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.

88 comments:

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

    ReplyDelete
  2. 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
  3. 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
  4. Ah yeah, dangerous stuff. The interest rates are out of this world.

    ReplyDelete
  5. thats creepy
    fucking scamers, how do they work?

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

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

    ReplyDelete
  8. 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
  9. 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
  10. ya payday loans are stupid and a total scam

    ReplyDelete
  11. Yeah, me and interest have a bad relationship.

    ReplyDelete
  12. id never use this. dont see any benefit.

    ReplyDelete
  13. very god post, thanks for this...follow

    ReplyDelete
  14. Good post, hate those quick loan scams

    ReplyDelete
  15. deff a trap, i hate those stupid sites.

    ReplyDelete
  16. I totally agree with ur points here =)

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

    ReplyDelete
  18. my son nothing is free except of cheeze for the mice

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

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

    ReplyDelete
  21. I don't even have a credit card.

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

    ReplyDelete
  23. 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
  24. 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
  25. I will definitely avoid that method of loan, thanks

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

    ReplyDelete
  27. Don't borrow money! Just save up :)

    ReplyDelete
  28. "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
  29. well when you have an Aston to pay for a new paint job for you living room...

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

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

    ReplyDelete
  32. Holy crap this is good to know!

    ReplyDelete
  33. good to know
    keep up the great work

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

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

    ReplyDelete
  36. great post, thankyou for the info

    ReplyDelete
  37. The interest rates on this loans can be huge

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

    ReplyDelete
  39. yeah loans are usually bad to get into

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

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

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

    ReplyDelete
  43. awesome post, post another soon

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

    ReplyDelete
  45. 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
  46. a trap , do a barrel roll. or find a real woman!

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

    ReplyDelete
  48. 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
  49. I don't even have a credit card. Is that a good thing or a bad thing?

    ReplyDelete
  50. Good post, and thanks for the compliment.

    ReplyDelete
  51. great post these scams are to common now

    ReplyDelete
  52. wow
    i never knew this was happening

    ReplyDelete