Lose Your Job? Don't Worry, Our Exorbitant Payday Loan Fees Are On Us
Do you need cash right now, but are worried that you might lose your job in the next two weeks? Guarantees for customers who lose their jobs have worked for Hyundai, Ford, GM, and Sears, so now the practice has expanded to the payday loan industry.
If you take out a loan with Advance America, and lose your job before it comes due, they won't charge you their usual fee (APR of 200-386% for a two-week loan)
Pay no fees if you lose your job while you have a current cash advance with us.
Get a Worry-Free Advance, and if you lose your job while you have a current cash advance out with us, you'll pay no fees. It's one less thing to worry about. And one more way we're here for you with trusted financial solutions that make your life a little easier.
Of course, you still have to worry about paying the money back. And they won't be quite as sympathetic when you go take out another payday loan to pay the first loan back.
RELATED:
Study Shows People Take Out Loans At 400% Even When They Do Know Better
Most Payday Loans Are To Repay Other Payday Loans
Worry-Free Loans [Advance America] (Thanks, Nikki!)
(Photo: Hulgatha Doodlesack)
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Comments:
Poor Boba. Financing your vette will make you do many things you would normally not.
@wcnghj: Those that really need the money probably want more than what is available on the small credit line they qualify, though.
@GitEmSteveDave's$10SamsungTV: He delivers the prize, but he still narrows his eyes, because his time he don't like to waste. Get down.
@MightyDwarf56: Gotta make the money, credit's no good when the Jawas run the shop in your neighborhood.
@wcnghj: You know as terrible as PDLs are if you look at overdraft fees if you fall short they're really not as bad as at first glance...
@wcnghj: usually a person that is getting a PDL is not in a situation to wait for a card to be mailed to them if they can even qualify for an unsecured card.
I do recall a few years ago, a woman walked into my boss's office (in a corporation, mind you, with very standard accouting policies and Sarbanes-Oxley auditing) and asked for an advance on her paycheck...which is pretty much impossible anywhere.
My boss goes, "What the hell do I look like? Check Into Cash?"
I found that amusing...and not really related, but I was reminded of it, so I thought I would share...
@aloria: @MightyDwarf56: @JustinSane07:
I'm a question, wrapped inside enigma
Get inside the Slave 1, find your homing signal
@GitEmSteveDave's$10SamsungTV: From Endor to Hoth, Ripley to Spock, I'll find what you want but there's gonna be a cost.
(I guess it's obvious by now that I've got these song lyrics permanently burned into my memory.)
@wcnghj:
My wife and recently have had to a get a couple of pay day loans while she looks for a new job. The fees are rough, but often far less then the overdraft and late fees we would pay otherwise.
Also, pay day loans don't screw up our credit. Opening a bunch of crappy credit cards or missing important payments would.
@aloria: My Ex HATED mc Chris. I always said I wanted him to DJ our wedding, and would do the "wiki-wiki-wiki" thing. Perhaps that explains the Ex part....
Sell your kidney and get a prize. Kids need not apply. An arm a leg whatever you got. The market is good for all that u got. It is not your fault bad things occur. Just keep paying forever for mistakes in your youth. No money down. The price of real estate always goes up. This pill makes you bigger and more attractive to boot.
( the little talked about period when Dr suus was in his experimental stage )
@Smashville: I once saw a woman ask for an advance on her check on THE FIRST DAY OF EMPLOYMENT. Later that day, she bitched because she wasn't getting paid a bonus for showing up on time.
She didn't last long.
@Smashville: @Eyebrows McGee (now with more baby!): I was less than amused when I started working full time at my university and found out that we were paid monthly, at the end of the month (actually, first of the next month). When I was a part time student employee, we were paid weekly, and I made the very incorrect assumption that full-time, grown-up work was something similar.
Instead, I squeaked by September without any cash coming in - after 2 months of summer with no real money coming in either. If I hadn't had some credit cards and a very forgiving landlord, things could have been sticky.
Anyone who agrees to a 200-386% interest loan to begin with is a complete idiot who should be ejected off of this planet.
And what--exactly--do you do when you know the interest rate is usurious, but the kids have to be fed, the rent is due, and you have, say $22 in the checking account.
Just because these loans are predatory doesn't mean all the borrowers are stupid. Some obviously do it out of ignorance, but others /know/ the consequences, butr prefer them to other, worse consequences: e.g., eviction, bounced checks, hungry kids, etc.
Here we go again. As if Ben Popken and Sam Glover weren't stupid enough, now we have Laura Northrup babbling on about something she knows nothing about.
Laura, get a clue. First of all, despite the ravings of ignorant clods like Duckula22, there is a need for short-term credit in this country.
People who need short-term credit do not have a lot of options. Those options are:
A) Borrow from friend/relative/employer
Cost: Zero
Risk: Complication of important relationship, embarrassment
B) Credit Card Cash Advance -
Cost: About $1 per hundred every two weeks
Risk: Fail to pay; credit rating is damaged
C) Pawn something
Cost: $9.50 per hundred every two weeks
Risk: Fail to pay, you lose the personal item.
D) Payday Loan
Cost: Averages $16 per hundred every two weeks
Risk: A collection agent tries to recover what's owed; no damage to credit rating; no personal item at risk; no personal relationship at stake.
Myth: "Cycle of Debt" - 94% of loans are paid back on time - that statistic is available in every single SEC filing of all public companies.
E) Online Payday Loan
Cost: $25 - 30 per hundred borrowed every two weeks
Risk: Same as regular payday loan, but industry is unregulated and identity theft is easier.
F) Bounce a check
Cost: Averages $45 per hundred borrowed
Risk: As soon as you bounce one check, you risk creating a domino effect, causing other checks to bounce and running those fees even higher.
PDLs have a place. They are neither the most nor least expensive option, but they are an option Americans turned to 154 million times last year.
The idea that Advance America recognizes these are hard times and at least allows a customer to put off principal repayment and not be charged a dime is something to be applauded.
Meanwhile, people like you aren't offering better solutions. You're just criticizing entities that are offering to let you borrow money on nothing more than the promise to repay it.
The idea that borrowers are forced to take out additional loans to repay the loans they have is misguided. Payday lenders operate under Best Practices wherein any customer who cannot payback their loan when it's due has the option of entering into an extended payment plan, allowing them to repay it over a period of additional weeks. This option is provided to customers for any reason and at no additional cost. These are business, not charities. It would not make good business sense to loan money to people who can't pay you back.
@MisterE:
Well, let's see, if you have an actual counterargument, then present it. Otherwise, you are just another know-nothing whose opinion is worth zero.....because you have none.
Boba, killed off in a sight gag in Jedi, now hooked on Legal Loan Sharks. Its tough to be a bounty hunter. . .
Fair enough, but at least they're offering some sort of amnesty in these tough times. Not to mention that a payday loan could be an item that someone may truly need in an effort to thwart more serious financial problems. I doubt that ANYONE really needs to get a new car in this economic climate.
ICK, I don't understand why people even THINK about PDL's.
They'd be better off applying for a subprime credit card and taking a cash advance.