That may be true Gary, however there are other people out there besides yourself.

A very small amount of these people, use the payday loan business as their only and last venue for money. High fees with a small loan may look to be a better deal than going bankrupt or having your car reposessed.

In my previous post I was merely stating the pros and cons of the Payday loan industry and laying out a basic understanding of the payday loan clientele.

Payday lenders should be put in jail. Talk about ethics!

I wouldn't go anywhere near a payday loan. It will take you 4 pay days to pay it back off!

I am highly against payday loans. Just always save for a rainy day and you will more likely than not, never have a situation when you need one.

Not to mention they are relatively new, and as far as back payments etc go, there aren't very many laws to protect you against high interest rates.

You are joking right?

[quote=nathanw83;6269]"Payday Loan companies are a $ripoff and you have to pay them back plus interest."

-As far as I know, all loans have to be paid back plus interest.

I'm not saying that a person should take out a payday loan to fund a vacation or buy tickets to ball game, but if you have 3 kids and you're already living off of beans when the car you depend to get you to work breaks down. What are you going to do if you don't have any cash?

I would also advise staying away from payday loans. Perhaps try getting a loan from a family member for this one time, and in the future build an emergency fund for such situations.

On the economical downswing and the jumping price of surviving a lot of categories are feeling it more difficult to contend and subsist. More people makes up driving their monthly budgets to the bound to try and stay adrift. Make sure that you know the terms and conditions of any loan before signing.

I 150% disagree. If they are so great, then why are payday loans becoming illegal in most states? There was just a huge article in my local paper about how they are nothing but scams and the fees that these companies charge are illegal. They are being made illegal in my state, just like many other states.

Most people are not raised with good financial knowledge. Some view Payday Loans as an emergency fund access.

The reality is that they are bottom feeders feeding on those with bottom level financial knowledge.

Having the knowledge and self-control to save for oneself, even a one paycheck emergency fund, is a step above this level. It is a step above living paycheck to paycheck.

Most that say that they cannot save, are right. Their mindset has to be above the bottom to accomplish it.

Payday loan companies are a reminder that some in society may just be, just above the chimps. This is not meant to be condescending, though I never had to do it, I was raised with a lack of financial knowledge, as well.

PAyday loans are quick money but they will get you in debt if you keep on getting them every week

payday loans are too expensive. If you have another option, its nonsense to get payday loan

How is it a scam when Blow joe has 6 judgments, 20 collections and already screwed all his creditors and has no where else to go? These people know the arrangements before they take the cash and should have to pay more in interest

I agree with Curtis. These people allways get shown the contract before they sign. They know the interest, and fees beforehand. If noone else will help them due to them being high risk, that's where payday loan companies come in. Payday Loan companies have to charge a high interest rate due to the high risk.