HomeLegitimate CompaniesBad Consumer Payday Loans Just Got Much Worse

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Bad Consumer Payday Loans Just Got Much Worse — 20 Comments

  1. Thanks for this post and shedding more light on these loans. This is exactly what I like about articles like this one. It brings awareness of stuff I wouldn’t have found otherwise. I have taken this loan before and I definitely regretted that I did. The interest was killing.

    Thanks, this is a great post.

    • Hi Ayodeji,
      You are welcome. I hope that I reminded you of just how bad the Payday Loans are! At 400% it is so outrageous, almost unbelievable that people would even go through with it! Thanks for leaving a comment!
      Chas

  2. Hi Admin! Your narrative on how Obama’s regulations to curb public fleecing by Consumer payday loans is quite informative. Often times in governance, there is lack of continuity and this affects the masses greatly, if there is continuity and good understanding between the Obama’s led administration and that of Trumps, I don’t think Trump would have out rightly restricted such a regulation. Now the masses continue to suffer from such hash decision. It is quite saddening that at the end, consumer protections were stripped out.

    • Hi Gracen,
      Trump wants to overturn everything Obama did, and yes he deliberately choose people who were hardliners and don’t have a soul! The republicans are know for helping business, they will take away any government aid to the poor and gave a 30% tax CUT to the top 1% richest billionaires in this country! You and I will pay higher taxes every year because of it.Trump helped the payday Lending Industry to continue to gouge the poor. Thanks for the comment,
      Chas

  3. OMG! Payday loan is really bad. It attracts a very high interest rate which might not be too convenient for the public to bear most especially the poor.Chas, kindly do some research and update us with real interest free loans or grants if possible. Thanks for the great post, will definitely check back.

    • Hi Geebehn,
      Payday loans are terrible!The poor are the ones who have no cash to spare, so they take out this loans because they have nothing else. It’s a total outrage.I will have to check into the free loans, they used to offer O5 deals on credit cards for like 6 months, but I am not sure you can even find those deals anymore. Thanks for leaving a comment and thanks for coming back as well,
      Chas

  4. 400%? REALLY. That’s a whole lot of money to pay back. I find companies that give such loans to be very dubious and greedy. They’re like Devil’s incarnate, they give fast loans, claiming to help, and in turn get to drain the consumer. Thank God for the Obama regime who brought some watchdog agencies to checkmate such companies. 

    • Hi Dhayours,
      Yep 400% at a minimum, it can go as high as 3900% if you keep refinancing every two weeks. They are the greediest of the greedy!Well, they did, but Trump overturned it all and they are gone now!No, they now have the green light to gouge people! Thanks for leaving a comment,
      Chas

  5. Thank you for shedding light on this hurtful practice. I don’t see any payday loan establishments back home anymore and not sure if that’s state legislation about interest rates or what. I HAVE seen a couple in my adoptive state though.

    Are there local interest rate caps in place maybe? I don’t exactly know. I just know that you definitely need to stay away from payday and car title loans! Yikes!

  6. Thank you for sharing ¨Bad Consumer Payday Loans Just Got Much Worse¨. I had the worst experience in my life with these payday loans. It was some years back (2005-6) when I needed cash immediately. At the time I thought they were better than loan sharks – a big mistake.It was partly ignorance, as well as necessity, because I didn´t know the full implication of ¨continuous payment authority¨(CPA). CPA is a type of regular automatic payment where and individual gives a vendor permission to take money from a credit or debit account whenever the vendor feels money is owed . They are often used by payday lenders, porn website and subscription sites such as those for magazines. Even when I contacted my bank to stop payment (zero balance in my account), CPAs continued to arrive every fortnight. Only the company could cancel the CPA, I couldn´tI contacted an attorney who told me the best way was to cancel my bank account. By the time I did it I owed the bank $350 in overdraft fees.

    • Hi Enrique,

      You are welcome! Thank you for sharing your true life experience with my readers! most people just do not understand the true dangers when I say they are truly Bad Loans! I tell everyone to cancel their accounts to stop payment in my checklist. Even then, you must be careful not to reopen an account, or simply change numbers on credit card accounts. They will automatically forward and attach again. You must change banks or credit card companies to be sure you are protecting yourself. Thank you for the great comment!  

      Chas

  7. Thanks for this great review, I knew nothing or little about consumer payday loan until today, the large costs associated with payday loans it can be difficult to get out of them, and it is important to pay debts by the date of maturation. If one finds that he’s  unable to pay back your loan under the short-term terms, you could be facing an interest rate that continues to climb higher and higher,  which I will say isn’t recommendable for the poor but just the rich.

    • Hi Seun,
      You are welcome.My goal is to inform people of scams to avoid, and by far this is a huge trap! people don’t understand how this can ruin their lives in a short period of time. If a borrower pays on time he will STILL pay the equivalent of 400% interest. This meas you end up paying about one third of the loan in interest! For example, if you borrow $1500, the costs will be approximately $500!! A horrible cost!
      And that is if you pay on time!!!
      The rich never deal with such nonsense, they use cash advances on their credit card or lines of credit through their banks!
      But, more often than not they have the cash in the bank. Thanks for leaving a comment,
      Chas

  8. I think Payday loans are great. Because they work for poor people.Only who need money loans emergency. Buyer Payday credits are transient advances with preposterous financing costs that gouge the purchasers, generally the most unfortunate populace who would least be able to manage the cost of it. These are intended for individuals who need money rapidly, and just for a brief timeframe. Along these lines, this intrigue cost and expenses result in a base yearly rate near 400% intrigue.

  9. I think Payday loans are great. Because they work for poor people.Only who need money loans emergency. Buyer Payday credits are transient advances with preposterous financing costs that gouge the purchasers, generally the most unfortunate populace who would least be able to manage the cost of it. These are intended for individuals who need money rapidly, and just for a brief timeframe. Along these lines, this intrigue cost and expenses result in a base yearly rate near 400% intrigue.

  10. Thanks for reviewing the payday loan. I just don’t know why I hate loans;  I hadn’t heard of payday before, but am glad you brought it to my attention. I have done a lot of research about collecting different types of loans and I probably don’t have to tell you how many times I have run into programs that promise minimal work will lead to huge amounts of money but the unfortunate part is that i always get scammed.

    I appreciate your post because i am gonna flee from any form of loan and create my own business

    • Hi Abioye,
      You are welcome! The consumer payday loan is not a program, but a lending company. They charge you 400% interest to lend you money for two weeks!! I would hope that i never ,ever have to go that route! I am too frugal! I hope you check out my secrets to making money online to help with your new business! Thanks for leaving a comment,
      Chas

  11. This is so bad, these kinds of loans should not be allowed and to suspend the law is so bad. I agree with what you are saying that the money is only getting invested over and over. The law getting suspended will not help the average Joe at all, but instead put them into a horrible spiral of debt. They will end up loosing everything. Great article that definitely is worth reading. Good work! 

    • Hi Alexandra,

      Yes, Payday loans are bad enough, now we have the government helping them.They hurt everyone, you and me as well. I hope nobody ever helps these legal scammers. Thanks for leaving a comment.

      Chas

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