Smith - borrow some cash from somebody - friend or family for a week or so - if possible. these places let you advance a check but it is about 400% interest. seriously. Then, if you don't make good on the check if they bounce, I am certain these companies would not be nice. They have several around the more depressed parts of San Francisco - but they do a big business. I think that its a BAD WAY to get quick cash. Avoid if possible. Good luck - Dogman
I would give plasma 3 times a day with fake id before I walked in to one of those places. If you have a checking account and a grocery store check cashing card, you can loan the money to yourself.
They do charge HIGH interest rates knowing full well you can most likely NOT pay it back, then add additional interest and it becomes a vicious cycle. I read about 2 months ago of a woman who got caught up in that and it just ballooned. Make a long story short, she is living in her car..........Find a relative, donate plasma, cancel your cable TV, but don't use them.........
Re: Re: Are Payday Loans A rip off? Actually it puts you in a very poor place financially. If you don't pay the balance back right away, they "allow" you to just make an interest payment which "jacks" your rate even higher. But "legally" all they can do is go after you the same way any other creditor would. The reason being is that if they accept a check, that they knew didn't have sufficient funds to back it up, they were essentially accepting the check as an "IOU". It doesn't fit the criteria needed for a criminal bad check charge.
Re: Re: Are Payday Loans A rip off? Not to mention that some of these places have very interesting ways of recovering money should you not pay them back on time. Avoid like the plague. PawMix
Re: Re: Are Payday Loans A rip off? It's almost like getting money from the mob. It's a legal mob (loan shark). But most states do not recognize the bounced check that stood as an "IOU" or post-dated instrument as a "hot" check. If you don't pay them they will run the check you gave through your bank about 100 times or until your bank freeze your account or puts a cancel on the check's endorsement. High interest - lots of bank fees if you don't pay - and harrasment that violates or at least is on the very edge of violating every consumer right that the law protects you with. Avoid pay day loans like you would avoid a mad pit bull with rabies.
Re: Re: Are Payday Loans A rip off? Yes u wood LOL But the people using payday loans can't get the card is why they they go to them.
