HI. just looked on the web site Pay Day loans.. I dont know much about this. Has anyone ever used them? If I need to borrow 500.00 do they break up the payments or does it all have to be paid backl the follwing pay day? It states that you do not need to have good credit. Is that true. I was hoping that I could do this and maybe have the compnay deduct a certain ammopunt of money every week until the loan is oaid do they do this? I would greatly appreciate any input or any other places that may be able to help me.. Thanks
These loans border upon being a "predatory lending" practice. In theory you get a cash advance on your paycheck, and then agree to pay them back when you get your next check, usually by direct debit to your checking account. Problem is, if you needed to borrow money before you even got paid, what expenses are you going to cut when you do get paid in order to pay back the payday loan?? They carry over your balance but they charge extremely high interest rates, and many people end up paying back 3 or 4 times the amount they originally borrowed because of the interest rates /fees. I would not get one!
