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Offlinekanglow
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Payday Advance websites... Anyone have any experience?
    #12893523 - 07/13/10 03:53 PM (13 years, 8 months ago)

My fucking truck broke down and I need it fixed now so I can get to work but I have no money.  I only need $200.  Anyone have any experience with payday advance sites?


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Offlinekanglow
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Re: Payday Advance websites... Anyone have any experience? [Re: kanglow]
    #12893902 - 07/13/10 05:13 PM (13 years, 8 months ago)

Bueller?


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Offlinekanglow
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Re: Payday Advance websites... Anyone have any experience? [Re: kanglow]
    #12896296 - 07/14/10 02:58 AM (13 years, 8 months ago)

Anyone?  Bueller?


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OfflineTaco Chef
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Re: Payday Advance websites... Anyone have any experience? [Re: kanglow]
    #12896496 - 07/14/10 06:23 AM (13 years, 8 months ago)

you will pay an incredibly hight level of interest, those payday advance places are worse than going to a shylock.

in all honesty, you will get a much better rate on your money by pawning something at a pawnshop for a week.


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OfflineFrizzle
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Re: Payday Advance websites... Anyone have any experience? [Re: Taco Chef]
    #12896499 - 07/14/10 06:26 AM (13 years, 8 months ago)

Quote:

novumorganum said:
you will pay an incredibly hight level of interest, those payday advance places are worse than going to a shylock.

in all honesty, you will get a much better rate on your money by pawning something at a pawnshop for a week.




amscot charges 11%

thats 22 dollars for $200 :shrug:

payday advances kept my kids fed for almost a year :lol:


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Offlinefungus_tao
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Re: Payday Advance websites... Anyone have any experience? [Re: Taco Chef]
    #12896503 - 07/14/10 06:30 AM (13 years, 8 months ago)

My first real job out of college was tech support for a payday advance company. They are fucked up, I can tell you that. Avoid at all costs. Can you borrow the money from someone else? Parents, bank, boss? Can you get to work by bike? Seriously the APR is over 1000% if you go through a payday advance. I would sell something, or walk before doing that.
Tao


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OfflineFrizzle
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Re: Payday Advance websites... Anyone have any experience? [Re: fungus_tao]
    #12896507 - 07/14/10 06:31 AM (13 years, 8 months ago)

Quote:

fungus_tao said:
My first real job out of college was tech support for a payday advance company. They are fucked up, I can tell you that. Avoid at all costs. Can you borrow the money from someone else? Parents, bank, boss? Can you get to work by bike? Seriously the APR is over 1000% if you go through a payday advance. I would sell something, or walk before doing that.
Tao





what are you all smoking, I just told you Amscot charges 11%.

Legally a loan company can't charge anywhere near your supposed "1000%" that's called "loan sharking" and is illegal.


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OfflineTaco Chef
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Re: Payday Advance websites... Anyone have any experience? [Re: Frizzle]
    #12896535 - 07/14/10 06:44 AM (13 years, 8 months ago)

these companies have been flaunting the usury laws in most states for a long time now.



NEW YORK (CNNMoney.com) -- Payday loan lender Advance America is abandoning Arizona now that the state has become the 17th state to get rid of these firms, which legislators see as predatory.

Payday loans are small, 14-day cash advance loans with hefty interest rates. In Arizona, lenders of these petty loans were permitted to charge interest rates of more than 36%.


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But on June 30, the legislature allowed the law to expire, putting the firms out of business unless they are willing to reduce their annual interest rates to 36% or lower.

Advance America (AEA) said it is shuttering 47 loan centers and could lay off as many as 100 employees because it cannot afford to stay open with a 36% interest rate, said company spokesman Jamie Fulmer.

"This is a tough time to be losing your job [and] the government took a hand in losing your job," Fulmer said, noting that payday loans are "the simplest, most transparent, most fully disclosed product in the marketplace."

But Arizona Attorney Terry Goddard applauded their exit.

"Advance America made millions in Arizona off a business model that preyed on vulnerable borrowers and charged them unconscionable interest rates and fees," Goddard said in a release. "They could have amended their business practices like other companies and charge lawful rates, but they chose to fold their tent here."

Fulmer said that in Arizona his company typically charged $17 per $100 worth of borrowed money in a 14-day loan. While this exceeds a 400% annual interest rate.


While the General Assembly has moved to cap interest rates on payday lenders, it has not moved far enough. So Staunton’s City Council is renewing its effort to limit the predatory lending practices that affect those least able to pay the high interest rates.
The council has approved a resolution calling for the state to block what it calls “predatory, usurious lending practices” by imposing an interest rate cap of 36 percent that includes fees and charges that payday lenders require. In 2008, the Assembly approved a measure that caps interest rates for payday lenders at 36 percent, but that interest rate does not include fees and other charges associated with the loan.
When those fees and charges are factored in, the interest rate balloons to well above 200 percent. That’s wrong, especially in a lending environment that caps interest rates at 36 percent for all other financial institutions.
And that’s the message the folks in Staunton are trying to get to other localities around the state. The council approved the resolution in late May and then sent letters to other cities, counties and towns in Virginia asking them to consider approving the same resolution.
Councilman Bruce Elder is spearheading the issue and said last week he is “very pleased” that a dozen localities have already adopted similar resolutions. As the Staunton News Leader has reported, he said the quick response gives him reason to be optimistic the effort can convince state lawmakers to change payday lending practices at next year’s Assembly session.
“It is an issue that has touched a lot of people all over the state,” Elder said. The goal, he added, “is to get all (localities) to sign on and have them talk to their representatives well before the session starts.”
He hopes endorsements from the Virginia Municipal League and Virginia First Cities, which includes Lynchburg, will spur other localities to consider the resolution as well.
Some 60 localities supported the movement begun in Staunton in 2007 that urged the legislature to reform payday lending practices. That effort resulted in the interest rate cap in 2008. But Elder believes there is a greater chance that even more localities will endorse the resolution for stricter lending practices.
The payday loans give those in financial need a chance to borrow against their next paycheck. The two-week cash advance loans carried interest charges of $15 for every $100 borrowed, a sum that amounts to nearly 400 percent interest on an annual basis.
The interest rate has been capped at 36 percent, but the additional charges and fees are still pushing the interest rates to nearly 200 percent on an annual basis.
Elder is optimistic about chances for the new payday lending legislation. “More people are familiar with the issue now,” he said. “More local government leaders are aware of the impact it has on social services and that it has on people who are struggling.”
Give credit to Councilman Elder and his colleagues in Staunton for keeping this important issue before the General Assembly and before the people of Virginia. They have made great strides against a payday loan industry that has not been shy about buying influence with the legislators with contributions to their re-election campaigns.
The Assembly can finish the job it started in 2008 by capping the interest rates — including all other charges and fees — at 36 percent. It’s a worthy goal, especially for those least able to afford the expensive loans.


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Offlinefungus_tao
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Re: Payday Advance websites... Anyone have any experience? [Re: Frizzle]
    #12896546 - 07/14/10 06:48 AM (13 years, 8 months ago)

THAT depends on the state.

Quote:

Frizzle said:

thats 22 dollars for $200 :shrug:






For what? A week? If you do the math that's a pretty high APR. The company I worked for had their APR of like 1035% clearly displayed in every store. I'm not smoking anything. I have worked from inside that beast. They take advantage of people and the whole system is setup to keep them coming back. In your case for "almost a year".
Tao


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OfflineFrizzle
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Re: Payday Advance websites... Anyone have any experience? [Re: fungus_tao]
    #12896551 - 07/14/10 06:52 AM (13 years, 8 months ago)

its a PAYDAY advance. not a mortgage loan.

It's a different animal. I have no problem giving someone $11 in exchange for a 2 week micro loan if I'm really hard up for it.


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Offlinefungus_tao
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Re: Payday Advance websites... Anyone have any experience? [Re: Frizzle]
    #12896565 - 07/14/10 07:01 AM (13 years, 8 months ago)

Yes, I understand it's a short term loan. The problem is they give you $200, and you come back 1-2 weeks later and have to give them $222. Then they'll say if you can't pay this in a full you can just pay the $22 interest. And people would keep coming back and paying the interest (up to 8 times). So we would literally have people pay back 2 times what they borrowed. Also APR means anual percentage rate. So, when 11% of the total loan acumulates in two weeks the APR is much higher than 11%.
Tao


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OfflineFrizzle
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Re: Payday Advance websites... Anyone have any experience? [Re: fungus_tao]
    #12896569 - 07/14/10 07:02 AM (13 years, 8 months ago)

Quote:

fungus_tao said:
Yes, I understand it's a short term loan. The problem is they give you $200, and you come back 1-2 weeks later and have to give them $222. Then they'll say if you can't pay this in a full you can just pay the $22 interest. And people would keep coming back and paying the interest (up to 8 times). So we would literally have people pay back 2 times what they borrowed. Also APR means anual percentage rate. So, when 11% of the total loan acumulates in two weeks the APR is much higher than 11%.
Tao




yeah i always just paid mine back the next payday. i could see how it would be a problem if people kept getting extensions.

seems like idiocy on behalf of the borrower as well as greed on behalf of the loaner has created a little bit of a financial clusterfuck.


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Offlinekanglow
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Re: Payday Advance websites... Anyone have any experience? [Re: Frizzle]
    #12898303 - 07/14/10 02:29 PM (13 years, 8 months ago)

Ok, so no one actually had input on payday advance sites and instead wanted to just tell me to steer clear?  No shit....  I know they're going to charge me a lot, but I NEED to get my truck back on the road ASAP so I can get to work.


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InvisiblePrisoner#1
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Re: Payday Advance websites... Anyone have any experience? [Re: Frizzle]
    #12898426 - 07/14/10 02:55 PM (13 years, 8 months ago)

Quote:

Frizzle said:
Legally a loan company can't charge anywhere near your supposed "1000%" that's called "loan sharking" and is illegal.




they can charge 24.99% per month, that's a 300% APR and the charge would be
usury but it's legal as is evidenced by pawn shops

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Offlinefungus_tao
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Re: Payday Advance websites... Anyone have any experience? [Re: kanglow]
    #12898429 - 07/14/10 02:56 PM (13 years, 8 months ago)

I gave you advice and information about payday advance companies. There are better options. A high interest rapey CC company would be better than payday advance.
Tao


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OfflineFrizzle
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Re: Payday Advance websites... Anyone have any experience? [Re: Prisoner#1]
    #12898448 - 07/14/10 03:01 PM (13 years, 8 months ago)

Quote:

Prisoner#1 said:
Quote:

Frizzle said:
Legally a loan company can't charge anywhere near your supposed "1000%" that's called "loan sharking" and is illegal.




they can charge 24.99% per month, that's a 300% APR and the charge would be
usury but it's legal as is evidenced by pawn shops




then maybe it should be illegal to grant extensions with accruing interest on a payday advance.

used how the are meant to be, you pay 10-50 bucks in exchange for a small cash advance lasting no longer than 2 weeks. they shouldn't be allowed to prey on stupid poor people who just pay the interest every month and never pay off the actual payday loan.


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InvisiblePrisoner#1
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Re: Payday Advance websites... Anyone have any experience? [Re: Frizzle]
    #12898477 - 07/14/10 03:05 PM (13 years, 8 months ago)

did you know that wealthy people default on loans more often than the poor

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OfflineFrizzle
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Re: Payday Advance websites... Anyone have any experience? [Re: Prisoner#1]
    #12898506 - 07/14/10 03:11 PM (13 years, 8 months ago)

Quote:

Prisoner#1 said:
did you know that wealthy people default on loans more often than the poor




does that have to do something with most poor people having poor/no credit?


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Re: Payday Advance websites... Anyone have any experience? [Re: Frizzle]
    #12898568 - 07/14/10 03:21 PM (13 years, 8 months ago)

um... yes. if poor people default on loans then they have poor credit
works the same for wealthy people

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OfflineFrizzle
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Re: Payday Advance websites... Anyone have any experience? [Re: Prisoner#1]
    #12898578 - 07/14/10 03:23 PM (13 years, 8 months ago)

Quote:

Prisoner#1 said:
um... yes. if poor people default on loans then they have poor credit
works the same for wealthy people




i meant that perhaps they don't get as many loans as rich people so they don't have the opportunity to default on them.

was that a percentage or overall numbers


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