Anyone ever take out a payday loan?
- Thread starter Sad Bunny
- Start date
40 percent interest
damn...most ive seen was 30%. i did this a few times in the 90's...borrowed 200 paid back 260. if you didnt want to pay it right back just keep paying 60 until you pay it off with 260. you could easily end up paying 6 or 700 for a 200 loan...
If you don't pay back (interest free) when the first payday after the loan is received rolls around then they can raise the rate to like 280% of the entire amount owed and after x amount of time rolls around and it's still not paid in full they can jack the apr up to 400-600%. 
Even worse is it puts the borrower in a bad position because they have to give out all of their bank acct info (whatever is owed towards the loans is EFT drafted from the acct) or put up their car titles and when that's not paid they lose their vehicles.
Even worse is it puts the borrower in a bad position because they have to give out all of their bank acct info (whatever is owed towards the loans is EFT drafted from the acct) or put up their car titles and when that's not paid they lose their vehicles.
If you pay it back when your check come you won't get hit with the interest like dude in here was saying with the CC bill
They get you with that ballooning interest if you can't pay it back on time
They get you with that ballooning interest if you can't pay it back on time
Don't do it. It's designed to hook in poor people and keep them as internal debtors. I used to work on the marketing research end of that when I was in college. Its completely designed to destroy your credit and enslave you to debt.
As is all debt. A payday loan is actually smarter than using a credit card. On a credit card you only gonna pay the minimum and still pay 17 percent interest or higher. They gonna get they money regardless. Plus u can only do it 5 times a year, you can continually use that credit card and get yourself crushed.
easier to flip some 
, get ya $1000 faster
, get ya $1000 faster
shyt, just think about them ppl who do refund loans...first of all i wouldn't even do it cause they take a chunk of the refund you receive and if it doesn't come when that loan is due you owe all that money back that u borrowed plus interest 
i took out $100 on one in the past. i think i had to pay back $115. i mean honestly if you're broke as fukk and you need a quick $100 and don't wanna have to ask anybody is paying an extra $15 for it really that bad? i've been charged $6 to withdraw $40 from an ATM in a pinch cause your bank charges you and the ATM charges you.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
the thing about a payday loan is you just take out one and you pay it back and you're done. where most people trip up is they're irresponsible and they take out another loan to cover the previous loan and carry the interest over to the next loan and it balloons into a web of loans.
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.
I think thats how it works.
beenz
Rap Guerilla
thelonious21
I like my women tall
lol.. man i been thru it.. nikkaz charge like 780% interest for the year and shyt... nikkaz CRASHED my wachovia bank account when i was like 24 
lol.. man i been thru it.. nikkaz charge like 780% interest for the year and shyt... nikkaz CRASHED my wachovia bank account when i was like 24
How the fukk is hat even legal? 780% that's worse then a street loan shark
thelonious21
I like my women tall
like someone said.. the rate is CRAZY per month/ weekly so you do that x 12 or 52.. son i remember they sent me a 3 page PDF about the interest and what i am "agreeing" too
