Payday loans?

posted 2 years ago in Legal
Post # 2
Member
4296 posts
Honey bee
  • Wedding: August 2012

The interest rate is through the roof, as are the penalties. They’re essentially designed to put you in a cycle of not being able to pay them back so you continuously owe, and dig yourself in deeper. 

I know sometimes things are unavoidable, but could you sell something or borrow from someone you know?

Post # 3
Member
458 posts
Helper bee

Don’t. Seriously. They’re terrible. Ask work for an advance. Sell something you own. Don’t take a Payday loan. Find a babysitting job. Donate plasma. They’re other ways to get by.

Post # 4
Member
192 posts
Blushing bee
  • Wedding: November 2020

Noooo. No. Read pp. Payday loans are extremely predatory and never in your favor, often outright unfair. Talk to your bank about a small loan, ask family and create a doable payment plan, look into opening safe lines of credit like possibly a credit card (depending on how you use it). No payday loan. 

Post # 5
Member
9106 posts
Buzzing Beekeeper

View original reply
lessa :  NO! The way they are structured and the interest they charge turns it into a never-ending cycle. I have never gotten one, but I know a few people who have and everyone I know who got one is still paying it. I don’t know a single person who got one and paid it off after a pay period or 2. Or 10. It is now just one more bill that they have to pay every single month until a long-lost uncle dies and leaves them some money. These loans should be illegal, or they should at least have to change the name, because they are not designed for anyone to be able to pay back next payday.

Post # 6
Member
6306 posts
Bee Keeper
  • Wedding: November 2009 - New York, NY

Don’t do payday loans!

Post # 7
Member
1264 posts
Bumble bee
  • Wedding: October 2017

Definitely not! The average annual interest rate on them is 400%. They’re incredibly predatory and prey on people in desperate situations.

Post # 8
Member
3586 posts
Sugar bee
  • Wedding: June 2016

No, don’t do it. That is going to be an endless cycle of debt. 

Do you want to tell us more about your situation? I’m sure some of the bees could help you figure out a better option. 

Post # 9
Member
385 posts
Helper bee
  • Wedding: April 2019

View original reply
lessa :  they are predatory. DO NOT DO IT! Do whatever else you can possibly do to avoid it. 

Post # 10
Member
9164 posts
Buzzing Beekeeper

View original reply
lessa :  What are the circumstances as to why you feel you need to take out a pay day loan? What are you unable to pay for? Is there an emergency? 

Post # 11
Member
1636 posts
Bumble bee

Unless it was an emergency and there are literally zero other options available to you as mentioned above, then hard no. 

Post # 12
Member
262 posts
Helper bee

These lenders are predators that exploit low-income folks and people in desperate situations. Take a look at the neighbourhoods you usually see them in: mostly downtown core, beside subsidized housing complexes, or low-income neighbourhods. They use strategic advertising to target people who take their advertising at face value “$20 for $200″…. yes, some people actually take that literally (my clients have many times assumed this). You will be absolutely floored when you see how much it costs you in the long-run. It’s never worth it and it will affect your credit score. Borrow from a friend or family member.

Post # 13
Member
1640 posts
Bumble bee

NO!!!  

Post # 14
Member
3071 posts
Sugar bee

Don’t do it!!!! As PP’s mentioned, there’s plenty of other better options. 

Post # 15
Member
1204 posts
Bumble bee

There are lots of ways to earn quick cash. Check help wanted ads for child care; pet sitting; running errands for elderly who can’t drive; cleaning houses; driving kids to school, etc. Having a few side jobs can turn into regular clients, and a good way to earn extra cash. Check Indeed.com. or Care.com. 

Some employers are sympathetic, and may give you an advance on your paycheck. 

Even borrowing against a credit card is better than a payday loan.

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