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Making money last until the next pay day is an old problem, but now there are plenty of new lenders offering the solution of a payday loan.
The number of people taking one out has quadrupled since 1996 according to the watchdog Consumer Focus.
That is despite some companies charge interest rates of more than 2,500% a year.
The organization is now calling on the industry to bring in more safeguards to protect vulnerable borrowers.
''Payday loans are a valid form of credit and it's much better for people to take one out rather than go to a loan shark," said Sarah Brooks, head of financial services at Consumer Focus.
"But we do think there needs to be a limit on the number of loans people take out and how many loans they are able to roll over."
Originally posted by OutKast Searcher
I'm sorry...but I don't think these are predatory, criminal, or anything else.
Look...YOU took advantage of their service when you needed it...and now you are complaining about the terms YOU agreed to.
Let's take some responsibility people...whether it is a payday loan, car, or house....DON'T BUY IT UNLESS YOU CAN AFFORD IT.
And to the OP...bottom line is that you are still on their books...and every missed payment is being recorded...interest is being added. At some point they WILL call you on that dept. And at that point you will be sent to collections....your credit will be crap...and it will all be YOUR fault.
I really hope we don't see another thread when this happens complaining about how this payday loan company ruined your credit.
How about reforming the tax codes, which are involuntary and took 48%+ of my salary last year.