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newbie19 · #1 08-17-2007, 08:36 AM

I think that these loans are a really bad trap to fall into. A friend of mine started using one of these services about a year ago and hasn't been able to stop getting them ever since then. They have really high interest rates.

AntiPlastic · #2 10-31-2007, 08:57 PM

They will eat you alive, if you can not afford to meet their terms
If you are going to bounce many checks, at $35 fee each, then a payday loan may be a good choice, but other than that, prob not

novastar · #3 05-28-2008, 06:00 AM

Hi newbie19, Is your friend already pay off principal amount of the loan. Then ask lender to mark your account paid in full. Also check your state law about the interest rates of the loan. If lender charged more than that then take action against lender.

Ally · #4 05-28-2008, 06:20 AM

They are closing all of those places down here in Ohio. The government decided to put a stop to their predatory lending practices..

AlexBrown · #5 06-24-2008, 01:21 AM

Terms can be pretty bad, I once helped a client with bad credit obtain a loan with a specialized lender they struggle to meet their terms, but at they were able to pay them off and apply for a loan with better terms. We had to do a lot of follow up with the client to make sure he paid .
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