Warning: Never Get A Payday Loan
By admin on May 25, 2009 in Uncategorized
It’s amazing to me that payday loans are even legal. How is that in a country (the United States of America) where it’s illegal to grow and smoke marijuana on your own property that it’s legal to basically steal from people? And yes I consider payday loans to be a type of thievery known as usury. I find this bewildering. Our legal system is clearly corrupt. (And yes, by the way, I strongly support the legalization of marijuana.)
That’s why I’m writing this warning to anyone even considering getting a payday loan. Don’t do it. There is never a good reason to get a payday loan. There’s nothing that cannot wait.
To get an idea of how insane payday loans are, you should consider that the APR on payday loans is commonly above 300% in the United States. Do you know what that means? If you borrow $500 and you don’t pay it off, then by the end of the year you would owe over $2000.
Even if you pay it off in just two weeks you can pay over $100 in interest! That’s just insane. Don’t do it. Don’t do it! Whatever you need the money for, just wait. It’s not worth getting caught up with these people.
Yeah, bad bad credit card! Mind as well throw credit card into the bunch, I’m so glad we’re having a reform on that area.
kenn | May 26, 2009 | Reply
Yes, I wish the credit card reform was stronger though. There should really be limits on the interest they can charge.
It’s amazing what they let these corporations get away with.
I guess that’s what you get when the corporations own the politicians that make the laws…
admin | May 27, 2009 | Reply
As the saying goes, money rules the world…
kenn | May 27, 2009 | Reply
To be fair I have used pay day loans at times when I’ve found that my checking account is near overdraft. I can get money ACH’d into my account the next day can at times save me hundreds of dollars in potential overdraft fees. If I was smart, I would never let my bank account get that low, and I’ve been improving on that, but there is a benefit for payday loans. There was a time when I was having to get one almost every month, but in 2009 I don’t think I’ve had to get more than one or two of them. I won’t promote the one that I use (just google payday loan,) but their rates are a little bit better than you said. The 300% part is true, if not on the low side, but on 300 bucks, what I normally get to give me a safety net for a few days, will guarantee I won’t overdraft, normally costs me about 45 bucks. That’s compared to the 39 bucks Chase will charge me for overdrafting five cents for a day (yeah, I really did that once.)
Sean | Jul 27, 2009 | Reply