Payday loans

[Deleted]

I see a lot of you have no personal experience with being working poor, so I feel compelled to speak on my own behalf.

I used a payday loan just last month. Yes the interest is stupid high.

I did it because my car died. I need a car to work. I don't exactly make enough to be able to save for a rainy day so my options were to just not work and be homeless. Or take out a loan to cover the difference in my sudden expense.

Why do people use these services ?

Cause we don't have a choice.

Yeah this is the sad part about it all imo. They willingly prey on people that are in desperate need of money asap.

I hope you are at least able to pay them back in time before you have to pay even more.

[Asiwassaying]

Yeah this is the sad part about it all imo. They willingly prey on people that are in desperate need of money asap.

I hope you are at least able to pay them back in time before you have to pay even more.

You missed my update. All good. I paid them back literally a week later. It's all good and thanks for the wishes.

It was a time sensitive thing and I had to do some wonky accounting. What I actually did was cash a check to cover expenses right away. Then get a loan so the check wouldn't bounce. Then pay off the loan the next payday.

It was a shitty minth but I'm good now. I still don't like the places and hope to never use one again, but it did save my ass.

And in case anyone is curious. I paid them $50 to borrow $250 for a week.

[twiddler]

My parents defaulted in 2001 and I maxed out my student loans to help them.

People use them because they're desperate.

[Deleted]

You missed my update. All good. I paid them back literally a week later. It's all good and thanks for the wishes.

It was a time sensitive thing and I had to do some wonky accounting. What I actually did was cash a check to cover expenses right away. Then get a loan so the check wouldn't bounce. Then pay off the loan the next payday.

It was a shitty minth but I'm good now. I still don't like the places and hope to never use one again, but it did save my ass.

And in case anyone is curious. I paid them $50 to borrow $250 for a week.

This does seem like it's such an American thing, even though we had this here in Holland too for a while (but it died pretty quick because we can have a negative 1000 euro on our debit card without having to pay interest for a full month).

I guess it's part of the American culture or something?

[Deleted]

Yeah this is the sad part about it all imo. They willingly prey on people that are in desperate need of money asap.

I hope you are at least able to pay them back in time before you have to pay even more.

Remind me how are banks any different? You do know for a loan if you want to pay it black in advance because you somehow managed to make more money this month they charge you a fee for giving them more money back, right?!

[Asiwassaying]

This does seem like it's such an American thing, even though we had this here in Holland too for a while (but it died pretty quick because we can have a negative 1000 euro on our debit card without having to pay interest for a full month).

I guess it's part of the American culture or something?

I couldn't say. I doubt it.

No one here says that it's a socially acceptable thing to be in a situation where a loan shark is your only option to stay above water.

The way I handled it with the check and all that was only cause I needed cash now and waiting a day or two for the loan would mean I'd already be out of a job.

[Deleted]

Taking advantage of the people who need the money most. The poor.

They are dumb to accept such offer. It is their freedom.

[ati87]

I see a lot of you have no personal experience with being working poor, so I feel compelled to speak on my own behalf.

I used a payday loan just last month. Yes the interest is stupid high.

I did it because my car died. I need a car to work. I don't exactly make enough to be able to save for a rainy day so my options were to just not work and be homeless. Or take out a loan to cover the difference in my sudden expense.

Why do people use these services ?

Cause we don't have a choice.


And before you go demanding they all be banned. You should first put in an institution that covers high risk borrowers that need short term loans. Otherwise you are screwing over a lot of people.
And in case anyone is curious. It was a small loan that I paid off my next check. It sucks, but if you are responsible and only use what you can actually afford, it's a life saver.

Had I not got back on the road I'd be fired. My supervisor fought to keep me hired and I had to promise I'd be back within 2 days just so our manager would not send a replacement hire.

Maybe its just you who doesn't understand that crap like this isn't normal, asking a 20% is what people used to call loan sharks.

When their is demand you will see supply, but maybe just maybe you shouldn't just allow supply to have a free reign? Their are ton of regulations for everything because we as a society came to a conslution that when business don't have to follow common descency that they really won't/

[Veggie50]

John Oliver did a segment on this some time ago...

[Deleted]

My parents defaulted in 2001 and I maxed out my student loans to help them.

People use them because they're desperate.

Being desperate is their choice.

[twiddler]

Being desperate is their choice.

Use the example given by Asiwassaying and provide a different choice.

[Deleted]

Use the example given by Asiwassaying and provide a different choice.

If not for payday loans desperate people will turn to loan sharks that will break their legs as well as take their money. So I do think this is a much better system. Do you get screwed financially? Yes. Do you get screwed physically? Hardly!

[Blobfish]

We have a Friendly Rabbit that advertises on TV

hes cool

https://www.youtube.com/watch?v=4gW2wTgW6hM

As long as you are capable of paying it back.
I have no issues with Payday loans and they can really be a life saver, if you need one.

[ezgeze]

Taking advantage of the people who need the money most. The poor.

Right.........

Why is it so expensive for these people to take out a mini loan? Probably because they often do not pay! Wow, what a concept. They need to put a hefty charge on these kind of loans to cover the losses from other loans that do not get paid.

I hate to break it to everyone here but payday loans are required whether you like it or not. When a person get refused from every other place for a loan they have few options left to them.

Pawn shops (years ago were the #1 source of small transaction loans to the poor)
Payday loans (shop around for a better rate)
Family/friends
crime/drugs/mafia loans

[ati87]

Right.........

Why is it so expensive for these people to take out a mini loan? Probably because they often do not pay! Wow, what a concept. They need to put a hefty charge on these kind of loans to cover the losses from other loans that do not get paid.

I hate to break it to everyone here but payday loans are required whether you like it or not. When a person get refused from every other place for a loan they have few options left to them.

Pawn shops (years ago were the #1 source of small transaction loans to the poor)
Payday loans (shop around for a better rate)
Family/friends
crime/drugs/mafia loans

Their is a demand for drugs, does that mean you should legalese drugs without any sort of strict regulation?

[The Casualty]

So what do they do when they get a shutoff notice and don't have enough money right then to pay it?

Department of Human Services or whatever it's local name is usually provides shutoff assistance, and will usually assist in getting a hold put on that utility shut off so you can get it all taken care of. If they can't help and you bring proof that you tried there first, a lot of other places like Salvation Army, Society of St. Vincent de Paul, and local churches also provide relief.

Call your local United Way (211) and ask for what local assistance programs are available.

But for the love of God, no one should be using these loans.

[Tennis]

Even more disturbing is how much advertising these firms are doing. They're showing the idea down people's throats.

- - - Updated - - -

My parents defaulted in 2001 and I maxed out my student loans to help them.

People use them because they're desperate.

How could your parents default if they're both working full time?

[Gamdwelf]

I see a lot of you have no personal experience with being working poor, so I feel compelled to speak on my own behalf.

I used a payday loan just last month. Yes the interest is stupid high.

I did it because my car died. I need a car to work. I don't exactly make enough to be able to save for a rainy day so my options were to just not work and be homeless. Or take out a loan to cover the difference in my sudden expense.

Why do people use these services ?

Cause we don't have a choice.


And before you go demanding they all be banned. You should first put in an institution that covers high risk borrowers that need short term loans. Otherwise you are screwing over a lot of people.
And in case anyone is curious. It was a small loan that I paid off my next check. It sucks, but if you are responsible and only use what you can actually afford, it's a life saver.

Had I not got back on the road I'd be fired. My supervisor fought to keep me hired and I had to promise I'd be back within 2 days just so our manager would not send a replacement hire.

If you are in the USA a credit card is a much better alternative.

[Sunseeker]

If you are in the USA a credit card is a much better alternative.

People who are working poor typically don't qualify for credit cards. Even if they do get a new one, they are sent via mail and can take a couple weeks to arrive. When payday places advertise "cash now" they mean it. You get that money right now not after waiting a week or two for it to arrive in the mail.

But hey who gives a shit this thread is really just an excuse for 'cons to go around shitting on the poor.

[Gamdwelf]

People who are working poor typically don't qualify for credit cards. Even if they do get a new one, they are sent via mail and can take a couple weeks to arrive. When payday places advertise "cash now" they mean it. You get that money right now not after waiting a week or two for it to arrive in the mail.

But hey who gives a shit this thread is really just an excuse for 'cons to go around shitting on the poor.

Once again I can't make people make good decisions. If they cant think to get a credit card before they 'need' cash now that is their fault.

If we want to live in a free society we allow people to fuck up and make bad decisions.