Financial Information
Payday Loan Centers-Consumers Beware!
payday loan lenders
Harold Cameron, Chief of Helping People and Consumer Advocate for HaroldSays has created this consumer video tips to educate them about payday loan centers and the excessive interest that they charge. There is a “Better Choice” for a loan available at participating credit unions in PA. Other programs might be available in your state. Also, Harold shares about a consumer he helped receive his Social Security Disability Insurance. At HaroldSays Consumers Can Fight Back And Win!
-
-
#3 written by Ratbeeitch 1 year ago
I am considering getting in the payday loan business. However with all theses complaints, and countless states wanting to take action against them, I am getting skeptical. But I don’t understand why the industry is cutting its own throat. If they continue the way they are going they will be stifled out of business by government regulation.
Come on guys, clean up your act before the government does. Maybe they feel that the end is near and they need to make their money now. -
#4 written by haroldsays 1 year ago
I think that being in the payday loan business could be a great idea if you charge reasonable interest rates and you give people a reasonable time to pay the loans back. Truth is most people can not afford to pay the loan back in one pay period and that is where people get in trouble. You could develop your business in such a way as to make money and help people at the same time. Best wishes to you with your business idea. Take care! Harold
-
#14 written by spointman78 1 year ago
I work for a Payday loan store and I can tell you the #1 reason for the interest being so high. Most customers take out the loan, and never come back. We’ll then have to deposit the check, and 99% of the time get it back for NSF (Non Sufficient Funds), SP (Stop Payment), or account closed. A lot of the people also will take the money and then file for Chapter 7 bankruptcy. If everyone was honest and paid back, the rates would be way lower.
-
#16 written by wolverineeeeeeeee 1 year ago
what are you being difficult about. You do make the desision yourself to loan with 400% interest. If every american starts stopping doing things on credit then we would not have your problem now. Save for something you want to buy.(credit cards get x% on what you buy so if you use em youre not helping)
-
#17 written by checkngoanswers 1 year ago
The only way to reach the much-hyped triple digit APR is to take out one advance and continue to renew the same advance every two weeks for an entire year. State laws and industry best practices do not allow this to happen.
Payday loans are a viable low-dollar, short-term loan that are cheaper than overdrawing your account, paying bills late, etc. Watch the attached video response.
-
#18 written by missjudi1 1 year ago
After listening to your ranting and raving, Ive discovered that you’re a windbag who is grossly misinformed. If you spent a few minutes talking to one of the owners of these businesses, you’d see that your showing off your ignorance. Fortunately you being an idiot, probably wont HURT anybody, but there is a reason you’ve never been elected president. Do the world a favor, KNOW what your talking about before you spew your stupidity all over the internet for all the world to see!
-
#21 written by paulw61 1 year ago
haha thats insane 400% interest who would be so stupid when interest is usualy 7%. the sad thing is the banks dont actualy hav any money to loan you.
the total sum sould look like this; borrow from petter to give to paul,
instead it looks like this; borrow to give to petter and paul.
noboady has the money thats lent to p&p the banks ar totaly criminal! -
#23 written by ringo12147 1 year ago
If the government would stop outsourcing jobs and giving best opportunities to foreigners rather than Americans there would be far less need for payday loans. Is there something in the USA Constitution that says “We the People are obligated to support every foreign family with tax breaks, doughnuts shops, gasoline stations, lottery terminals ad infinitum”?
-
#24 written by MrRatman1960 1 year ago
Please dont put your finger in my face. I wanted to reach into the screen and snap it off. My wife recently noticed an unauthorized debit from her bank account from Uclip coupons. Fortunately her bank gave her the money back. I’ve read that many payday loan companies share their customers imformation with scammers like Uclip.
- Comment Feed for this Post
zacw20 is absolutely right. At most payday loan stores, if you pay back the loan on your next payday, like you’re SUPPOSED TO, you only pay $15 for every $100 borrowed. That’s 15% interest – NOT 400%! You NEVER pay the annual percentage rate, because it’s NOT an annual loan. PAY BACK THE LOAN WHEN YOU’RE SUPPOSED TO, and you will NEVER be ripped off by a reputable payday advance business! I am an occasional payday advance customer, and have NEVER been ripped off!