Very true. It is like financial suicide!

be careful about payday loans. Its like a disaster

You should read the latest issue of Business week. The guy who started the business is o.k. with the fact that it ends up being an APR of around 280%. Doesn't sound like a good choice to me...

nope doesnt add up for me either..payday loans and short term loans shouldn't be used pay off credit cards and other debts because they are a lot higher in interest rates

payday loans should NOT be used to pay off any sort of loans they are there as last resort to avoid some financial emergencies


one good application of a payday loan is to avoid multiple NFS fees if your account goes negative because your bank can charge you big NFS charges for each transaction...taking one payday loan with a fee of $20-$30 can help you avoid multiple NFS fees that could cost you more than $100

Payday locations trick potential borrowers by not revealing statistic, instead focusing on the loan fee. Payday loans are short term loans that require you to pay back the entire amount or be forced to take out another loan.

thanks for info

Do not use a payday loan. Bad terms, and even worse interest. Plus they don't work to rebuild your credit like a credit card.

NO ONE forces you to take out Payday LOANS ...It would be not the right thing to say a payday loan company as a SCAM.

!!!!!!!!!!!!!!!!!!

I am not really sure that loaning and paying off the credit cards through the loaned amount is good. Just my thoughts however.

They definitely aren't a good option. These days there are so many illegal payday lenders. Most of the online PDLs don't even have their license to operate over some states, but somehow they're operating everywhere.

Especially since they charge (some of them) 100-200% interest!!! I don't even know how that's legal!!

Bad loans and illegal in some states