Can anyone elaborate on PAYDAY loans, Anyone have any experience,bad or good with this subject?

I am in a bind, with no help from anyone, no family, friends, no one can help..I HAVE to do this, I need 1500 for a few things or else that 1100 that I owe will turn into 3300 in the next few months and I would not be able to handle it. There is no way. I can pay the loan back though with the money I earn from work. Andyone have any better ideas? And I have not got the means to work a second job right now either which is a bummer because I would do that if I could right now..SO, anybody out there have experience with getting a PAYDAY loan or anything similar.. I know it is pricy but can anyone in yahoo world elaborate for me please..Thank you. I am desperate so please REAL responces...Thank you all!

Can anyone elaborate on PAYDAY loans, Anyone have any experience,bad or good with this subject?

In my opinion, payday loans are EVIL!!! Worse than the devil himself. You never get caught up, and those people again are evil. They will go to your boss, garnishee your wages and make your life a living hell. I tell people to go into credit counseling. They will knock your high interest cards, into 9% or even lower.

That $1500 that you want will turn into thousands of dollars of interest.

Desperate for Money, Many Consumers Turn to Payday Loans

Many consumers live paycheck to paycheck, with very little, if anything, in their emergency savings fund. An unexpected expense can cause a financial emergency, for which many consumers, especially those who lack access to other forms of credit, turn to payday loans.

Payday loans are predatory lending of the worst sort, and can trap consumers into a spiral of having to continually extend the initial loan, at an outrageous interest rate, because they can't pay it back after the original 2 week term. If the consumer defaults on the loan, and their check bounces, then in addition to the %26quot;cash advance fees%26quot; they've already paid, they'll face bounced check fees and collection fees, and even the possibility of criminal prosecution.

There are alternatives to payday loans, from working with your creditors to make payment arrangements, to getting an advance on your salary from your job, credit counseling or even emergency assistance programs.

FTC Consumer Alert

Payday Loans = Costly Cash

%26quot;I just need enough cash to tide me over until payday.%26quot;

%26quot;GET CASH UNTIL PAYDAY! . . . $100 OR MORE . . . FAST.%26quot;

The ads are on the radio, television, the Internet, even in the mail. They refer to payday loans - which come at a very high price.

Check cashers, finance companies and others are making small, short-term, high-rate loans that go by a variety of names: payday loans, cash advance loans, check advance loans, post-dated check loans or deferred deposit check loans.

Usually, a borrower writes a personal check payable to the lender for the amount he or she wishes to borrow plus a fee. The company gives the borrower the amount of the check minus the fee. Fees charged for payday loans are usually a percentage of the face value of the check or a fee charged per amount borrowed - say, for every $50 or $100 loaned. And, if you extend or %26quot;roll-over%26quot; the loan - say for another two weeks - you will pay the fees for each extension.

Under the Truth in Lending Act, the cost of payday loans - like other types of credit - must be disclosed. Among other information, you must receive, in writing, the finance charge (a dollar amount) and the annual percentage rate or APR (the cost of credit on a yearly basis).

A cash advance loan secured by a personal check - such as a payday loan - is very expensive credit. Let's say you write a personal check for $115 to borrow $100 for up to 14 days. The check casher or payday lender agrees to hold the check until your next payday. At that time, depending on the particular plan, the lender deposits the check, you redeem the check by paying the $115 in cash, or you roll-over the check by paying a fee to extend the loan for another two weeks. In this example, the cost of the initial loan is a $15 finance charge and 391 percent APR. If you roll-over the loan three times, the finance charge would climb to $60 to borrow $100.

Alternatives to Payday Loans

There are other options. Consider the possibilities before choosing a payday loan:

* When you need credit, shop carefully. Compare offers. Look for the credit offer with the lowest APR - consider a small loan from your credit union or small loan company, an advance on pay from your employer, or a loan from family or friends. A cash advance on a credit card also may be a possibility, but it may have a higher interest rate than your other sources of funds: find out the terms before you decide. Also, a local community-based organization may make small business loans to individuals.

* Compare the APR and the finance charge (which includes loan fees, interest and other types of credit costs) of credit offers to get the lowest cost.

* Ask your creditors for more time to pay your bills. Find out what they will charge for that service - as a late charge, an additional finance charge or a higher interest rate.

* Make a realistic budget, and figure your monthly and daily expenditures. Avoid unnecessary purchases - even small daily items. Their costs add up. Also, build some savings - even small deposits can help - to avoid borrowing for emergencies, unexpected expenses or other items. For example, by putting the amount of the fee that would be paid on a typical $300 payday loan in a savings account for six months, you would have extra dollars available. This can give you a buffer against financial emergencies.

* Find out if you have, or can get, overdraft protection on your checking account. If you are regularly using most or all of the funds in your account and if you make a mistake in your checking (or savings) account ledger or records, overdraft protection can help protect you from further credit problems. Find out the terms of overdraft protection.

* If you need help working out a debt repayment plan with creditors or developing a budget, contact your local consumer credit counseling service. There are non-profit groups in every state that offer credit guidance to consumers. These services are available at little or no cost. Also, check with your employer, credit union or housing authority for no- or low-cost credit counseling programs.

* If you decide you must use a payday loan, borrow only as much as you can afford to pay with your next paycheck and still have enough to make it to the next payday.

To Complain/For More Information

If you believe a lender has violated the Truth in Lending Act, file a complaint with the FTC.

The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them. To file a complaint or to get free information on consumer issues, visit www.ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters Internet, telemarketing, identity theft, and other fraud-related complaints into Consumer Sentinel, a secure, online database available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad.

Payday Loans

From Nance Kelly,

Your Guide to Credit / Debt Management.

Payday loans are often advertised as a quick and easy way to get cash, an advance on your paycheck, if an emergency comes up in between paychecks. Many consumers live paycheck to paycheck, so a sudden financial emergency can pose a significant problem for someone who doesn閳ユ獩 have savings to help offset the unexpected expense. However, payday loans aren閳ユ獩 help in a financial emergency, they are a form of predatory lending that can create additional financial emergencies for cash-strapped consumers.

Payday loans are cash advances made in return for a post-dated check, usually dated about two weeks after the date of the cash advance. Typically, a borrower writes a personal check for an amount up to $1,500, payable to the payday loan company for the amount he wishes to borrow, plus a 閳ユ竾ee閳? this fee is actually interest at a rate that is often close to an APR of 400% or 500%.

For an additional fee, the borrower can extend the time before the check is deposited and the loan is repaid.

Usury

Nineteen states have usury laws which cap interest rates or restrict small loans. In an attempt to do an end run around the usury laws, payday lenders call their charges 閳ユ竾ees閳?not interest, and they argue that the APR rate does not accurately reflect the true rate of interest charged, since most debtors repay their debts within a short period of time. The courts, however, have largely rejected the argument that fees are not interest.

A survey conducted by the Indiana Department of Financial Institutions indicates that the majority of payday loans are not paid off within that initial 2 week period of time. The study reported that the average payday loan borrower 閳ユ笧olls over閳?her loan about 10 times, so that the loan actually remains outstanding for 5-6 months, resulting in an average annual percentage rate of just under 500 percent; a clear violation of a state閳ユ獨 usury laws, if they exist. In addition to usury laws, there may also be limits on the number of times a loan can legally be rolled over. Depending on the laws in the individual state, a borrower may be entitled to sue to get back all of the interest plus principal on loans which violate state usury laws.

Truth in Lending Violations

Under the federal Truth-in-Lending Act (TILA), a lender is required to inform the borrower of the amount financed, the finance charge, and the annual percentage rate. Because payday lenders claim that they aren閳ユ獩 making loans, they often don閳ユ獩 disclose this information to consumers. TILA also has a number of highly technical requirements, which can be missed by payday lenders, resulting in a consumer not being fully aware of what, exactly, it is they閳ユ獧e agreeing to when they accept a pay-day loan, and what their rights are if they can閳ユ獩 repay on time.

Avoid the Payday Loan Debt Trap

* Avoid piling up more payday loans. Taking out a second payday loan in order to pay the first one creates a larger debt trap, so try to find an alternative in order to pay off the first payday loan.

* Try to work out a payment arrangement with the payday lender instead of taking out another payday loan. A few states require payday lenders to provide extended payment plans. If your lender refuses to work with you, contact your state閳ユ獨 Department of Financial Institutions for help.

* Read your contract to see if you signed a voluntary wage assignment clause, which would allow a payday lender to garnish your wages and take money directly from your paycheck to repay the loan. If your agreement contains such a clause, write a letter to the lender to revoke that agreement.

* Don閳ユ獩 let the check that you wrote to secure the payday loan bounce; you閳ユ獟l incur returned check fees at your bank everytime the check is presented to your bank and returned for non-sufficient funds, significantly increasing the amount of money the initial payday loan is costing you. If you authorized the payday lender to withdraw the funds from your account electronically, and you won閳ユ獩 have the funds available, write to the lender revoking that authorization, and then notify your bank of the problem to place a stop-payment on the withdrawal. You閳ユ獟l still need to repay the loan, but at least you won閳ユ獩 be incurring NSF fees.

Can anyone elaborate on PAYDAY loans, Anyone have any experience,bad or good with this subject?

If you own your car you can always get a title loan. But if you don't pay it back they will take your car. Payday loans are only good if you will have the money to pay it back. Otherwise you get in this viscious cycle. Years ago when I was broke of my *** I would actually get a payday loan one place to pay of a payday loan at another place! That went on until I got my tax return. Dont do it unless you absolutely have to.

Can anyone elaborate on PAYDAY loans, Anyone have any experience,bad or good with this subject?

There are 2 types of Payday loans.

1. You go to a check cashing place and they usually give you around $300 to start out with. That entire $300 will come out of your next paycheck.

2. Internet based Payday loans. BAD BAD BAD bad bad bad idea. Each payday, they take about $75-90 loan renewal fee PLUS an amount of the loan that you should pay back for that pay period. I did this ONCE. It cost me almost $600 to pay back a $250 loan.

Try your best to work out a deal with your creditors. If you have to, offer to pay them $200 per pay period and then make deals with your other creditors til then. Usually, you can rob Peter to pay Paul if it is for a short period like a couple of months.

Good Luck with that!

Can anyone elaborate on PAYDAY loans, Anyone have any experience,bad or good with this subject?

i did the payday loan thing and it is more expensive, they will ask you for a check up front for more than they gave you, the amount you get is based on your most current check stub, but you can go to at least two different loan places in the same day to get a loan sometimes three but remember each place will ask you for a check so you need to be careful when you make the decision to take out a loan, call a few places first, good luck

Can anyone elaborate on PAYDAY loans, Anyone have any experience,bad or good with this subject?

Please don't do it. Sell something instead. If 1,100 will turn into 3,300 as quickly as you say your already trying to solve you problems by over extending yourself. Stop the bleading now, take the hit and sell something.

Can anyone elaborate on PAYDAY loans, Anyone have any experience,bad or good with this subject?

I know what it is like to use these kind of set-ups DONT DO IT, I know and truely understand what you are going through. I understand when you say getting a second job is not an option for you right now. I know what it is like to not have family or friends to borrow money from and if you can you wish you have gone to a Loan Shark at least all they would have taken is your legs....... Having said all of this, work out something with whom ever you owe this debt to. If you are to afraid to speak with them regarding the matter then I suggest you start sending them payments [personal checks are best-as soon as they are cashed it is a contract]. What you do is write a check for lets say $250 on the memo line write the balance you owe until it is all paid off. Then on the last check write on the memo line BALANCE DUE PAID IN FULL. See technically and legally speaking NO ONE can turn down an attempt to pay a debt whether it is Civil or Commercial. As long as you make the HONEST effort and pay it off in a REASONABLE amout of time it will all work out for the best. Good Luck!

Can anyone elaborate on PAYDAY loans, Anyone have any experience,bad or good with this subject?

Do not go to payday or advance america or any of those as they will literally kill you with the interest and the fees . Totally not worth it and I see clients everyday who went through them and the horror stories are too long and too many to mention . Just say no !!!!!!!!!!!!!!

Can anyone elaborate on PAYDAY loans, Anyone have any experience,bad or good with this subject?

If you're still looking, you might want to check out this payday loan guide website. There are a couple of resources there that might be just what you're looking for. Of course, like everyone else said, best to go with another option first if you can, but payday loans can certainly be a viable option as long as you can quickly pay the money back.

Here's the site:

http://www.yourpaydayloanguide.com

Good luck!!!

Can anyone elaborate on PAYDAY loans, Anyone have any experience,bad or good with this subject?

Payday loans aren't evil if you use them for the right reasons. If you promise yourself that you'll just do it this one time, and know you'll have the money 2-3 weeks from now, then okay.

I did most of my research on a different site than listed above. http://www.paydayloanresource.com seemed to have more information.