Comments on: Search and You Shall Be in Debt: Payday Loans

By: personalized dog tags

personalized dog tags — Fri, 28 Sep 2007 18:15:10 +0000

Thousands of monthly searches but i recommend to stay away from it. Its just a short term fix.

By: jackie

jackie — Fri, 13 Jul 2007 11:33:34 +0000

I got mixed up in the payday loan mess, and what a mess it is, I am still trying to recover, it is unbelieveable, you end up taking out one to cover another eventually you are broke and there is no end in site.
come visit me to read my saga at
http://thehub.yesdebtfree.org
please feel free to comment while you’re there.

By: Q at $1 Million to My Name

Q at $1 Million to My Name — Mon, 04 Jun 2007 21:51:36 +0000

Payday loans are the scourge of poor communities. But, they offer something people need. Are there usury laws in all 50 states?

By: richminx

richminx — Fri, 01 Jun 2007 12:36:42 +0000

Hi Greg, thanks for posting. If you don’t mind me asking, how did you get yourself out of the cycle?

By: John

John — Fri, 01 Jun 2007 12:35:50 +0000

thanks for the article…I know now to stay away from PayDay loans
Greg..sorry to hear that

By: Greg

Greg — Fri, 01 Jun 2007 04:17:58 +0000

Word to the wise, don’t fall into the horrible trap of PayDay loans. It got so bad for me at one point that I was taking out more PayDay loans just to pay off the interest on other PayDay loans. Such a legal scam.

By: Ashley

Ashley — Fri, 01 Jun 2007 02:41:08 +0000

I have never used a payday loan, but they are very popular in California. There is one just down the street where I live. Basically they charge you a high interest fee to get your paycheck a little earlier (sometimes good in emergency cases). However, like Jay said, majority of the people who get them are by people who cannot afford them, so they just keep going in this circle of debt. I have even heard of some people getting almost addicted to the service because it seems so nice to get your payday early. It is a pretty sad trap, if I worked there, I would feel guilty everyday. There is my very large two cents on that, lol.

By: Jay

Jay — Thu, 31 May 2007 16:20:54 +0000

Yes, payday loans are the worst sort of way to get money. They’re usually used by the people who can afford them least.

By: richminx

richminx — Thu, 31 May 2007 15:28:24 +0000

29% is horrific. Even worse than credit cards. Reading those case studies (linked to) is so sad. All it seems to take is one loan and then you’re behind in repayments for months, if not years.

By: The Money Well

The Money Well — Thu, 31 May 2007 15:19:41 +0000

Did you look at the interest rate? They are usually horrendous. Typically about 29% for a week or two.
Goodness only knows what that is over a year. I’d love a savings account that paid that rate.