Payday loan borrowing 1st time

[coolbreaker]

here it says if you're borrowing a loan for the first time, you have a limit of $400

anyone borrowed upto this 400$ limit in his first time? is it really dangerous? i'm saying dangerous because you have to pay back $500 within 2 weeks?

[SinkingFast]

here it says if you're borrowing a loan for the first time, you have a limit of $400

anyone borrowed upto this 400$ limit in his first time? is it really dangerous? i'm saying dangerous because you have to pay back $500 within 2 weeks?

We've never used PayDay loans, but there are people on the Forum that have.

It can become a vicious cycle very easily. You start with one PayDay loan place. Then you don't have the money to pay them back so you go to another PayDay loan place to get the money to pay the first one. Then you borrow again from the first one 'cause you gotta pay off the 2nd one. Or maybe you bring a 3rd and/or 4th PayDay Loan place into the cycle.

Next thing you know, you spend all your time and money running from PayDay Loan to PayDay Loan, borrowing and paying, paying and borrowing.

[rst6pac]

pay day loans are how we lost our bak account at 2000$ od and fineally ended up in bk

[13inOR]

PAYDAY LOANS ARE FROM THE DEVIL!!! RUN---- DONT WALK, AWAY FROM THEM!!!!!! Seriously-I would do just about anything imaginable to avoid getting hooked with those again. It is a vicious cycle just like SF said, that you NEVER get out of. They were a large part of our problem as well.

BEWARE!!!!!

[edwards2]

coolbreaker...desperate times call for desperate measures but payday loans should be your LAST resort. In Tennessee where I live you can only have 2 at one time and the max you can get is $200. I was shocked to read on this forum and another where some people have 6 or 7 at a time. Maybe it is a good thing you cant have but 2 in Tennessee. Their interest is exorbitant and they dont report to anyone. Again, dont do it unless there is no other way.

[SinkingFast]

coolbreaker...desperate times call for desperate measures but payday loans should be your LAST resort. In Tennessee where I live you can only have 2 at one time and the max you can get is $200. I was shocked to read on this forum and another where some people have 6 or 7 at a time. Maybe it is a good thing you cant have but 2 in Tennessee. Their interest is exorbitant and they dont report to anyone. Again, dont do it unless there is no other way.

That's a good law, Edwards. Protects people from themselves and predatory lenders at the same time!

[FilingOnMyOwn]

There has to be an actual person you could loan money from and pay them back. I've read from multiple sources that have calculated the pay day loan fees to charge in the range of 7,000% interest on an annual basis. People have gone bankrupt from these places alone even having no other debt.