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Payday loans

January 12th, 2007 at 04:46 pm

I am reading an article about payday loans. It seems that one in five military member in California are payday borrowers. The average borrower pays $660 to borrow $255. You can borrow for 2 weeks and renew the loan up to nine times. Families pay about $500 million in fees per year. wow. Not a good idea.

3 Responses to “Payday loans”

  1. carol Says:
    1168620495

    I agree 100%! To me, it's just legal loan sharking.

  2. Thrifty Ray Says:
    1168624014

    and sadly, alot of it could be alleviated by just making the mental decision to do so and a change in spending habits.

    I know emergencies come up and that minimum wage is tough...but having worked in the financial industry, I can tell you that just about all of the folks I counselled had daily fast food purchases or movie rentals or daily trips to the store or 7-11 for milk.

    Sad, indeed. And shame on the loan places that take advantage of the situation and make it even worse.

  3. Lau Says:
    1168625281

    Payday loan are the worst thing you can do. Not only are the interest outrageous, but once you get into one, it's usually hard to get out!

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