How Payday lending works
Popularity: 2% [?]
Categorized | Loans
Payday Loans
Posted on 20 January 2012
24 Responses to “Payday Loans”
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Posted on 20 January 2012
How Payday lending works
Popularity: 2% [?]
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@StarSeeker5000
If you use them responsibly and only take them as a last resort, they can really help a person with nowhere else to turn out of a jam.
is this the same as payment-in-kind (PIK) loans?
Can you do a video about loan sharking?
@fothpima yea, but one dose of heroin or one cigarette probably won't kill you either. Payday loans are one of those things it's best not to touch to begin with.
@FortNikitaBullion Thats where you are making an assumption about the circumstance for which I think there is some benefit for doing the payday loan. I agree people do get into bad situations, but the intent of my coment was to say if it is a one time deal and not a continuous money problem then this would make financial sense (if money was not going to be there in the future than other alternatives should be investigated).
@fothpima I disagree that the $25 interest is better than the $35 late fee. A late fee generally is due once. Most people will take a payday loan over and over and over. If you find yourself in a bind without a loan due, how can you live AFTER paying the loan?
@FortNikitaBullion But if that "odd" job is not an option (or selling something) this still gives people an option to not be late on a bill in an emergency (I personally would avoid this like I said before – it is just not that simple in all cases to do what you said, so a small plus for their existence … and I do mean small).
@fothpima The problem is there are alternatives to both, sell something, do an odd job, call the creditor you owe $100 to. A lot of people don't like to problem-solve and jump into payday loans (or whatever they happen to hear of on the TV at the moment).
@fothpima Just want to make it clear … I would avoid this at all cost, but you do need to analyze your own situation and make an informed decision (choosing a lesser of two evils in some cases).
There is a benefit to a payday loan for someone strapped for cash in an emergency. If you have a $100 bill that is due (and you currently have no money) a person can choose to pay a late fee and pay when you have the money or you can choose to get this short term loan. What you have too look at is it worth the fee they charge in relation to the overall fee for paying late.
For instance in this case if the late fee were $35 – it would be worth paying the payday loan company the $25 ($10 less)
There wouldn't be payday loans shops if people would stop going to them.Some poor people get what they deserve when they refuse to get a higher education,or live paycheck to paycheck without ever saving any money when emergencies arise.
Read the fine print
You will be paying them back more money than they will give you.
Not all companies are scams…I know a good one!!!
google = resourcecash1hour
We have bad credit and got a loan with fastcashvegas com without any problems, but they actually link to installment loans which for us was better than most payday loans
What program are you drawing with? Thx
no good music
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i wanna my own pay day loans company, ive already started, but i dont feel like i'm making much, i charge 25 for every hundred, if your borrowing below 500.. and 35 if its over 500..
I like this video. It is a lot cleaner looking than the others. Thanks for improving the video quality.
@PsychoticusRex Yea, but Payday Loan centers won't kill you and (hopefully) are on the right side of the law.
@StarSeeker5000 Can't they just check the paystub to see who's name is on it?
The 33,000% is only if nobody defaults. I'm sure the default rate on these loans is quite high. Not to say these businesses don't make a lot of money.
Another issue is that these places loan real CASH, as opposed to bank credit. So they can only lend capital they have on hand, as opposed to 10 times as much.
Rule of thumb: It's usually a lot easier to just scale back than to rely on payday loans: eat cheaper, move to a cheaper place, work an extra job, sell stuff, basically exhaust EVERYTHING before you even think about the words "payday loan". Trust me, I've done all 4 of those and they don't trap you.