Comments on: The Benefits and Dangers Of Payday Loans and Cash Advance http://www.moneybluebook.com/the-benefits-and-dangers-of-payday-loans-and-cash-advance/ Personal Finance Beyond Credit Cards and Balance Transfers Thu, 20 Nov 2008 23:41:20 +0000 http://wordpress.org/?v=2.6.3 By: Raymond http://www.moneybluebook.com/the-benefits-and-dangers-of-payday-loans-and-cash-advance/#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-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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