Thursday, November 11, 2010

Payday Loan Scams

It's a trap!
Recently, more and more people have been turning to Payday Loans to get quick cash for an emergency.  As a result, more scams are popping up, and borrowers are experiencing the consequences.  If you do need to get payday loan, make sure you read all of the fine print so that you don't end up with a judgment or bad credit.

Some payday loan shops have been asking people to secure their loan with more than their paycheck; some have asked to use a car title or even a home's title as collateral.  If the borrower defaults on this loan (sometimes in as little as 2 weeks), the collateral becomes that of the lender.  Using your $10,000 car as collateral for a $500 loan is blasphemous.

The best way to avoid these scams is to just not use payday loans.  Have an emergency/savings fund for these circumstances as getting a payday loan just isn't worth it.
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85 comments:

  1. SugarNovember 11, 2010 at 10:24 AM

    great info

    ReplyDelete
  2. Ben DoverNovember 11, 2010 at 10:27 AM

    Yeah, better avoid loans over all. Unless it's for a house or college or something important.

    ReplyDelete
  3. GurneyNovember 11, 2010 at 10:33 AM

    I'm starting to get calls from these ppl trying to give me loans. They don't even have the right name when they call me

    ReplyDelete
  4. HitchcockNovember 11, 2010 at 10:42 AM

    thanks for sharing

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  5. Classically Trained NubNovember 11, 2010 at 10:47 AM

    Yup, I save back half my check every month just for emergencies. Hopefully, nothing will happen and my emergency savings will become my early retirement savings.

    ReplyDelete
  6. SeionNovember 11, 2010 at 10:52 AM

    Ah yeah, dangerous stuff. The interest rates are out of this world.

    ReplyDelete
  7. ShimizuNovember 11, 2010 at 10:54 AM

    thats creepy
    fucking scamers, how do they work?

    ReplyDelete
  8. poorfagsNovember 11, 2010 at 11:13 AM

    I never borrow anyway, I don't even have a credit card.

    ReplyDelete
  9. Suciô SanchezNovember 11, 2010 at 11:14 AM

    A public service. Thank you.

    ReplyDelete
  10. VelkonNovember 11, 2010 at 11:15 AM

    I'm glad ...till now i never got scammed

    ReplyDelete
  11. Christie KleinNovember 11, 2010 at 11:18 AM

    I need to start saving a portion of my paycheck! I need to set that up soon :O

    And as long as there are people in the world unfortunate enough to be desperate for money like this, there will always be someone evil enough to take advantage to a ridiculous extent.

    ReplyDelete
  12. Christie KleinNovember 11, 2010 at 11:18 AM

    I also think it's kind of ironic that now all the ads on your page that I see are for payday loans XD

    ReplyDelete
  13. AnonymousNovember 11, 2010 at 11:21 AM

    ya payday loans are stupid and a total scam

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  14. CopyboyNovember 11, 2010 at 11:29 AM

    Yeah, me and interest have a bad relationship.

    ReplyDelete
  15. BartNovember 11, 2010 at 11:30 AM

    id never use this. dont see any benefit.

    ReplyDelete
  16. HondaXNovember 11, 2010 at 11:39 AM

    very god post, thanks for this...follow

    ReplyDelete
  17. BrandonNovember 11, 2010 at 11:43 AM

    Good post, hate those quick loan scams

    ReplyDelete
  18. SomeoneNovember 11, 2010 at 11:51 AM

    deff a trap, i hate those stupid sites.

    ReplyDelete
  19. AmbercladNovember 11, 2010 at 11:54 AM

    I totally agree with ur points here =)

    ReplyDelete
  20. AnonymousNovember 11, 2010 at 12:04 PM

    Great advice, that why we have the opportunity to open a savings account. I don't believe in those payday loan services.

    ReplyDelete
  21. AnonymousNovember 11, 2010 at 12:07 PM

    never used it, never will

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  22. PlanetBenNovember 11, 2010 at 12:09 PM

    This should be outlawed

    ReplyDelete
  23. caretakerNovember 11, 2010 at 12:09 PM

    my son nothing is free except of cheeze for the mice

    ReplyDelete
  24. David DavidsonNovember 11, 2010 at 12:10 PM

    I agree, though a lot of people are rather short-sighted...

    ReplyDelete
  25. iMoneiNovember 11, 2010 at 12:11 PM

    hmm good to know, damn scums

    ReplyDelete
  26. dee jeyNovember 11, 2010 at 12:20 PM

    thanx for this information

    ReplyDelete
  27. AnonymousNovember 11, 2010 at 12:21 PM

    Great info. Those quick cash loan places should be put out of business

    ReplyDelete
  28. killahNovember 11, 2010 at 12:22 PM

    I don't even have a credit card.

    ReplyDelete
  29. SebastianNovember 11, 2010 at 12:28 PM

    Lol @ pic

    ReplyDelete
  30. NarwhalMindedNovember 11, 2010 at 12:37 PM

    I hate payday advance places!

    ReplyDelete
  31. AnonymousNovember 11, 2010 at 12:38 PM

    Nice info!

    ReplyDelete
  32. dousNovember 11, 2010 at 12:47 PM

    Yeah man. Loans can be bad news sometimes. Thanks for the informative post.

    ReplyDelete
  33. Monster MadnessNovember 11, 2010 at 12:52 PM

    scammers suck!

    ReplyDelete
  34. What are you doing here.November 11, 2010 at 1:01 PM

    oh cool tip

    ReplyDelete
  35. JoebloggsNovember 11, 2010 at 1:02 PM

    I hate scams like this...

    ReplyDelete
  36. AnonymousNovember 11, 2010 at 1:19 PM

    all payday loan places are scams, if you need checks cashed just setup a bank account, most will even give you $25-50 just for opening an account with them

    ReplyDelete
  37. FlippyNovember 11, 2010 at 1:34 PM

    sometimes when people deplete even their savings, they have no choice. my advice would be find a friend or family member to loan you some money.

    ReplyDelete
  38. SamNovember 11, 2010 at 1:38 PM

    I will definitely avoid that method of loan, thanks

    ReplyDelete
  39. .November 11, 2010 at 1:48 PM

    true story mate!

    ReplyDelete
  40. T.dotNovember 11, 2010 at 1:55 PM

    trap indeed..

    ReplyDelete
  41. TravisTouchdownNovember 11, 2010 at 1:57 PM

    my friend did these and totally got sucked into a cycle of getting loan after loan

    ReplyDelete
  42. AnonymousNovember 11, 2010 at 2:01 PM

    Don't borrow money! Just save up :)

    ReplyDelete
  43. level85nerdNovember 11, 2010 at 2:14 PM

    thanks! but id never use this

    ReplyDelete
  44. KimokikNovember 11, 2010 at 2:20 PM

    "Paul said...
    I'm starting to get calls from these ppl trying to give me loans. They don't even have the right name when they call me"

    Couldn't help but laugh mate xD

    Thanks for the info.

    ReplyDelete
  45. kokojestaNovember 11, 2010 at 2:30 PM

    hmm thanks for the tip!

    ReplyDelete
  46. AlexNovember 11, 2010 at 2:35 PM

    well when you have an Aston to pay for a new paint job for you living room...

    ReplyDelete
  47. JRamNovember 11, 2010 at 3:13 PM

    Great warning as I was less familiar with specific types of loans like these.

    ReplyDelete
  48. unintentional criticNovember 11, 2010 at 3:20 PM

    i never do loans other than from my reliable bank!
    good to know!

    ReplyDelete
  49. AprilNovember 11, 2010 at 3:38 PM

    Holy crap this is good to know!

    ReplyDelete
  50. MaxwellNovember 11, 2010 at 3:49 PM

    good info!

    ReplyDelete
  51. thatguyNovember 11, 2010 at 3:53 PM

    Thanks for the support!

    CLICK ME! AND FOLLOW!

    I will do the same

    ReplyDelete
  52. MatteNovember 11, 2010 at 4:21 PM

    Ofc it is.

    ReplyDelete
  53. BubblesNovember 11, 2010 at 4:27 PM

    good to know
    keep up the great work

    ReplyDelete
  54. stoneycaseNovember 11, 2010 at 4:29 PM

    yup, payday loans are total scams. in an emergency, maybe...if you don't know your local loan shark, i guess...lol.

    ReplyDelete
  55. SpringyBNovember 11, 2010 at 4:35 PM

    yeah, pay day loans are worse than lonesharks haha. Except for the broken legs and stuff.

    ReplyDelete
  56. AstraNovember 11, 2010 at 4:58 PM

    great post, thankyou for the info

    ReplyDelete
  57. AnonymousNovember 11, 2010 at 5:03 PM

    The interest rates on this loans can be huge

    ReplyDelete
  58. AnonfourtwentyNovember 11, 2010 at 5:05 PM

    Good to keep in mind!

    ReplyDelete
  59. MoneyNaoPlzNovember 11, 2010 at 5:06 PM

    Yeah, think im gonna put like £100 into an account for emergencies.

    ReplyDelete
  60. MarcablaxNovember 11, 2010 at 5:28 PM

    yeah loans are usually bad to get into

    ReplyDelete
  61. SWOOP!November 11, 2010 at 5:45 PM

    Ever since I first saw one of these I just knew they were traps.

    ReplyDelete
  62. FredNovember 11, 2010 at 6:01 PM

    Did somebody say something about cheese? Holla at your boy if you are gunna make a cheese run.

    ReplyDelete
  63. RezdenNovember 11, 2010 at 6:05 PM

    This sure is a scam, my aunt almost got taken with this.

    ReplyDelete
  64. aZZoNovember 11, 2010 at 6:36 PM

    awesome post, post another soon

    ReplyDelete
  65. ArchiePattersonsNovember 11, 2010 at 7:01 PM

    That's a good point you make.

    ReplyDelete
  66. Rand.oMNovember 11, 2010 at 7:15 PM

    Payday loans aren't for people who think more than a week forwaard...

    ReplyDelete
  67. JeffNovember 11, 2010 at 7:31 PM

    legal loansharking

    ReplyDelete
  68. JohnnyShamsNovember 11, 2010 at 7:37 PM

    I did this once for 300 bucks, paid it back next day so I only paid like 320, but friends of mine did this, ended up paying out around 600 for a 300 loan

    ReplyDelete
  69. RoodNverseNovember 11, 2010 at 7:54 PM

    a trap , do a barrel roll. or find a real woman!

    ReplyDelete
  70. WillowNovember 11, 2010 at 8:05 PM

    AZ stopped the payday loans, so they actually made it title loans to keep it legal.

    ReplyDelete
  71. Das Auto!November 11, 2010 at 8:46 PM

    i do debt collection for 2 online payday loan companies. most people don't read their contracts, and then bad-mouth the company they borrowed from. the ones i work for don't require any collateral..

    basically, as long as you have the money available on your payday you're all good.

    ReplyDelete
  72. KTOTHESNovember 11, 2010 at 10:10 PM

    No loans thanks. COLD CASHHH

    ReplyDelete
  73. 000November 11, 2010 at 10:46 PM

    disturbing info

    ReplyDelete
  74. ego_rkoNovember 11, 2010 at 11:11 PM

    It's a trap! =)

    ReplyDelete
  75. KartoffelnNovember 11, 2010 at 11:16 PM

    That's imprescindible info.

    ReplyDelete
  76. KenNovember 11, 2010 at 11:36 PM

    Stay away from the loooans!

    ReplyDelete
  77. SC2 StratsNovember 12, 2010 at 12:30 AM

    yeesh. scams are horrible.

    ReplyDelete
  78. joelbroderickNovember 12, 2010 at 12:39 AM

    I don't even have a credit card. Is that a good thing or a bad thing?

    ReplyDelete
  79. icequeen100November 12, 2010 at 2:22 AM

    Good post, and thanks for the compliment.

    ReplyDelete
  80. AnonymousNovember 12, 2010 at 2:42 AM

    i hate scams

    ReplyDelete
  81. Michael VNovember 12, 2010 at 2:56 AM

    agree with Chrischaos !

    ReplyDelete
  82. kennett4November 12, 2010 at 5:04 AM

    great post these scams are to common now

    ReplyDelete
  83. rebekillahNovember 12, 2010 at 6:44 AM

    thanks for sharing

    ReplyDelete
  84. AnonymousNovember 12, 2010 at 7:00 AM

    i like your post!

    ReplyDelete
  85. Telia TuliNovember 12, 2010 at 7:07 AM

    wow
    i never knew this was happening

    ReplyDelete

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