Payday Cash Advances---Need Help

smithj · 03-23-2009, 11:26 PM

Hello friends,
I want to get Payday loan . I read about A.P.R. So my question is that What is the A.P.R.?

Any suggestion and idea would be greatly appreciated.

USCGamecocks · 03-24-2009, 09:01 AM

http://www.paydayone.com/loan-cost-a...stateName=none

It's financial suicide. Don't do it. Sometimes rates can be as high as 200%.

Find money from a friend, or family member.

amyschiff · 03-24-2009, 12:16 PM

A good indication that payday loans are bad news is that many states are currently working to enact legislation to regulate the payday loan business because they can be harmful to customers.

Payday loans make it very easy to get trapped in a cycle of debt because when you get your paycheck, most of it will go towards paying off the loan, leaving you with insufficient funds for the next month and forcing you to get another loan.

khorrell · 03-24-2009, 01:12 PM

If you want to share more information, I am almost positive that the smart people here at WiseBread will help you find a better choice than a payday loan.

It seems easy and useful, but really they are just terrible.

KevinW · 03-24-2009, 06:44 PM

I agree with the others that said to avoid payday loans like the plague.

To answer your question, APR is the Annual Percentage Rate, or the amount of interest you will pay in one year, expressed as a percentage of the principal. In tends to refer to the interest rate, plus certain charges and fees, but not counting the effect of compounding interest. Annual Percentage Yield (APY) does take compounding into account. I say "tends" because sometimes people use these terms loosely without regard to their strict legal definitions.

http://www.investopedia.com/articles.../04/102904.asp

smithj · 03-25-2009, 05:18 AM

Hello Friends,

Thanks for your valuable replies. I appreciate your help.

USCGamecocks · 03-25-2009, 09:08 PM

How much money are you looking to get? What situation are you in?

starshard0 · 03-28-2009, 10:14 AM

P2P lending is probably the best recommendations I can give if you only need a small amount. Anything over say, 20k is probably best done through a bank. Then again, I've never needed a loan.

mamun · 04-16-2009, 06:55 PM

Quote:

Originally Posted by smithj

Hello friends,
I want to get Payday loan . I read about A.P.R. So my question is that What is the A.P.R.?

Any suggestion and idea would be greatly appreciated.

dont do this. it is verd to pay. for your better i suggest you that you borrot from your parents, friends.

Linsey Knerl · 04-18-2009, 02:18 PM

If you can avoid a payday loan, do so. My experiences landed me in a heap of hurt (you can read about them here http://www.wisebread.com/confessions...ay-loan-junkie)

I would ask a friend or family member or do the peer-to-peer lending as suggested. Otherwise, if you have any kind of skill or talent at all, you could advertise your services on Craigslist or Workstir.com. Good luck!

Linsey Knerl
Senior Writer, Wise Bread

03-23-2009, 11:26 PM	#1
smithj Junior Member Join Date: Mar 2009 Posts: 5 Thanks: 0 Thanked 0 Times in 0 Posts Reputation: (10)	Payday Cash Advances---Need Help Hello friends, I want to get Payday loan . I read about A.P.R. So my question is that What is the A.P.R.? Any suggestion and idea would be greatly appreciated.

03-24-2009, 09:01 AM	#2
USCGamecocks Senior Member Join Date: Feb 2008 Location: Columbia, SC Posts: 139 Thanks: 0 Thanked 1 Time in 1 Post Reputation: (20)	http://www.paydayone.com/loan-cost-a...stateName=none It's financial suicide. Don't do it. Sometimes rates can be as high as 200%. Find money from a friend, or family member. __________________ Timemakeover.com - Time Management Articles & Resources

03-24-2009, 12:16 PM	#3
amyschiff Senior Member Join Date: Feb 2008 Location: Lansing, MI Posts: 472 Thanks: 0 Thanked 2 Times in 2 Posts Reputation: (77)	No Good A good indication that payday loans are bad news is that many states are currently working to enact legislation to regulate the payday loan business because they can be harmful to customers. Payday loans make it very easy to get trapped in a cycle of debt because when you get your paycheck, most of it will go towards paying off the loan, leaving you with insufficient funds for the next month and forcing you to get another loan.

03-24-2009, 01:12 PM	#4
khorrell Senior Member Join Date: Jan 2008 Location: near Washington DC Posts: 610 Thanks: 0 Thanked 1 Time in 1 Post Reputation: (84)	If you want to share more information, I am almost positive that the smart people here at WiseBread will help you find a better choice than a payday loan. It seems easy and useful, but really they are just terrible. __________________ The Paycheck Chronicles "helping military families make the most of their paychecks"

03-25-2009, 09:08 PM	#7
USCGamecocks Senior Member Join Date: Feb 2008 Location: Columbia, SC Posts: 139 Thanks: 0 Thanked 1 Time in 1 Post Reputation: (20)	How much money are you looking to get? What situation are you in? __________________ Timemakeover.com - Time Management Articles & Resources

03-24-2009, 06:44 PM	#5
KevinW Member Join Date: Nov 2008 Posts: 77 Thanks: 0 Thanked 1 Time in 1 Post Reputation: (26)	I agree with the others that said to avoid payday loans like the plague. To answer your question, APR is the Annual Percentage Rate, or the amount of interest you will pay in one year, expressed as a percentage of the principal. In tends to refer to the interest rate, plus certain charges and fees, but not counting the effect of compounding interest. Annual Percentage Yield (APY) does take compounding into account. I say "tends" because sometimes people use these terms loosely without regard to their strict legal definitions. http://www.investopedia.com/articles.../04/102904.asp

03-25-2009, 05:18 AM	#6
smithj Junior Member Join Date: Mar 2009 Posts: 5 Thanks: 0 Thanked 0 Times in 0 Posts Reputation: (10)	Hello Friends, Thanks for your valuable replies. I appreciate your help.

03-28-2009, 10:14 AM	#8
starshard0 Senior Member Join Date: Apr 2008 Location: Monterey, CA Posts: 598 Thanks: 0 Thanked 0 Times in 0 Posts Reputation: (11)	P2P lending is probably the best recommendations I can give if you only need a small amount. Anything over say, 20k is probably best done through a bank. Then again, I've never needed a loan. __________________ Why should you read my blog? Because I'm awesome, that's why. من جون جالت؟

04-18-2009, 02:18 PM	#10
Linsey Knerl Wise Bread Blogger Join Date: Jun 2007 Posts: 80 Thanks: 0 Thanked 0 Times in 0 Posts Reputation: (25)	I Agree If you can avoid a payday loan, do so. My experiences landed me in a heap of hurt (you can read about them here http://www.wisebread.com/confessions...ay-loan-junkie) I would ask a friend or family member or do the peer-to-peer lending as suggested. Otherwise, if you have any kind of skill or talent at all, you could advertise your services on Craigslist or Workstir.com. Good luck! Linsey Knerl Senior Writer, Wise Bread

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