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Old November 19th, 2012, 11:08 AM   #1 (permalink)
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Payday Loans - Don't Go There

Was passing thru N. Ky again and couldn't resist taking a pic of the sign outside the Payday Loan store. This place is a major ripoff. After they get you in the door with the teaser they screw you over big time. The loan is tied into your checking account and the actual interest is about 20%+. Plus if you get up to about $400+ like a friend of mine did they tell you they don't take partial payments.

As I was taking the pic an older guy with a couple of teeth left was walking in and asked me if they could help him in there. I gave it to him straight but he still walked in. Sad.


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Old November 19th, 2012, 11:11 AM   #2 (permalink)
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When you need a fix, you need a fix.
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Old November 19th, 2012, 11:15 AM   #3 (permalink)
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Someone once explained it to me this way, it's cheaper than NSF fees on returned checks.
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Old November 19th, 2012, 11:19 AM   #4 (permalink)
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I'll loan anybody on this forum money at 12% which is waaaay less than the payday loan folks.

Of course my collection agency involves Satriale's Pork Store so...
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Old November 19th, 2012, 12:12 PM   #5 (permalink)
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Of course my collection agency involves Satriale's Pork Store so...
LMAO
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Old November 19th, 2012, 12:42 PM   #6 (permalink)
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Pastrami?
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Old November 19th, 2012, 01:12 PM   #7 (permalink)
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This place is way worse

http://www.westernsky.com/
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Old November 19th, 2012, 01:18 PM   #8 (permalink)
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When you need a fix, you need a fix.
Actually, people who use them tend to just be poor, and in a cycle of poverty. Don't forget that these places cash checks, too....and when you don't have a bank account (and can't get one it's the onyl way to access the money you earn. There are lots of people out there who have to pay exorbitant prices just to access their OWN paycheck.

You can make arguments from afar and hold your nose, but it is a fact, pure and simple. Downright evil.
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Old November 19th, 2012, 02:54 PM   #9 (permalink)
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Read the small print!

This one might be 20% APR but that's for 14 days.

Some of these rip-offs run to 1400%+pa

Best way to get out of debt and stay out of debt is not to borrow money.
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Old November 19th, 2012, 03:05 PM   #10 (permalink)
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when you don't have a bank account (and can't get one it's the onyl way to access the money you earn. There are lots of people out there who have to pay exorbitant prices just to access their OWN paycheck.
Downright evil.
Exactly. You need a passport to open a bank account here and if you're unemployed and living from giro to giro, you aren't going to be able to spend a lot of money getting a passport you can't afford to use, (even supposing you have the references) to open an a/c. And these loans are over 2000% apr. The only man to make money off these parasites is Mike Ashley.
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Old November 19th, 2012, 03:24 PM   #11 (permalink)
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Montel Williams has resorted to do ads for a place like this. You know your career is in shambles when you're working for loan sharks.
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Old November 19th, 2012, 03:47 PM   #12 (permalink)
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This place is way worse

http://www.westernsky.com/
Yup, that one may be one of the worse.

Here is their rates page!!
A loan of $850 for 12 months is 342.86% APR, plus a $350 "loan fee"(that's taken out of the loan up front so your really only getting $500). So if you borrowed $850, you only get $500 of it, and paid it back in a year, it would cost you $2158.64...
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Old November 19th, 2012, 03:57 PM   #13 (permalink)
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We have a law here : NO adverticing without the true annual cost shown in the same picture or sign or whatever......
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Old November 19th, 2012, 05:36 PM   #14 (permalink)
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I know people are hard up and go to those places. I've been poor & it sucks. When you are in need the world can treat you pretty meanly. The world can treat the same person quite a bit more nicely when they've got $. Way it is.

But those places are run by bloodsucking scum, just like forever & they will be tomorrow, too.
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Old November 19th, 2012, 08:23 PM   #15 (permalink)
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How is that not illegal?
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Old November 19th, 2012, 09:39 PM   #16 (permalink)
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I regularly see a TV commercial with a beautiful American Indian girl pitching a payday loan company that will give you up to $10K. I have to believe that's a major ripoff too. The interest rate must be atrocious.
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Old November 19th, 2012, 10:04 PM   #17 (permalink)
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Yeah Drumbob that's Western Sky.
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Old November 19th, 2012, 10:08 PM   #18 (permalink)
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Yeah Drumbob that's Western Sky.
Gary...Right! She could lend me money anyday.
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Old November 19th, 2012, 10:36 PM   #19 (permalink)
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Someone once explained it to me this way, it's cheaper than NSF fees on returned checks.
I went into one of these places when I was down and out years ago. I read the small print in the agreement and it said they would NSF you for $300 aside from what the bank's NSF charge would be. I can only say I'm glad I read the small print.
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Old November 19th, 2012, 11:22 PM   #20 (permalink)
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...let me get this straight now... if you bounce a $100 check, your bank charges you like 25-35 dollars for returning it, the store you bounced it on charges you another 10-30 dollars. If you APR that out it's like 1600%, or you could get a $100 payday loan until your next paycheck to cover the shortage in your account and your fee (in our state $15 per $100 is maximum) I think if you APR that out its wayyyy less... and that somehow is more crooked than what the bank charges you (and they'll charge you even if they cover it for you).

I can remember scrambling one time years ago because I had to pay the mechanic to fix our car more than we expected and the same day my wife (ex now) wrote a check for groceries I wasn't expecting...let me tell you it was stress city. I can see how a payday loan could come in handy...as long as you PAY IT BACK on time...isn't that the key?

just sayin...
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