Comments on: Need to Pay Off Payday Loan Debts?

By: Raquel

Raquel — Tue, 01 Mar 2011 19:12:18 +0000

I grew so disappointed when reading and learning about the big banking practices while the recession took a bite out of my business. I have my own 20 year business and have been a “model” PayDay customer for over 2 years. Avoiding conventional banks is now a social statement for me. I use the funds for bridging operational costs when needed, hiring temp help, or on investments and I have been able to re-configure my business to adapt to the climate of uncertainty as our slow economy continues to advance thx to payday loans. When the recession hit, I nearly lost my business and the conventional banks were not there for me. I am thankful to the PDloan folks but I am getting tired of the high interests. And I have also hit a ceiling on the loan amount that I can borrow. I would just like to find a lender who has the same EZ lending practices, offering the fast conveniences of funding and w/ less interest and more flexibility.

By: jodi

jodi — Sat, 18 Dec 2010 18:45:20 +0000

I am in need of a personal or installment loan. I live in Ohio. I am employed. I can repay. I am looking to secure 2000.00 fairly quickly at this point because I have spent so much time checking other sources and need the funds for christmas and a vehicle repair

By: CLFadmin

CLFadmin — Mon, 19 Oct 2009 23:28:51 +0000

It’s not as desperate as that. It’s not entirely true that you can’t get a low interest personal loan to pay off multiple payday loans – it comes down to job security and collateral.

Frustrated – have you gone to any banks looking for a consolidation loan yet? If you did, what was the answer back on your con loan application?

Also, what kind of income do you have – monthly or biweekly?

By: Frustrated

Frustrated — Sun, 18 Oct 2009 12:13:04 +0000

This is all great information, BUT, if you have less than perfect credit AND several payday loans, no one is going to give you a low interest personal loan to pay this stuff off. If you know of anyone, please do tell!

By: CLFadmin

CLFadmin — Wed, 07 Oct 2009 18:48:27 +0000

Thank you for the heads up on the Check N’ Go video Emily. Even though it is obviously advertising, it is helpful to our visitors to see the reality of APR on a Payday loan.

By: Emily Winkle

Emily Winkle — Tue, 06 Oct 2009 19:40:27 +0000

You may find this video interesting because it translates a credit card late fee and a bounced check fee into an APR. Click here to see video on Payday Loan APR reality. We don't think Pay Day loan personal financing products are the same as credit cards or traditional types of lending, but all 3 need to be employed in a responsible manner. Millions of Americans have gotten themselves into deep trouble (and are desperate!) because they have overextended their credit card(s), or used a conventional loan for something they can not afford.

By: Chris

Chris — Thu, 10 Sep 2009 18:46:35 +0000

I really dislike having to use these damn paycheck loans, but it is sometimes necessary. I would rather pay the fees than sit in the dark if I don’t pay my power bill.

By: CLFadmin

CLFadmin — Wed, 09 Sep 2009 17:38:01 +0000

Yes, I’ve heard of the Payday Loan company Check ‘N Go before. Heard that they too have massive penalties and fees for those who are late on their repayment.

As you said, “they need to be used responsibly”, but they are NOT just like a Credit Card or traditional loan. The penalties and fees are stupid ridiculous and designed to really hammer borrowers who have trouble paying back on time. Also, does Check N Go actually tell all of their clients (borrowers) what they will be owing if they are ever late paying back their balance?

I call Loan Shark here.

I know that Payday Loan companies do provide a service that traditional lenders don’t provide, and if the borrower pays back what they owe on time, it CAN be a worthy financial product and service, however, some of these Payday loan companies are out for blood.

I urge all borrowers who read CLF to avoid Payday Loans like the plague, and if you have any Payday loans outstanding, pay them off and never return.

By: Emily Winkle

Emily Winkle — Wed, 09 Sep 2009 16:58:43 +0000

Payday loans are a great resource, but they need to be used responsibly just like a credit card or other traditional loan. Check ‘n Go offers payday loans in many states, and also from the convenience of your own home.