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Used A Payday Loan Before

Has anyone ever used a payday loan?

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 ---John on 6/28/05
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I have NOT! but have read extenively about them! Words of wisdom: DON'T MESS WITH THEM!
---Pierr7958 on 7/19/07

There must be a better way of getting a short term loan that this. It sounds horrendous.
---F.F. on 6/29/05

Sounds like most of you don't think highly of payday loans. Any other thoughts?
---John on 6/28/05

The business refered to will loan you money with your next paycheck as collateral. They charge extreemly high rates of interest as indicated in the example given below. Borrow 125 and pay back 140 after only a few days!
---Bruce5656 on 6/28/05

Here in Canada, if you need money before payday, you can go to one of these payday loan places, show them a paystub to prove what your pay will be, and they will loan you the amount of your paycheque, which you then have to pay back to them plus a very high rate of interest. I've never used one myself, and don't expect to.
---Ann5758 on 6/28/05

Perhaps one of you in U.S. could explain to those of us in U.K. what the term Pay Day Loan means. I don't understand it and am puzzled as to why it involves such a lot of interest. Obviously not a loan from your employer just to tidy you over until pay day.
---F.F. on 6/28/05

You'll end up paying back an awful lot more than your original paycheque. Find some other way, hon.
---Ann5758 on 6/28/05

John my brother used to use them and he was caught in one giant circle. He borrowed at first, then payed it back with his next pay, but by the time he payed it back he had no pay left, so had to borrow again. The next pay same thing, it went on for a long time, till he finally broke the cycle. I would not recommend it.
---bethie on 6/28/05

I would suggest if there is ANY other way, not to use them. I will say though that I have used them in the past and I've never had a problem with it. I was loaned $125 and had to pay back $140, so the interest was pretty high, but it could've been worse. I think it just depends on the integrity of the company you use. Good luck and I'll be praying for you!
---Misty on 6/28/05

I have! Run!!! The interest is high and puts a greater financial strain on you than whatever drove you to try that anyway.

Remember. "desperate people do desperate things" I know because I've been desperate before. Try getting together with a financially responsible friend/mentor and asking them to look at what's going on with you. A fresh perspective may help. You might also try talking to your creditors they may be more willing to work with you than you'd think.
---natabelle on 6/28/05

I haven't, but I've seen them advertised on TV. I'd avoid them, they charge a lot of interest. Here in Las Vegas there are literally hundreds of those places, they must be making a LOT of money!
---NVBarbara on 6/28/05

Do you mean an employer - employee loan against your pay?

The answers below assume you are refering to a loan "service". If so, you are well advised to tread verrrrry carefully! Using them can begin a visicous circle that becomes almost unbreakable.

If you do not have enough money to see you through to payday, what makes you think you can last from the day of the loan to the NEXT payday which will be even further away than a normal payday?
---Bruce5656 on 6/28/05

yes I have used them and they are not fun to pay back. you are just asking for alot of trouble if you use them, I ended up filing bankruptcy. We should stand on God's word that he will make a way out of what ever situation you are in!
---Donna7663 on 6/28/05

Please don't use if there is any other possible way. They are bad news! They charge a big fee for their services. Pray for a better answer, I will pray for you also.
---Nan on 6/28/05

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