going into one of those places, I just want to run grab them and pull them in the opposite direction! I hate predatory lenders."
Question posted courtesy of:
foxymoron replied:
"they dont trick you in to getting a loan from them... its your responsiblty to be responsible with your money... i have on occassion since my divorce needed one.... and it came it handy.... try using a budget"
pickles replied:
"yes yes yes, they take advantage of the usually poor and are loan sharks that are illegal.....if they can do it then why cant the mafia"
Tom H replied:
"I think it makes more sense to teach Personal Finances rather than Geometry/Calc/higher level math, as most people would benefit much more from learning about interest rates, savings accounts, Roth IRAs, credit cards, mortgages, etc. Payday advance companies will always exist as long as the market proves there is a need for it. There is a need primarily because children aren't educated in how to manage their income versus their expenses."
lil_darlin replied:
"they should be banned. they take advantage of that scared and helpless feeling you get when you got to have money now and are afraid of a bank or loan financial company turning you down."
outlawimmortal2 replied:
"I don't think they should be banned but,i think they should regulated more as to the interest they are charging on those loans.Consumers need to be more responsible when taking these loans because these people charge more interest than the mob."
bdancer222 replied:
"I don't understand how they can operate legally now. They definitely exceed the legal threshold for usury laws.But I most definitely think we should have required classes starting in elementary school on financial management, including record keeping, banking, budgets, credit, etc."
clbmeb04
asked:
"I know payday loans are bad so please don't say anything about it. I am looking for a good payday loan company that offers the following:Will take over $1400 for income, Only requires a bank statement, can be on disability for the income, and last but not least won't do credit checks. Thanks"
Question posted courtesy of:
Dawn L
asked:
"We are desperately waiting for a re-enlistment bonus we are expecting but in the meantime need a quick loan to get us by for somethings that have come up. Payday loans dont seem to help those in the military anymore and I know payday loans are not a good idea but we also know we will only use this until the bonus comes thru . Anyone know where we can get a quick guaranteed loan for personnel in the reserves?"
Question posted courtesy of:
Gary replied:
"I wouldn't do this. Why spend unnecessary? You are betting on receiving something that has yet to come. What would happen if something goes wrong for you? This is like writing a check and not having enough money in your account to cover it."
fukingruvin76118 replied:
"Look in the back of army times, but beware of thier high interest rates!"
Cool m replied:
"Personal loans normally carry a higher rate of interest. This is because of the higher risk potential in such loans. One may also be overcharged on this account. The borrowers are asked to pay a hefty charge and have to face some inflexible terms of payment. Nevertheless, there are lenders who charge reasonably lower rates of interest
comfort and a future comfort also leads to this trap. Deciding the monthly repayments and the number of installments further strain your mental faculties. An expert advice from knowledgeable people will help in this decision. Being aware of ones financial condition, the borrower can decide the various details of the loan in a much better manner. Thus, the final decision is reserved with the borrower himself."
n p replied:
"Hi.This company will help you:"
mark m replied:
"You post your profile on this webiste and then lenders come to you. I recommend trying"
JediMaster
asked:
"How do payday loan places prey on the poor? How do they keep people trapped in an endless cycle? What makes people use pay day loan places to begin with?"
Question posted courtesy of:
FRANK B replied:
"PEOPLE WHO ARE BAD AT MANAGING THERE MONEY ARE EASY PREY TO THE COMPANY'S WHO PREY ON THE WEAK AND VULNERABLE"
starryspacenight12345 replied:
"People who use pay day loans probably can't get credit anywhere else due to damaged credit and had something come up that needed to be paid right away that had they an emergency fund would have covered (flat tire, unexpected bill, illness). People who are using these types of places are probably already living paycheck to paycheck already so that they'll never be able to get out of the cycle of the pay day loan. States that allow people to have more than one pay day loan out at once really open them self to trouble, because then they'll start using one to pay the other and not really pay off either. Not to mention the fees are steep, but if you can't get help anywhere else...they are a better choice than what the bank charges you for over the limit and overdraft fees. I think they have a legitimate place in our society, although not pretty. It's a nature of the financial envirnoment right now. It's really hard to get up out of it."
DebtFreeLiving replied:
"broke desperate people use them who don't know any better. they prey on the poor because they charge 400% interest."
Cash advance also known as payday loans are short term loans meant for unexpected emergencies and or to help bridge unplanned expenses such as medical bills the gap between pay check.Getting a cash advance is simple.It just takes a 2 minute online application process . once approved the money is wired to your bank account in one hour .
Now that Obama is president, we can expect change in America. But how will payday loans and your financial freedoms change? LEARN MORE
A 1999 state law allowing so-called payday lenders to charge high fees for short-term loans violates the state constitution, the Arkansas Supreme Court ruled Thursday.In a 6-0 decision, the court said the fees permitted under the 1999 Check Cashers Act were really triple-digit interest rates. The state constitution limits interest rates on loans.
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