"There are too many mistakes to mention, but one of the worst was using payday loans. I got them paid off eventually but at one time I had three or four different payday loans at the same time. Needless to say I was robbing Peter to pay Paul to get the minimum payments made. Some even went into collections, which cost me even more to get paid off. The interest rates are outrageous.

At the time you take out the loans you think you are going to pay it back quickly, but if you can't the situation just snowballs into a worse situation. Then if they send the check through your bank and you don't have the funds, it gets even worse. Either it goes through and takes your whole paycheck, causing everything else you had going through the bank to bounce, or it doesn't go through and you not only have the overdraft charge but may face numerous fees with collections. You also face maybe not being able to take out another loan there for an extended period of time, which would be a blessing in disguise, but you have become dependent on them to pay Peter and Paul. You are better off staying away from those types of loans."

Lois

I DO AGREE I ONCE WENT THROUGH THE SAME PROBLEM WERE I HAD ALMOST 4 DIFFERENT CASH LOANS AT ONE TIME AND IT WAS IMPOSSIBLE TO PAYOFF WHICH LEFT ME WITH ONE OPTION CLOSE OUT THE ACCOUNT AND MADE THEM PROMISES TO PAYOFF ONE BY ONE WITH DIFFERENT PAYMENT PLANS IN ORDER TO GET OUT OF THAT DEBT. THEN I DIDN'T LEARN FROM THAT EXPERIENCE AND I GOT INTO IT AGAIN WHICH THEN I HAD TO BORROW THE MONEY FROM MY FATHER TO PAY THEM OFF BECAUSE I JUST COULDN'T CLOSE OUT MY BANK ACCOUNT TO DEAL WITH IT AGAIN. NOW IM STRESS FREE FROM CHASH LOANS AND THAT'S WHY I DECIDED IT TO GIVE THIS A CHANCE TO MONITOR MY EXPENSES EVERY MONTH AND SEE WHERE THE MONEY GOES. I'M STILL NEW AT IT BUT IS WORTH THE TRY.

I used one of these ONCE... it was (unfortunately) necessary for me in that one instance. I only needed $300, and it would cost me $90 every two weeks until I paid it off (meaning, every two weeks I had to make a payment of at least $90, which included no principal, plus whatever principal amount I wanted to pay off. So, I could have paid two $240 payments ($90 + $150), or three $190 payments ($90 + $100), etc.

I paid the entire loan off in the first payment of $390. It was a steep amount of interest to pay, but like I said, it was necessary in that single case.

I would always recommend to steer clear of places like this because it's too easy to get in over your head... however, if you have no other option, just make sure that you know have a repayment plan, and you know how much it's going to cost you!

I tried to use these payday loans for like you said.. I only needed 300 bucks. But, they ran a credit check. My credit score was too low and I had to many of other things that they couldn't approve me. I was thinking. This is bad if I can't get a simple 300 dollar loan to payoff off NSF's... So I looked at three pay day loan places in my area. I figured out it was cheaper to go NSF for 5 days with the bank. Tben to even go through a payday store. Isn't that crazy.. That's when I realized I needed to start a budget and get real. So now everything is paid in cash. I'm so much more happier and less stressed out.