About payday loans

Discussion in 'General Chat' started by Ashford2, Aug 13, 2014.

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  1. #1
    Are payday loans effective means of solving a persons short term financial problems?cause have been using it and does not seem to solve my problems
     
    Ashford2, Aug 13, 2014 IP
  2. Solid Commerce

    Solid Commerce Member

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    #2
    The short answer is no: absolutely not. Payday loans have been shown to quite literally be designed to keep borrowers in an endless cycle of debt.

    I would check this video out:
     
    Solid Commerce, Aug 14, 2014 IP
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  3. sarahk

    sarahk iTamer Staff

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    #3
    If you have any financial sense you'll do without rather than take a loan with a higher rate of interest than a regular bank loan or overdraft. The people behind these loans are essentially loan sharks feeding on the misery of the financially illiterate. Don't let yourself get sucked in.
     
    sarahk, Aug 14, 2014 IP
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  4. jrbiz

    jrbiz Acclaimed Member

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    #4
    I don't know where you are based but you should see if there is a government or nonprofit agency that offers free (emphasis on "free") credit counseling. Stay away from the ones that charge fees. Here in the U.S. there are several such sources and they specialize in helping people get out of the various financial traps and pitfalls that are out there. As with all such situations, the sooner you start to learn about how to get yourself out of a lousy financial position, the easier/faster it will be to do so.
     
    jrbiz, Aug 14, 2014 IP
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  5. Alica Doyal

    Alica Doyal Greenhorn

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    #5
    Payday loans are good whenever anyone need money for their personal need without providing any guarantor.
     
    Alica Doyal, Dec 14, 2014 IP
  6. sarahk

    sarahk iTamer Staff

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    #6
    They are never "good"
     
    sarahk, Dec 14, 2014 IP
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  7. Content Maestro

    Content Maestro Notable Member

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    Content Maestro, Dec 14, 2014 IP
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  8. sarahk

    sarahk iTamer Staff

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    #8
    I have a friend who works for a debt collector and says inter generational financial illiteracy and pay day loans are the start point for most of the people they deal with. A $750 loan is never paid off and grows to $15k over time and with no end in sight.
     
    sarahk, Dec 14, 2014 IP
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  9. AdsInfluencer

    AdsInfluencer Well-Known Member

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    #9
    Seems like a troll post to me
     
    AdsInfluencer, Dec 14, 2014 IP
  10. Hungryforsuccess

    Hungryforsuccess Active Member

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    #10
    Pay day loans are most deffinelty the worst kind of loan you could ever get in your life, they have astronomical interest rates apr. If you got in to deep with these loans and defaulted you could lose thousands for a loan of a few hundred. I would deffinelty look to getting yourself back in the straight and narrow I understand it can be very hard to do this but you must remember live in your means .. don't have what u can't afford.

    Thanks
     
    Hungryforsuccess, Dec 28, 2014 IP
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