I think they are evil as well but have never been in the position of having to consider them. For some, I'm sure they seem to be a God-send at the time but end up really hurting them in the long run. I agree that states need to do more to limit what they can charge in interest and fees.

we've fallen into it. Unfortunatly. We had no other choice. It's a CRAZY cycle, and I think it got us MORE in debt and have MORE financial issues than we started with. Thankfully we got ourselves out of having to borrow for now. But for people with HORRIBLE credit, no credit cards, and no family/friends to borrow from sometimes, its one of thoese ONLY options. We know what we're getting into when we have used them, but it is hard to break from having to use them all the time.

I'm thankful that right now we got ourselves out of having to use them.

I agree they are pure evil. I would suck up my pride and barrow from family before I ever considered using one.

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Kimberly Proud Mommy to Bethany Rose April 2006

Different states have different regulations on these. In FL, you pay 10% of interest + $1. So if you borrow $100, you pay back $111. You have to wait 24 hours in between loans and you cannot have more than one loan at a time, even at different stores. There is a state database which keeps track of all the loans, so the clerk will know immediately if you have another loan out when they run your license. In FL you cannot "rollover" loans and if you ask for an extension (they give a "no penalty" 2 week extension), they will drop your loan limit in half next time. The limit for most loans is $500. Loans are supposed to be paid in 14 days.

I agree 100% that they lead to cyclical borrowing and are a bad idea. But sometimes people feel they have no choice. The goal for someone in this cycle, should be IMHO, to do whatever possible to continue lowering the loan amount each cycle, until you can pay it off. If you take out $500, you'd better be sure next time to take out no more than $450, then $400 or less the next time.....

Army posts too . It's really sad how some people fall into these traps. We had neighbors that almost had their car repoed because the dh kept getting the payday loans to go partying and had to use the car paymennt $$ to pay back the loans (the dw had NO clue until her dh went to Iraq and she received a call that they were going to get her car the next day if she didn't make 4 months worth of car payments). This guy was an E6 and knew better, he just wanted the "instant gratification" of being able to get some cash and go out with his friends.

I am glad that I don't have to reach for one of these. I have reached for a CC and it was bad enough! But this how can our government allow them to do this to people? In town we just got a rent a center and a payday loan place right across the street. What is next? I have a serious problem with our military people having those pay day loan places put beside them. If they need money and are on the low end of the pay stick fine but really the interest should be lower for them, they are who we are asking to safeguard our country. I am now off of my soap box. What a rip off..........

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I went with my mom when she went to get one of these loans about 5 years ago. This was near Cleveland, OH. I know she had to pay it back within 14 days. I don't know what the interest rate was back then. My mother never was very good at making intelligent decisions... she must have run out of drug money. I will DEFINATELY never follow in her footsteps. I think poor people hold themselves back by doing things like this. You have a decision to make, and if you make the wrong one, it's no one else's fault but your own. No one is forced to take out a payday loan.

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Debbie 3 years
Sadie 16 months

They are around the Navy bases too. There is nothing good about them. I have seen people fall into this trap. At deployment briefs they practically beg people to stay away from them.

There is a guy that works with me that uses them, and has used them for a long time. He has been trapped in the cycle for years. I feel bad for him, but I am not one to give advice when it hasn't been asked for. I'm sure he's figured out by now anyway. So sad.