Quote:Honestly the best thing most people can do in those situations is swallow their pride and ask family (or friends) for help.  Failing that, getting a cash advance from your boss or from a credit card.  Or even selling some of your belongings.  My wife and I were very fortunate to have a good friend who was able to help us.  My kids practically consider her an Aunt.  I hated accepting help.  I'm one of those people who won't ask a store clerk where something is.  But I'm glad I didn't turn her down because I had too much pride.

 

 

Let's say you take out a $500 loan to get your car repaired.  They charge you let's say an $85 fee for taking out that loan.  That doesn't seem bad at all.  I meant hat's 17% interest.  No problem so far.  But let's say it takes you four months to be able to pay back that loan.  You now have paid $680 in interest for a $500 loan.  (A total of $1180, so I'm not being confusing here. Borrowing $500, and then paying $680 back would be reasonable)  

 

But that's not how payday loans work at all. They limit what you can borrow based upon your paycheck, so if you make $300 a week you can only borrow up to $300. To use your example if you needed $500 so long as you didn't have any other loans and you made at least $500 every paycheck they would lend you $500 but you write a check for $555 (it's a standard $50 for $500 at all of them the "state fee" ranges from $4-$5  at the 6 different companies I've used in the past) and on your next paycheck the entire $555 is due. There's no taking a month to pay it off, it's literally due on your next paycheck then you have to wait 24 hours to take out any other loans. The amount is restricted based on what your paycheck is obviously if you only make $300 a paycheck they won't loan you $500.

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