Comments on: Report Reveals Cyclical Nature of Payday Loans

By: Payday Loan

Payday Loan — Sun, 25 Jul 2010 00:54:06 +0000

Well of course there will be some cyclical nature to payday loans. In poor economies they naturally increase.

By: Business Card

Business Card — Thu, 17 Jun 2010 10:17:09 +0000

Hi…

I saw this really great post today….

By: noteletrack payday loans

noteletrack payday loans — Thu, 10 Jun 2010 19:56:33 +0000

The pay day loan industry really does prey on people who have a low-income. It’s so sad, because there is a reason for people having low incomes, and there are problems with the economy. I wish they would just lower their interest rates.

By: payday loans

payday loans — Tue, 01 Dec 2009 11:38:03 +0000

It's a fair assumption that anyone who's borrowing money against their next paycheck has financial issues that need more help than just a loan can provide.

By: elle_swan

elle_swan — Tue, 01 Dec 2009 06:38:03 +0000

It's a fair assumption that anyone who's borrowing money against their next paycheck has financial issues that need more help than just a loan can provide.

By: royg6852

royg6852 — Fri, 24 Jul 2009 23:02:16 +0000

We've had to go to a few of these stores in the past and they were affordable. Not too long ago we actually used an online store cashloancity.com for $300 and it was everything we had hoped it would be when we were in need for extra money for vacation. The people that need a small loan know that this is the only resource available and you know what you have to pay back. It's not that big of a deal.

By: Payday Loan Arguments « My Payday Hub

Payday Loan Arguments « My Payday Hub — Wed, 22 Jul 2009 15:29:25 +0000

[...] of the arguments: RTO Online The Washington Independent Progress Illinois Center for American [...]

By: Susie

Susie — Mon, 13 Jul 2009 20:46:56 +0000

The typical fee charged by payday lenders is $15 per $100 borrowed, or a simple 15 percent for a two-week duration. When you hear inflated statements regarding a 390 percent annual percentage rate, you must remember that this would only ever happen if that two-week loan was rolled over 26 times, which never happens.

Comparing payday loans to other loans:
• $100 payday advance with a $15 fee = 391% APR
• $100 bounced check with $54 NSF/merchant fees = 1,409% APR
• $100 credit card balance with a $37 late fee = 965% APR
• $100 utility bill with $46 late/reconnect fees = 1,203% APR

For more information, check out: www.wddagroup.org

By: paydayloansstink

paydayloansstink — Sun, 12 Jul 2009 21:13:12 +0000

PAYDAY LOANS STINK! The political climate is changing and their end is near. Their store fronts are becoming more and more dangerous places to work. Their disgruntled clients are getting smarter, banding together and learning how to fight back. Payday Loan companies offered some valuable service to the community, but for too long, we've been playing by the unfair rules written by these powerful companies. PAYDAYLOANSSTINK.COM welcomes them to exist, but its time that the playing field is leveled. Payday Loan companies have proliferated through intimidation and misinformation for too long. PAYDAYLOANSSTINK.COM exists to give you - the consumer & the employee - the information you need to gain the upperhand. To escape their devious cycle-of-debt trap! PAYDAYLOANSSTINK.COM invites every one affected – including employees of the industry – to join in the discussion and learn from each other.

- JUST STOP PAYING! Always remember to put a Stop Payment on your check. It forces them to stop charging interest and negotiate a payment on your terms. Not theirs!

- Did you know that by sending them a simple Cease And Desist letter by certified mail, you can get all of their harassing phone calls – to you, your work and your family - to stop?

- And did you know that many Payday Loan store fronts are blatantly breaking laws every day? That a simple letter to your City Council or your Attorney General could help to shut them down? Or even get some of your money refunded?

- THE “EPP” EXTENDED PAYMENT PLAN – Available at nearly 70% of the nation’s Payday Loan stores, but yet you are never told about the EPP - “Right now your Payday Loan store is offering a three-month, interest-free payment plan for anyone who has a current loan! Save hundreds of dollars in interest. That’s right! Whether it’s Advance America, Check Into Cash, Quik Cash, Check N Go or some other Payday Cash Advance company, just tell them you are tired of paying interest and would like your FREE EPP. The Extended Payment Plan. Ask for it today before it’s gone!”

PAYDAYLOANSTINK.COM thanks you for taking the time to read this quick comment. Our new site has much more detailed information available regarding the topics above. As well as – “Small Claims”, “BBB & FTC Complaints”, “Arbitration Agreements”, Community Forums & more

By: Payday Loan - Most Payday Borrowers Take On More Loans In A Hurry: Study - Huffingtonpost.com « Payday Loan

Sat, 11 Jul 2009 10:41:14 +0000

[...] Report Reveals Cyclical Nature of Payday Loans – The Washington Independent.comConsumer advocates for years have warned that the payday loan industry preys on low-income borrowers who become reliant on one loan to pay off another — with enormous interest rates applied all the while. But a report released yesterday offers what [...]