What is your opinion on Cash Advance and Payday loan places?
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Answer:
I think they take advantage of desperate people who are financially uneducated. I appreciate the concepts of free enterprise and caveat emptor, but there is a limit to what a civilized society should allow. There are some people who do not let ethics or decency stand in the way of their making a buck, but I find that behavior despicable.
It serves a purpose for those that have no other alternatives. The interest rates are high, but they take the people that either don't have a credit card or are maxed out. They take the people that don't have savings.
Some people want to eliminate them. They are upfront with the fees. Let the customer decide.
they stiff you in the end...ive never used one but hear from other's experiences that they rope you in by allowing you to keep adding on to what you owe.I would suggest stayin as far away from these places as possible...notice also that they are usually only in poorer areas of cities..i.e. they prey on the vulnerable. don't do it.borrow money from a friend.anything but those places.
If you can own one of those companies they are a fantastic business.
If you want to borrow money from one be SUPER careful as you pay an insane amount of interest and can easily get into a cycle of borrowing against them. With in 6 paychecks you will have given them one full paycheck.
Do whatever you can to do it just once, pay back the money and stop.
Make sure that it is your absolute last resort and that the money is for a legitimate emergency not for a vacation or something petty b/c the pay back will be ridiculously high!
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