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HomeCredit ForumCredit repair

Can I receive a loan with 3 pending payday loans?

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fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 1926



9601 Magic Points
 
 Posted on Tue Jul 22, 2008 1:16 am  
Some things I guess call for desperate measures. I have heard to much about these type of loans. What is there interest rate anyway?
 
Lorri



Joined: 15 Jul 2008
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Posts: 209



491 Magic Points
 
 Posted on Tue Jul 22, 2008 4:46 am  
OMG---the interest rate is astronomical its like 450%. If you get an advance for $300, they will give you $255 the $45 is the interest. So on your next payday you pay back $300. So say you get paid twice a month, that is $45 each time ($90) times however many months before you pay it in full and you can see why PDLs are such an endless cycle to get caught up in.
 
anthony

anthony

Joined: 31 Jul 2006
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Posts: 381



9616 Magic Points
 
 Posted on Tue Jul 22, 2008 7:13 am  
Hi macmy3sons
I agree with CMBV. Taking pay day loans for each and every need is not a good idea. You may fall in a vicious circle of debt by taking pay day loans regularly without paying off one and then opting for the other. If you need $400 immediately, try some other way rather than opting for pay day loans. You can ask your friends or relatives for the amount or ask your employer for an advance.
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Anthony..

A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible.
 
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 714



75 Magic Points
Subject: credit
 
 Posted on Tue Jul 22, 2008 10:00 am  
My advice, on PDL's is....stay away from them!! They are very high %!1 I think most of us, on this site, would say the same things. the PDL cycle is difficult to solve and overwhelming to handle.
 
fireyone



Joined: 26 Feb 2008
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Posts: 1926



9601 Magic Points
 
 Posted on Wed Jul 23, 2008 12:06 am  
Wow Lorri, I knew it was a bad deal but that is really outrageous.
 
lostrikan24



Joined: 07 Jul 2008
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Posts: 32



1524 Magic Points
 
 Posted on Wed Jul 23, 2008 3:58 am  
Yeah, it is that bad. I am military and we are always told to stay away from them when we have meetings. We are always encouraged to pass this on to the junior members who may not know. I hate how they always place their little shops right outside our gates to the base where every brand new sailor can see them. The sad part is that many of the people that work at these were also in the military, but would rather screw us over than help. =(
 
goodnatured



Joined: 03 Nov 2007
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Posts: 2527



3657 Magic Points
 
 Posted on Thu Jul 24, 2008 1:45 am  
Many of the ones I see will ask if you are in the military and they will not lend to you if you or your spouse is in the service. What post are you on? what state is it in? Can't believe they can still get away with it, thought it was outlawed to lend to service members?????
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
fireyone



Joined: 26 Feb 2008
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Posts: 1926



9601 Magic Points
 
 Posted on Thu Jul 24, 2008 11:41 pm  
Why won't they good natured? Expalin.
 
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 1926



9601 Magic Points
 
 Posted on Sat Aug 09, 2008 1:38 am  
Hey GN you there. Need some info.
 
Lorri



Joined: 15 Jul 2008
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Posts: 209



491 Magic Points
 
 Posted on Sat Aug 09, 2008 6:57 am  
I believe that the reason for the military decline on PDLs has something to do with them not being taken advantage of or something. I have read it someplace, but I can't remember.
 
goodnatured



Joined: 03 Nov 2007
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Posts: 2527



3657 Magic Points
 
 Posted on Sat Aug 09, 2008 9:51 am  
I think the military deal was a federal government thing. I don't think that the government should be able to stick their nose in like this, it is a personal choice of the soldier and his family what they do with their money. They don't tell people on SSI or disability which is a government check that they can't get a payday loan!

I don't like the payday loans, but I don't like this law either.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
fireyone



Joined: 26 Feb 2008
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Posts: 1926



9601 Magic Points
 
 Posted on Sun Aug 10, 2008 2:22 am  
Wow is that actually a law. What happened to freedom here? That truly isn't a very good law.
 
Lorri



Joined: 15 Jul 2008
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Posts: 209



491 Magic Points
 
 Posted on Sun Aug 10, 2008 2:25 am  
When you are in the military (or a spouse/dependent of service member) they OWN you so to speak. Thats how they can do the thing with the PDLs.
 
goodnatured



Joined: 03 Nov 2007
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Posts: 2527



3657 Magic Points
 
 Posted on Sun Aug 10, 2008 2:29 am  
I spent 13 years in the military and we had the freedom to do with our money what we chose to do with it. We were held to laws like anyone else but there were no laws just for us like this. This law just came into affect a few years ago.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 1926



9601 Magic Points
 
 Posted on Sun Aug 10, 2008 2:39 am  
I think it is ridculous. Sure it would deter a good person from becoming part of the payday lender trap but I still believe there are people out there that just doesn't have any options. Especially if it was to put food on the table and gas in the tank to get to work.
 
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