I am sure many people caught in the trap of borrowing and paying back this way would love to be free of it, but unless they can make a change somewhere they never will. I would say that the best solution would be for them to take a second job and climb out that way.

Payday loans are only a good idea for emergencies where you know you can pay it back when it's due without hardship to yourself. It's always best to have your finances under control and an emergency fund in the bank, of course. People who get this type of loan over and over again have not learned how to manage their finances properly and break the cycle.

I've never heard of payday loans and I'm not even sure we have any locations by us that offer this service. I guess if you were really in a bind and needed money right then and there but knew that you could pay it back, then I'm sure something like this would be okay. I've never been in a situation where I needed money that quickly; I always try to budget for everything.

I know there must be some people who use payday loan services as they (seem to be) intended - to deal with an unexpected squeeze on your wallet - but the underlying premise is pretty clearly about creating a cycle of dependency.

I would rather beg my enemy before I go after the payday loans, have you seen the rates they have? That should be against the law.

Pay Day Loans sound pretty scarey to me!!!

They can be so addicting; like I said we have so many members that have any where from 2-6 out at a time, and then they wonder why there account is negative... You will be amazed at how some people live off these loans. They owe so much in payday loans that when their direct deposit kicks in there still negative(overdrawn).

That's what happened to me at BOA and why I bank elsewhere.... I spent too much time in the red and they got sick of it...But, thankfullly I've learned to live within my means and have been going strong for the last 5 years....

They can be so addicting; like I said we have so many members that have any where from 2-6 out at a time, and then they wonder why there account is negative... You will be amazed at how some people live off these loans. They owe so much in payday loans that when their direct deposit kicks in there still negative(overdrawn)..

And then get with you when you try to talk(counseling) them about there account. One lady was like mind you own business I can spend my money the way that I want, and I was like and we also have the right to close your account due to excessive returns:cool:

Rest assure, I will never do that again.... it was a complete joke...

I don't blame you

Low 18%Apr (Payday lenders charge between 200-900%)

That is a good deal, it is basically lower than credit cards right about now.

I never fell for a payday loan. My friend used those though. I know of at least two occasions that he had to do it. He basically trusted people he should have and he got into a lot of trouble with credit cards and such. Now he is on the process of paying them back. I warned him about the payday loans and how they are vampires. When you are dealing with somebody with autism, you can't talk sense to them. They want to believe that everybody wants to be thier friend or somebody will pay them back.

I used it once back in 2003, times were tough, was in between jobs and had to make the bills. Rest assure, I will never do that again.... it was a complete joke...

I never fell for a payday loan. My friend used those though. I know of at least two occasions that he had to do it. He basically trusted people he should have and he got into a lot of trouble with credit cards and such. Now he is on the process of paying them back. I warned him about the payday loans and how they are vampires. When you are dealing with somebody with autism, you can't talk sense to them. They want to believe that everybody wants to be thier friend or somebody will pay them back.

Meya the Cu where I work you do have to be a member and there are several other CU in the City/ Nation Wide that are offering similar programs as well.

Got some information

• $100.00 - $500.00 for up to 90day period
• Quick Application process
• Up front application fee
• Low 18%Apr (Payday lenders charge between 200-900%)

Actually, I think this is some good advice. I did not know that CU's had payday loans. If you don't mind me asking, do you have to be a member? Also, what percentage do they charge?

We have so many members that use Payday Loans that the Credit Union where I work started a new loan program that targets the payday loan user. Our loans range from $100.00-$500.00 but what we do is; we make the member save 5% of what they borrow and put it into a savings account; and are fee is a lot better than the fee that these comapnys charged and we also report it to the CB to help build their credit.

They are only allowed to get 8 a year; I don't know how successful this will be; but like I said we have so many members getting them that The State of Oklahoma had to regulate them; you are only allowed 2 in the State, but we have members going on line and getting 4 & 5 at a time.