Avoid those places like the plague. You’d be better off going to a pawn shop if you need quick cash.
A friend of mine did a payday loan a few years ago, before those places were popping up every other block, and I kept trying to tell her that she was just digging herself a hole. She borrowed $500. Her spending habits stank, and the next week, she had to get and extension on the loan, for a $120 fee. So, week 1, she still owes the $500 and just paid $120 for the privilege. This went on for 6 or 7 weeks, each week costing her $120. The
company did not take partial payments of the debt – it was all or nothing (with a fee). Her husband ended up working tons of overtime to pay that off.
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