Comments on: Four Reasons You Should Get A Payday Loan

By: Hope

Hope — Wed, 18 Feb 2009 23:00:11 +0000

In reply to CK’s post below:
Most grocery stores wont cash a check over a certain amount. When people receive their taxes back the checks can be over 3k (depending on dependents and so forth) and even big retail chains like wal-mart wont cash them. Leaving ONLY PayDay Loan/Check Cashing companies to foot the bill.

By: MaximizingMoney.com

MaximizingMoney.com — Sat, 02 Aug 2008 03:01:39 +0000

I think there are probably a lot of bad payday loan companies that try to take advantage of consumers, but that doesn’t necessarily make the idea of payday loans a bad thing. Payday loans provide a necessary service for people that desperately need money, and for some people, there’s nowhere else to turn. Even though they have high fees in some cases (but not necessarily in all cases, because you can find payday loans for $10 in fees per $100 borrowed, although some people would still say that is high), these fees may really outweigh the consequences for people that need gas to get to work or extra cash to feed their children. Yes, there are alternatives, but not all people have access to those alternatives if they are in a desperate financial situation. Many people say that lawyers are inherently evil, but when you’re facing the judge, they’re your best friend in the world. Thank you, love the devil’s advocate approach.

By: Rob Madrid

Rob Madrid — Sat, 03 May 2008 09:29:32 +0000

There was an interesting article in one of the UK women’s magazines (sorry can’t provide a link) about how since the UK doesnt have payday lenders people are turning to loan sharking. Yes average middle joes like you and I are visiting the local pub and borrowing money. Of course if you can’t pay you get a free trip to loan sharks house. Your held until your family pays up.

By: Cyrus Nash

Cyrus Nash — Thu, 17 Jan 2008 03:55:08 +0000

Reason #3 is actually pretty powerful. If you’re insecure enough, the costs and risks of these predatory loans may be worth it, if the alternative is going to your girlfriend and asking for money- that never ends well. And, depending upon how elaborately you’ve built up a facade of yourself as a savvy financier, the cost to your reputation may be more than a loan shark can hose you for.

By: mizjellybean

mizjellybean — Tue, 13 Nov 2007 00:38:03 +0000

People use payday loans out of desperation, not stupidity. I think most people figure it out after one loan that it is a bad bad deal.

And for gotrippedoff: I don’t know your situation, but I’d suggest letting your son get his own loans. It is usually pretty easy for students to get loans in their own name and not overwhelm their parents. That’s what I did. At the time, I was not all that thrilled that money had not been put away for me, but such is life. If the money is not there, it’s better for the student to take on the debt…it is their education.

And for Jim: I’d like to see a devil’s advocate on not saving for college education (if you have not already done so). There are many circumstances where it is not practical, especially in today’s world of ever disappearing pension funds.

By: gotrippedoff

gotrippedoff — Thu, 26 Jul 2007 17:48:31 +0000

I just signed up with Prosper.com a few days ago and I hope it works. I have to admit I was extremely stupid as I took out payday loans (since I couldn’t get a bank loan) to help my son with college and then when things started to come up I noticed I had to keep rolling over the fee and when I would pay one off I would have to take another one out to catch up with my bills. I have joined Prosper to help me get these paid off. I pay over $1100 in fees a pay period. Now tell me how stupid and how is one to get out of that. I will say it was my own fault and I just can’t believe I got into this. At the time I thought I had no other alternative to my situation and now I am finding out going to your local credit union might be able to help.

By: Livingalmostlarge

Livingalmostlarge — Thu, 28 Jun 2007 21:03:07 +0000

What’s the different between the payday loan and cash from a CC? If you do either it doesn’t matter, it seems the same to me.

By: jim

jim — Wed, 13 Jun 2007 16:13:49 +0000

I don’t think it is but you’re welcome to your opinion.

By: realnfo

realnfo — Wed, 13 Jun 2007 16:11:36 +0000

I think it’s a little disingenuous to pretend you’re playing devil’s advocate with an article on payday loans, meanwhile you’re raking in google adwords bucks from the ads promoting the very thing you say you want to discourage. Shame on you.

By: Ernest

Ernest — Sat, 09 Jun 2007 16:24:31 +0000

A very stupid article…. headline reads “4 reasons you should get a payday loan….” The last sentence in the article, you recommend never getting this loan. Well if you recommend never getting this loan… don’t talk about it. Now there are people who never knew about this loan… that know about it, and will think about getting it !!!! Simply STUPID !!!!!

By: Steve Austin

Steve Austin — Fri, 08 Jun 2007 19:17:39 +0000

I love those check cashing joints, not for their payday loans, but for their cheap services. In some of them, you can get dirt cheap money orders (say for 25 or 29 cents each) for those times when you want to pay cash but your vendor will not (or somehow cannot) accept cash. Or if you have to mail payment but don’t want to send cash via first class mail (not advisable for anything over $20 or so).

I would rarely (if ever) take out a loan, let alone one at the rates given by those rapists.

By: fivecentnickel.com

fivecentnickel.com — Fri, 08 Jun 2007 14:33:03 +0000

Weekly Roundup – 06/08/07

Well, this is my last weekly roundup as a 35 year old — I’ll be turning 36 over the weekend. Oh well, at least I’m still in my mid-30s… As for a birthday celebration, we’re headed out of town and will be spending the weeke…

By: CK

CK — Thu, 07 Jun 2007 23:00:00 +0000

Most grocery stores will cash things like paychecks (and usually for a fee much lower the a payday loan/check cashing place) I know Walmart will for one. I’m pretty sure most banks will as well even for non customers if you have ID, not sure of the charge though.

By: Chris

Chris — Thu, 07 Jun 2007 21:30:13 +0000

Do these payday loan places inform customers of the total cost of the loan? If they do, and its right there in writing when the customer gets the cash, I really don’t see how it is predatory. If they are playing games with fees and trying to hide what the customer is actually paying, I see the problem.

It looks like its just an expensive way to get a quick loan, but I’ve never been in one so I don’t know what the experience is like.

By: jim

jim — Thu, 07 Jun 2007 20:01:58 +0000

If you don’t have a bank account and can’t open one (for whatever reason, we’ll leave it at that), you have to rely on someone to cash it for you and give you the money – in many cases this is the payday loan place. That’s why i said it was a necessity, not the loan part.