Anyone ever take out a payday loan?

[unit321]

so if a nicca needed $100 until payday, they'd tax a nicca that much

They are sharks. Think about it.
You have idiots out there who want their money faster, but are willing to give some up to get it faster. You'll take their paycheck of $100 and cash it but you'll front them $60. Easy $40. Say their paycheck is $400. You give them $240 and keep $160. Easy money.

They make way more in interest than banks and it's all legal.

 

[beenz]

So, if a nicca took out a $50 payday loan, what is he looking at paying back?

or $100?

I need examples...this is CRAZY to me.

Thanks gawd I got fam and friends for hard times

look at it this way. say u took out a $100 loan, and u gotta pay back $120 the next week, they are charging you 20% on that loan. might not be horrible (which it is), but when u annualize that ammount for a year, that 20% X 52 weeks puts the rate of the loan of over 1000%, which is highway robbery.

 

[Sad Bunny]

I DONT NEED IT, I"M GOOD

full tank, food in fridge and cash in pocket...im just curious becuase i read this post in a thread i made about "what are you doing with your tax refund"

Getting phones, a car, and paying payday loans. Gonna buy my kid some clothes and a swing set. Maybe some clothes for me and my girl too.

so niccas need to wait until tax time to pay them shyts back?

they must be serious

 

[Sad Bunny]

They are sharks. Think about it.
You have idiots out there who want their money faster, but are willing to give some up to get it faster. You'll take their paycheck of $100 and cash it but you'll front them $60. Easy $40. Say their paycheck is $400. You give them $240 and keep $160. Easy money.

They make way more in interest than banks and it's all legal.

that shyt is dumb...niccas take out a loan...and then forfeit more money until next check...and are back int he same boat and needing another loan

 

[malbaker86]

How do those work? Are they a bad idea? How soon do you get them?

My friend Kenny used to do them shyts all the time and I never understood them

I've used them when I was in a helluva jam before (about 4 times total), and paid em back when I got paid the following week. It's not as bad as people make it out to be if you have every intentions on paying them back the following week

 

[Commander in Chiefin]

I remember seeing a late night commercial and almost spit up my drink reading the rates at the bottom. This is the break down of this one place called Western Sky.

Loan / Borrower Proceeds/ Loan Fee/ APR /# of Payments/ Payment Amount
$10,000/ $9,925/ $75/ 89.68%/ 84/ $743.49
$5,075/ $5,000/ $75/ 116.73%/ 84/ $486.58
$2,600/ $2,525/ $75/ 139.22%/ 47/ $294.46
$1,500/ $1,000/ $500/ 234.25% 24/ $198.19
$850/ $500/ $350/ 342.86%/ 12/ $150.72

On a $1,500 loan, you only get $1,000, then have to repay $4,756.56

 

[Sad Bunny]

I've used them when I was in a helluva jam before (about 4 times total), and paid em back when I got paid the following week. It's not as bad as people make it out to be if you have every intentions on paying them back the following week

What are some examples?

like what was the lowest you borrowed? how much did you pay back?

and what was the highest? how much did you pay back?

 

[malbaker86]

What are some examples?

like what was the lowest you borrowed? how much did you pay back?

and what was the highest? how much did you pay back?

the lowest was like $100 and I had to pay back $120.

The higest I was $500 and had to pay back $550. Had a huge azz credit card bill that was due (to close my acct before they sent it to collections) and i wasn't schedule to get paid until the following week (the credit card company wasn't trying to hear my sob story ) so i had to do what i had to do. I mean i already was scheduled to pay the $500 with my check and the extra $50 would of went to fast food anyway so I just had to struggle until my following check. luckily i live off a tight budget so i was straight

 

[beenz]

I remember seeing a late night commercial and almost spit up my drink reading the rates at the bottom. This is the break down of this one place called Western Sky.



On a $1,500 loan, you only get $1,000, then have to repay $4,756.56

I'm confused. what is a "proceed".

 

[Commander in Chiefin]

I'm confused. what is a "proceed".

It's what the customer gets. If you look at the chart again, on $1500 loan, you only get $1000, because there is a $500 loan fee off the top.

 

[havoc00]

That's one of the lower ones I've seen. Those shyts can go up to like 180% if I'm not mistaken.

180 %

 

[Sad Bunny]

the lowest was like $100 and I had to pay back $120.

The higest I was $500 and had to pay back $550. Had a huge azz credit card bill that was due (to close my acct before they sent it to collections) and i wasn't schedule to get paid until the following week (the credit card company wasn't trying to hear my sob story ) so i had to do what i had to do. I mean i already was scheduled to pay the $500 with my check and the extra $50 would of went to fast food anyway so I just had to struggle until my following check. luckily i live off a tight budget so i was straight

those numbers arent too bad

 

[big bun]

I did a looooong time ago. I see how knee grows can get caught up in that cycle lol

 

[beenz]

It's what the customer gets. If you look at the chart again, on $1500 loan, you only get $1000, because there is a $500 loan fee off the top.

WHAT IN THE fukk!?!?!??!?

u payin 1/3rd of the loan in fees plus paying interest on the entire amount. tell me you are playing.

 

[Sandy_Cheeks]

Ide rather be broke as hell than take out a payday loan with damn 500% interest.

Payday loan places usually market to folks who arn't aware or educated financially about the trappings of it. It isn't worth it honestly.