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Payday Loan FACTS?

Do you guys realize there is absolutely nothing they can do to you if you don’t pay? The impact on your credit report is minimal as it just shows as some random company you owe money to.

DO NOT EVER repay just the interest. You are better off defaulting since all you will owe is the inital interest. Everytime you pay the interest you are essentially refinancing the loan.

You are much better defaulting. These companies make millions off of the retards who refinance and end up repaying the loan for the rest of their lives.

Payday loans are really not that bad of an alternative, as long as you default on them right away. You can take as long as you want to pay them off. When they are paid off your credit is back to normal.
To the retard that said it’s fraud.. It’s not fraud. They make a loan. It is a loan. I am not saying to NOT repay it. I am saying do not let them continually rollover the principle and just charge you interest.

Do not pay at first, close your bank account and then work to pay off the orginal amount.

$300.00 loan is $390.00 ONE TIME

If you just pay the 90 interest you continually rack up that $90.00 every two weeks.

To the single mom.. Just default.. DO NOT GO IN AND REPAY. DEFAULT. After that just work on a payment plan to repay the whole amount. They won’t charge you interest but once..
AGAIN. IT IS NOT ILLEGAL IN ANY WAY SHAPE OR FORM.

THERE IS NOTHING THEY CAN DO TO YOU. It is a loan. Can you be thrown in jail for not paying your credit cards? NO. Same exact thing.

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3 Comments

  1. Encyclopedia Magandaca says:

    This is true. I used to work in a loan store, and I have no problem with people getting a loan once and paying it off or letting their check go to the bank.
    But there were a lot of folks who came in biweekly the entire time I worked there. Its really sad

  2. Tom S says:

    If you’re having to get a payday loan it’s doubtful that there is a credit score to worry about anyway.

    Be that as it may. A payday loan is secured with a personal check. When said check gets deposited agains an NSF account, you are now a Fraud.

    Fraud is punishable by fine, and or jail. Which is what someone like you deserves.

  3. jazzy says:

    they are great to have when you are in a bind. especially for someone like me that is a single mom living pay check to paycheck…..i am one of those that have to keep coming in to renew one every two weeks, i have paid soooo much in interest. i had two out for the longest time. i finally had to let one hit the bank bad and now i have been paying money on it every week to pay it off. the other one i have, i am able to renew it by phone each week and just pay the interest only and pay $25 amounts to get the loan balance down. once i have that done i vow never ever to get a loan again no matter how rough my situation is. i realize now i can go to the food bank, and etc if ends get bad.

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