Consumer alert: Payday loans
 

http://www.bimmerfest.com/forums/att...1&d=1208465319
:yikes::yikes::yikes: LOOK AT THE APR!!!! :yikes::yikes::yikes:

http://www.wfaa.com/sharedcontent/dw....72eab6fb.html

If you're Italian, and you do this in your neighborhood, you go to jail. :thumbdwn:

If you're a bank, it's all legal, it's ok! :thumbup:

:rofl: they give a bit of a break at $700.

how do i get into that.

this is news now?

about a year ago, NPR had an article about an Iraq vet who owed 5K on a 700 loan the min. payments were less than 1/2 the interest charge.

Another lady had around 21k....

Crooks, all of em.

I never understood payday loans or anyone who would use them.
Dumbing down of America I suppose...

it's for people who live pay-check-by-check and for whatever came up they missed a pay check or expenses came up. :dunno:

the scary thing is that 40% of americans do

http://briankim.net/blog/2007/09/why...k-to-paycheck/

:eek:

That is absolutely shocking.

Common sense is anything but common these days I suppose.

IF I was living pay check to pay check and couldn't pay bills or whatever. I would never get a payday loan. The interest will just balloon the payment and I'll never be able to catch up.

Sickening... Blood sucker business.:thumbdwn:

the point thought is that if you're living pay check to pay check to meet your steady state living expenses, a transient of any kind like medical bill, car repairs, housing repair or whatever would throw everything out of whack. some people may be living it large or some may be just scraping by eating mac'n'cheese or ramen.

If I ended up with a very large unpayable medical bill or whatever, I'll just say "Sorry, I can't pay the bill."

But, I agree with the part that there are people living well outside their income. They are trying to keep up with the Jonese or trying to impress people they expensive cars they drive or whatever.

keep in mind thought that the median household income in the US is $45K ($33.5 male over 25 and $19.7K female over 25). not exactly a lot to live on. so perhaps maybe not as many of those living it large examples as we'd expect.

hahah.

these places are all over the mexican areas in phx

Do they give out mortgages also? :eeps:

You're also smarter than their avg. audience by at least 50 IQ points. I don't think you're whom they're after.

It's easy to criticize, but if you found yourself in their shoes, with a family to feed and nobody to turn to....

I'd rob the joint before I took a loan from them.


:lmao:

I kid I kid.

:eeps:

Some states (not Cali.) allow pawn shop type loans on your car. A bunch of people in Florida lost their cars who couldnt make the payments. :(

Then you take a second, third job.

And believe me, I know what I am talking about, and I never used those loans.

They knew what they were getting into, just like all those "I didn't know" mortgage defaulters.

I see people making that amount living like they make the 6 figures, and I see the better off folks living like they are millionaires.

It's no one's fault but their own.

there are a large proportion of people that are seriously bad with money and stupid in general. if that wasn't the case, then the wealth spread between the rich and poor wouldn't be as great as it is right now.

I can see both sides of this pretty clear...to someone that is on a pay check to check budget its not the best choice, but might be the difference in eating and not...some are working two and three jobs and still not cutting it...why? education and skill set might be holding them in the lower income bracket...Sometimes you can't cut enough in your life to still make it..in-part that's why we have some homeless people!

Its easy to sit back and say those place rip you off and they do, but for some its a way of life they can't seem to break out of...If I needed two hundred bucks to pay for food, rent or whatever and had the means in the short order to pay it back including the ridiculous interest I would in a heart beat.

When you are down and went under, working a couple Part time jobs in between looking for the third one. But always doesn't seem to make enough? Then what choice do you have? LIke they said, bank won't give it to you, credit union won't give it to you. Say your baby BMW broke down and wife said no money to repair since food is more important than you damn car. What do you do? You work you a$$ off. In this age, more and more people have trouble looking for a decent full time job. :dunno:

Since you brought this old thread back from the dead, are we to assume that you've either (a) recently used a payday loan service, or (b) started a payday loan service?

If you really want some fun, read the Western Sky terms of use. While the interest rate is only 135%, you're bound to settle any disputes in Cheyenne River Sioux Tribal Court. You might as well just deal with your local loan shark.

Montel says it's ok - it must be OK