Confessions Of A Dangerous Payday Advance

We get a lot of mail from people who have taken out payday advance loans. We thought we'd share some of them with you to help you get a better understanding of the payday loan experience.

"Hi. I got a payday loan about 6 months ago. I was driving from New Jersey to Virginia for a wedding and my car broke down. I lost my wallet and couldn't get in touch with anyone who could help me. I got a payday advance in order to fix my car and be on my way. It was a hassle to get, actually. They checked out my bank accounts and credit history. I was always told they didn't do that, but they did, and not in a very organized or timely way. The people working in the office really didn't know what they were doing and kept coming up with new rules about the loans. Finally I asked to speak to the manager and read every bit of paperwork they showed me. All I wanted was a $300 payday advance, but I got a headache with it. I hate payday loans. Wouldn't recommend them to anyone needing payday advances, anyone." Romeo, Trenton

"Don't get me wrong. I have gotten a few payday advance loans in my lifetime. I need to since I smoke 4 packs of Marlboro Reds a day. They're expensive! The loans are definitely are my last resort, but as an actor I go in and out of work often, so after I finish a job that I have had for over 3 months I take out a payday advance so I have money until the next time I get a job, since I don't know when that will be. They usually work okay for me- sometimes they do cost me extra, but I think in the end it evens out. I always go to the same loaner so I trust them now and know how they work." Linda, South Carolina

"I have never gotten a payday advance. I know people who have who have had both good and bad experiences with them, though more with bad. They say that the companies are unclear of when you are suppose to pay them back so they almost always end up paying some late fee on top of the percentage charge. Doesn't sound like a mess I want to deal with. For now I still rely on Daddy a little when I am in trouble. I think you can always borrow money from a family member or friend instead of getting a payday advance. Thank God for Daddy." Kristy, Boston

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