Broke N*gga Issues: Anybody F*cked Over on a Payday Loan?

[Classy X]

Right? A $600 loan at 399% paid back over lets say 2 years would have a monthly payment of $199.70 and end up costing $4792.88 after all is said and done.

How in the hell....

The shyt should be illegal and them folks are predatory.

With that being said, I see a lot of young peeps going to these places and I'm a big believer in having financial classes a requirement in high school and colleges (four year, two year, and trade).

 

[havoc00]

But, you can lose that crib and whip though.

 

[Classy X]

What?

 

[DreadHead P]

I'd go to a dope dealer homie before I went to one of them

 

[havoc00]

What?

Thats awful

 

[Amy Traphouse]

Right? A $600 loan at 399% paid back over lets say 2 years would have a monthly payment of $199.70 and end up costing $4792.88 after all is said and done.

How in the hell....

That's the catch, they are expected to pay that back by the next pay period with interest, and most don't, that's when that high interest rate is thrown in and since they have your bank account & routing number they can draft the money owed from your account because it was in that contract they told you to sign without reading or explaining it.

 

[Dak Pickscott]

But, you can lose that crib and whip though.

how you figure? i make enough to never fall behind that far to where either one of those are at risk. worst case scenario i go the cac route and file bankruptcy...white man's greatest loophole

 

[Dak Pickscott]

I'd go to a dope dealer homie before I went to one of them

i bet u would ol beggin ass nikka

 

[BlvdBrawler]

That's the catch, they are expected to pay that back by the next pay period with interest, and most don't, that's when that high interest rate is thrown in and since they have your bank account & routing number they can draft the money owed from your account because it was in that contract they told you to sign without reading or explaining it.

Ah. Hence why they're called "payday" loans. Makes sense.

 

[:Whoo: Da Kid]

i bet u would ol beggin ass nikka

 

[Classy X]

how you figure? i make enough to never fall behind that far to where either one of those are at risk. worst case scenario i go the cac route and file bankruptcy...white man's greatest loophole

I was thinking if you used either as collateral and they come try to take it.

Some folks use that stuff as collateral.

 

[Dak Pickscott]

The shyt should be illegal and them folks are predatory.

With that being said, I see a lot of young peeps going to these places and I'm a big believer in having financial classes a requirement in high school and colleges (four year, two year, and trade).

its very illegal and thats why by not payin em back aint shyt they can do me. cuz its illegal the way they force u into payin em back. im in texas. them dumb hoes made me sign a voided check as if thats gone force me to pay that back. u gotta know ur rights


i hit a very well known check cashing/loan place over the head for 900 them hoes wont get a thee thee

 

[J_rock]

Breh I used to work at a bank. Nothing will fukk up your financial situation worse than payday loans. And you have multiple. Pay them back. Fast. Do whatever you have to do. I'm not saying turn to a life of crime but....

 

[Klyk21]

i done opened bout 7 of dem bytches since may...finna default on everbody


i'm ALL fukked up

All I know is that there in every single area where there is a large body of blacks. Won't be long before someone goes ham on one of those places for "taking advantage" of them

 

[Dak Pickscott]

That's the catch, they are expected to pay that back by the next pay period with interest, and most don't, that's when that high interest rate is thrown in and since they have your bank account & routing number they can draft the money owed from your account because it was in that contract they told you to sign without reading or explaining it.

yea they can try


dont mean they ass gone be successful