ConsumerAffairs.com - Payday Loans
soundbite of reporter Mark Huffman, discussing payday loans.
Tags: payday loans, ConsumerAffairs.com, Loans, ConsumerAffairs, Payday, soundbite, huffman
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Ratbeeitch: I’m glad you’re reconsidering. PayDay Lending is a horrible business. They will be legislated out of business within 2 years anyway.
WIKI: For example, a 1-month payday loan at 5% for the month, has a (year-long) effective APR of +79% (1.05^12 =~1.7958). If a payday loan were for $100 plus 5%, but added a $10 fee also due, the interest increases by 10% ($10/$100) for the month, with the effective APR at nearly 435% (1.15^12 =~5.3502, as 535%-100%=435%). The effective APR of 435% can seem very confusing, starting from a $10 fee..
The issue is the fair value of money, when considered in relation to a full year.
royg6852 = Obvious troll. GFY “roy”.
What happened to us being responsible for ourselves? There was a time not too long ago that we borrowed $300 from cashloancity com and had it paid back in a month without any problems. Heck, our credit cards charged us $40 for being a day late and charged us another $40 because that put us over our limit. Why isn’t that being talked about?
800% interest!!!!!!hahahahaha ya right. this guy is an idiot.
good advice;)
I am considering getting in the payday loan business. However with all theses complaints, and countless states wanting to take action against them, I am getting skeptical. But I don’t understand why the industry is cutting its own throat. If they continue the way they are going they will be stifled out of business by government regulation.
Come on guys, clean up your act before the government does. Maybe they feel that the end is near and they need to make their money now.
the issue is not having the money that saved your butts, because having the money or not the real issue is what is going to keep you going back staying in debt which is..you alls BEHAVIOR. Google Dave Ramsey, I think he’ll be a blessing to you
If the alternatives are better, why have MILLIONS gone to GENEROUS LENDING instead? Let the CONSUMER DECIDE what’s best for them. If someone makes the “wrong” choice and go to into a “trap”, they can go to an alternative choice, borrow some money to pay off the GENEROUS lenders, similar to credit companies competing by paying off your current high rate debt and then charge lower rates. Support CAPITALISM NOT COMMUNIST restrictions, it is the very fabric of our country’s ideals.
11% apr on a credit card v. 600% on a payday loan… doesn’t take an MBA to tell which is the better route.. how long it takes to pay off a loan is irrelevant.
I wonder if this gentleman thinks credit cards are a bad idea as well? Paying the monthly minimum can take 10 years to repay an item. Far longer than 1-2 pay periods for a payday loan. Talk about perpetual debt.
I don’t know… we got in trouble a month ago and got a loan from cashloancity com and it saved our butts. Guess it just depends on who you get the loan from and how much the rates are.
The PayDay Loan Hyenas are just plain liars.
Agreed. However, I found one site justcredits dot com interesting
Agree. I found justcredits dot com interesting though
You have to read this!! you won’t believe it!!! don’t stop now!! make a wish
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Now that you have your wish it will happen! in exclatly 4 days. just copy this and paste it to 4 videos!! only one wish use it wisely and it WILL HAPPEN!!! but if you break the chain your wish will be the opposite
creditors will get on your ass, and the payday loan will not be an “option” but a requirement.