Comments on: How to Get a Payday Loan (if you must)

By: Bank Overdraft Protection Plans | Avoid the High Cost of Bounced Check Plan Fees

Sun, 19 Apr 2009 23:50:23 +0000

[...] Linked credit cards: Similar to linking a savings account, you can also link a credit card to your checking account in many instances. Banks treat these transactions like a cash advance, requiring you to pay the cash advance fee and whatever cash advance interest rate the card charges. Overdraft line of credit: With this plan, customers apply for an unsecured line of credit designed solely to cover any checking account overdrafts. These unsecured lines typically charge double-digit interest rates, but if you pay off the line quickly (on payday, for example), then the interest charges are relatively modest. This is what we use at Citibank, and in the past, it came in handy as we neared payday. That is, until Citibank quietly began charging fees for each transaction that rival the cost of a payday loan. [...]

By: What Costs More–A Bounced Check, Credit Card Late Payment Penalty or Payday Loan - The Dough Roller

Tue, 27 Jan 2009 13:59:00 +0000

[...] cost of a payday loan varies from state to state as a result of local laws. It also varies depending on the amount of the [...]

By: Are You Financially Healthy? The 5 Stages | Moolanomy

Are You Financially Healthy? The 5 Stages | Moolanomy — Wed, 25 Jun 2008 12:01:06 +0000

[...] are earning less than you spend, forcing you to rely on payday loans and credit cards to make ends meet. To make it worse, these debts are causing to pay fees and [...]

By: What is phishing? Here's a real-life example - Smart Spending

What is phishing? Here's a real-life example - Smart Spending — Wed, 18 Jun 2008 04:08:20 +0000

[...] How to get a payday loan (if you must) [...]

By: Jimmy

Jimmy — Thu, 12 Jun 2008 15:58:18 +0000

What ever happened to the original poor man’s lender – the pawn shop? Here you have a secured loan. If the item is never redeemed, the person’s creditworthiness is not affected. I used to work in a pawn shop. The typical customer was a regular, usually doing some kind of transaction that would net some money, but needed a stake that he didn’t have.

Payday lenders are a different breed, as they use debt collection techniques to harangue their borrowers.

Regardless of how people borrow, the root cause of this mess is relaxed borrowing criteria and people’s wants. I don’t understand how people can afford to pay for their cable/satellite TV costs, and their cellphone costs. The cost for texting is ridiculous, yet somehow parents are springing for it. Of course, I don’t have a teenager anymore.

By: Patrick

Patrick — Thu, 12 Jun 2008 12:22:14 +0000

I think this is a good assessment. Payday loans, credit cards, or other loans should never be a long term solution, but can be effective when used as they are intended – as a short term means to get by.

The most important thing is to change your money habits. As you mentioned, I think Dave Ramsey is a good place to start.