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    are payday loans trustworthy

    +2  Views: 534 Answers: 8 Posted: 12 years ago

    8 Answers

    I think I'd try a personal loan from the bank or credit union first. Sounds like way too high an interest rate for what you initially recieve from the lender.

    ed shank

    It's legal as long as you go into it with both eyes open. Should be illegal.

    You can find reliable and trustworthy ones but it ant cheep money.

    Most licensed brokers are, just make sure you pay back in full though, deep doodoo if you don,t.

    This is just here say but I've heard that some charge as much as %800 interest.

    Bob/PKB

    Wonder what the charges were against those guys? I can't say too much ethically, but I do know the interest rate on certain short term loans is 39%. Looking at the charges and fees for getting money quickly, I hope I never need it that badly. My son wants to pawn a $400 shotgun for $30. Not happening. :(

    You get the money when your application is approved.   The questionable part is paying back the loan.  The question is whether or not YOU are trustworthy.  
    The interest on these kinds of loans is exorbitant.  800% sounds exaggerated, but 39% is a very real possibility.  That means you pay 39 cents for every dollar you are advanced.  Nobody pays that much in income taxes.  Try to avoid those payday loans. 

    ed shank

    I wish I had more specifics but a well known sports figure, retired and became a partner in this company and endorsed the money lender who charged an insane interest rate. He is now in jail as are the other thieves who ran this scam.

    They are just this side of loan sharking...........

    The amount of interest these Loans companys charge is day light robery the other day there was add on the TV and they wanted 2000,per% please real careful and always read the small print

    Man have they got a deal for you !



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