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Payday Loans For Debts

Should I get a payday loan to pay off my loans or file bankrupcty? I can never seem to get caught up with my debts and my friends have been using payday loans.

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 ---Susan on 10/22/08
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Have you ever checked out the interest rates on "payday loans"? Your best bet would be to: 1. Talk with a financial counselor, 2. Talk with the various company's you may own money to and see if they will establish a payment plan for you. (Most will.) 3. Evaluate what you really need. It will amaze you what you can do without & not feel you are making a sacrifice. (For example: instead of a Hummer maybe you could do just as well in a VW.)
---wivv on 1/27/09


Based on what I've seen concerning payday loans from friends of mine is that about the only people benefiting from these loans are the folks who make the loans. Most of the companies that extend credit will usually reduce the amount of monthly payment IF you ask them and explain why you need the reduction.) (Don't make the mistake of NOT notifying the credit card company or lending institution.) The next step is to evaulate your expenses and stop spending more that you make. One way to do this is cut all all credit cards except maybe one that requires you to pay the comple balance each month - such as American Express.
---wivv on 12/12/08


I don't believe on loan. it is not advisible to do so.Keep praying to God to help you secure a tangible job.
---Carolyn_simeon on 11/3/08


there is nothing wrong with excepting pay day loans any loan is great even for christians like us we all need some kind of help god will let us borrow money from pay day loans and other places nothing wrong with it
---andy on 10/31/08


My advice would be avoid payday loans and bancruptcy. Get yourself a good christian counseler. This person can show you the way out of debt and tell you what you have to do to stay out of debt. Pray to God for guidance for He will show you the way.
---janic4436 on 10/30/08




archie,
yes you can use payday loans to pay off debts,i think your friend uses payday loans and also,its easy to use payday loans where you can get money!
elizabeth
eliza9539

Tell us, liz... what loan shark to do yo work for?
---NurseRobert on 10/30/08


The best way to pay off debts is to get another job and start paying them off instead of getting into more debt with any kind of loans.
---SusieB on 10/28/08


With this turgid economy, money is tight
for all of us. Avoid using Payday loans! The interest rate on these loans will be much higher than any bank. If you must borrow, try using a reputable finance company instead. Be certain to read the borrower terms prior to making the loan.
Best wishes for nice holiday season.
---marta6656 on 10/28/08


archie,
yes you can use payday loans to pay off debts,i think your friend uses payday loans and also,its easy to use payday loans where you can get money!
elizabeth
eliza9539
---Elizabeth on 10/28/08


i encourage you to make two lists,a want
list,and a need list.throw the want list
away.then focus your finances on your need
list it will take time but you will get out
of debt,if that isn't working try a debt
consolidation loan.
---kevin on 10/28/08




NO, NO, a thousand times NO!!!

These are nothing better than legalized loan sharks... The interest rates can be upwards of 750% and more.

If you are having financial troubles there are many things you can do. Contact your local Consumer Credit Counseling Service (be careful about these too.. some can be crooked. Talk to your creditors and see if they will do a repayment plan.

Just stay away from Payday loans!
---Nurserobert on 10/26/08


Susan...You answered my question.
---SusieB on 10/26/08


What types of things did you see happening? How busy were those types of places?
---Susan on 10/26/08


Susan...When I needed a part-time job I went to work at one of these companies a couple of years ago. I saw many people who got in over their heads and could not repay them. I got out of that business because I didn't think it was somewhere that a Christian should work. Do you work for one of these companies? I can't think of any other reason why you would ask this kind of question on a Christian website.
---SusieB on 10/25/08


I wouldn't recommend a payday loan, however sometimes some people may need them. Watch for the fee though as it can get very expensive.
---Rob on 10/25/08


Avoid payday loans at all costs as you will go broke. My sister did one and could never pay it back.
---Wilbert on 10/25/08


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Why anyone would want a payday loan is beyond me. Just go get a job.
---Johnney on 10/25/08


How old were you Richard when you used payday loans and how did you talk your dad into paying your bills?
---Susan on 10/24/08


Hi,

I used payday loans and got in over my head. You end up reusing them and it costs you a bundle. I had to get my dad to help me out of the mess and learned that I'm not too old to learn a lesson about financial responsibility from the flat side of his hairbrush.
---Richard on 10/24/08


Have any of you guys taken out a payday loan to truly know if they are that bad of a deal or are these just your guesses about these types of loans?
---Susan on 10/24/08


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No,that is only adding to the problems you already have. A Payday Loan is the same as getting money from Loan Sharks with high interest and penalities which can drive what you owe into unbelievable amounts. The same is true with any loan company which charges high interest with accumalating penalities which can grow way past the amount you got in the first place. Pray and ask God to help you have wisdom about how to take care of your loans. The first major common sense step is not to engage in impluse or careless buying. Only buy what you need. Make out a budget and stick to it.
---Darlene_1 on 10/23/08


They do not have a payday loan that will pay off all your debts. If you want to get into a never-ending cycle, get one of those payday loans. The limit on most of them is $500 and the charge for that amount is around $85. When the loan is due, you will have a hard time paying it. Our friends got into that problem when they took out multiple payday loans and couldn't pay for even one of them. The payday loan companies require you to write them a check for the loan amount and the interest.
---SusieB on 10/23/08


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