Comments on: Review Of Payday Cash Advance Loans and Online Lenders http://www.moneybluebook.com/the-benefits-and-dangers-of-payday-loans-and-cash-advance/ Personal Finance Beyond Credit Cards and Balance Transfers Thu, 18 Mar 2010 16:09:20 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Laticia http://www.moneybluebook.com/the-benefits-and-dangers-of-payday-loans-and-cash-advance/comment-page-1/#comment-76989 Laticia Thu, 11 Jun 2009 20:19:12 +0000 http://www.moneybluebook.com/?p=540#comment-76989 Payday loans are evil! Don't get into them ever or you'll be sorry. In my last job I had a time when I was really cash strapped. My co-worker got me going on one of those cash advance loans from some company called Cash Point that promised me instant cash for nothing but your pay stub. There's another one that offers you money up front for your car title or something, but they are pretty much all of the same. There was no credit check, credit report, or background check. Of course eventually I got stuck with a butt load of interest payments. Now it's been nearly a year and I'm still paying them off event though I haven't taken on a new loan in months. It's a huge trap that people need to beware of. Even worst than credit card interest. At least credit card companies will negotiate and waive fees sometimes. Payday lenders are in it for the money and will call you non stop to demand their money or else (like some Tony Soprano mafia guy) Payday loans are evil! Don’t get into them ever or you’ll be sorry. In my last job I had a time when I was really cash strapped. My co-worker got me going on one of those cash advance loans from some company called Cash Point that promised me instant cash for nothing but your pay stub. There’s another one that offers you money up front for your car title or something, but they are pretty much all of the same.

There was no credit check, credit report, or background check. Of course eventually I got stuck with a butt load of interest payments. Now it’s been nearly a year and I’m still paying them off event though I haven’t taken on a new loan in months. It’s a huge trap that people need to beware of. Even worst than credit card interest. At least credit card companies will negotiate and waive fees sometimes. Payday lenders are in it for the money and will call you non stop to demand their money or else (like some Tony Soprano mafia guy)

]]> By: Mike http://www.moneybluebook.com/the-benefits-and-dangers-of-payday-loans-and-cash-advance/comment-page-1/#comment-71441 Mike Tue, 19 May 2009 21:20:42 +0000 http://www.moneybluebook.com/?p=540#comment-71441 Payday loans and cash advance fees are never a good idea. Stay away or prepare to get majorly burned. I had a cousin who used to use payday loans all of the time to pay his bills. In a few months, he racked up an insane amount of interest on his loans. Now he's unable to pay and struggling with debt. Basically he's now in a worse place than before he took on the payday debt. There's a reason these type of risky high interest loans are not widely available in all 50 states! It's a big time debt trap! Payday loans and cash advance fees are never a good idea. Stay away or prepare to get majorly burned. I had a cousin who used to use payday loans all of the time to pay his bills. In a few months, he racked up an insane amount of interest on his loans. Now he’s unable to pay and struggling with debt. Basically he’s now in a worse place than before he took on the payday debt. There’s a reason these type of risky high interest loans are not widely available in all 50 states! It’s a big time debt trap!

]]> By: Raymond http://www.moneybluebook.com/the-benefits-and-dangers-of-payday-loans-and-cash-advance/comment-page-1/#comment-21169 Raymond Wed, 16 Jul 2008 18:12:02 +0000 http://www.moneybluebook.com/?p=540#comment-21169 Mimoji, In many ways, abusive car title loans are even worse than payday advance loans. With car title loans, the lender gets a secured interest in your vehicle, giving them the power to repossess your vehicle should you default on your loans. Unpaid payday loans usually results in bounced checks and harassing phone calls and followed by threats of criminal prosecution for passing "bad checks" with insufficient funds, but at least there's more wiggle room. You have some time to quickly come up with the money as there's no secured interest on collateral attached. With a secured interest like it is in a car title loan, you are putting your mode of transportation or method of commute to work in immediate jeopardy by engaging in suck risky loans - frequently with APR interest of 300-400 APR or more. Fail to pay once, and your car may be towed away by the repo man from your driveway the next morning while you're sleeping, and quickly sold to satisfy the debt. Mimoji,

In many ways, abusive car title loans are even worse than payday advance loans. With car title loans, the lender gets a secured interest in your vehicle, giving them the power to repossess your vehicle should you default on your loans.

Unpaid payday loans usually results in bounced checks and harassing phone calls and followed by threats of criminal prosecution for passing “bad checks” with insufficient funds, but at least there’s more wiggle room. You have some time to quickly come up with the money as there’s no secured interest on collateral attached.

With a secured interest like it is in a car title loan, you are putting your mode of transportation or method of commute to work in immediate jeopardy by engaging in suck risky loans – frequently with APR interest of 300-400 APR or more. Fail to pay once, and your car may be towed away by the repo man from your driveway the next morning while you’re sleeping, and quickly sold to satisfy the debt.

]]> By: Mimoji http://www.moneybluebook.com/the-benefits-and-dangers-of-payday-loans-and-cash-advance/comment-page-1/#comment-21160 Mimoji Wed, 16 Jul 2008 16:44:33 +0000 http://www.moneybluebook.com/?p=540#comment-21160 What's your opinion on car title loans? I see those annoying commercials all the time, people with smiling faces driving home in their cars - b/c apparently, you get to keep your car. What’s your opinion on car title loans? I see those annoying commercials all the time, people with smiling faces driving home in their cars – b/c apparently, you get to keep your car.

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