Okay many of you hate these loans. Can I have some positive feedback from people who have actually used the loans? What are your experiences beside the high fees? Is there are any online website worth looking at? Any differences between local such as cash and go then an Internet one? Thanks in advance.
My experience was good, went to a local shop, got the loan paid it off on time. And it actually is a positive on my credit report!
Well, I have a good friend who manages a payday loan-type place in Columbus, OH. Unfortunately, he says the status quo usually stands where people go and get a loan, and then next month get one to cover the one they got last month. This turns into a vicious cycle for them, and is potentially damaging forever. He also stated that about 86% of all of his clientel are in this cycle. I guess if you really need one and there is no other alternative, you should do what you want - I would be bothered by the high fees and cost of getting someone to loan me money that rapidly and on that type of exchange. Then again, I'm all high-and-mighty lately on doing the right thing since reading these boards and acting on dedication and principle has enabled me to fight the good fight and get my credit manageable.
The only way one of these loans is to be of any benefit is to actually use it for what it says ---Payday loan. If it's monday and you need $100 bucks till payday and payday is friday and you paid the loan right back on friday, it would only cost you about $7.50 in fees. I borrowed money once on thursday and payday was the next day and I didn't have to pay any fees at all because I paid it back in 24 hours. But that's not what usually happens. people tend to borrow the max amount then cant pay it back in two weeks and get caught in the paying interest for the rest of your life game. Best just not to use them, even though it is tempting. The town is about 13000 people and there must be at least 25 of these places. and they all just raised their interest rate. It's ridiculous. I don't know why the government doesn't step in and do something.
it is sort of mafioso, isn't it... my friend, let's just leave his details anonymous, says that they even have a small "collections team" that they use for dead beat folk.
Oregon passed a new PDL law lase year and it went into effect July 1. The max loan is capped at $300.00 and the "fees and interest" are about $29 - $39 dollars. There are no "roll-overs" allowed. One national company petitioned a judge to stop the law from taking effect. He just snarled and said the law is the new law. LOL. A few big national chains have closed up shop. These new Oregon loans look closer to a short-term consumer note with a cap of 36% annual interest rates and some high fees, which is how the cost goes to $39 for a 30 - 31 day loan. When I was dealing with overwhelming family emergencies, I got involved with several PDL companies, local and internet. It took me a year to get back on track after I stopped paying them. Some folks say PDL companies won't work with you, but they all negotiated with me in the end. It helps to live in a state where the DOJ puts pressure on any type of loan company not licensed in the state. I've cleared all my PDLs and no reporting was ever done to my credit reports. Make sure if take out a PDL that you pay it back. If not and the company is local, they will have no qualms about taking it to small claims court. Internet lenders have a tougher time collecting, especially if it is illegal for them to be operating in your state. Some companies claim that where you apply for the loan is the jurisdiction that rules, but most states have laws that state otherwise. Plenty of federal case laws to dispute that the "internet" does not have to follow state laws. It is just another form of interstate commerce, and state's rights still apply.
Well, when my direct deposit from the gov't turned up 10 days late, I had little choice but to PDL to make the pending auto-bill-pays. PayDayOK is OK; answer the questions online, verify your information from ChexSystems report to ensure that you are who you say you are, and they'll usually give you an answer right away, as to how much you qualify for, up to $500. That's the only company that I've tried. The local PDL company's refused to even consider a PDL because the amount of my missing gov't check wasn't high enough for them.
Just be aware that the "annual percentage rate" ona payday loan is about 100%. If you do it per intention of "next payday", then the fee will seem minor, and you're over the hump. But, make sure you can pay it by the next payday.
