What is a payday loan?do you have to pay it back on your next payday?

Depending on the loan source....

Most of the loan sharks, I mean payday loan lenders, offer 600% to 1000% interest and allow you to make as little payment as just enough to cover the interest.

You never ever want to step foot into any of these establishments.

What is a payday loan?do you have to pay it back on your next payday?

A legal lonesharking scam where they charge 800-1000 percent intrest on a loan. They are located on the poor ends of town. Stay away from them!!!

What is a payday loan?do you have to pay it back on your next payday?

Don't do it! It's a vicious cycle!

What is a payday loan?do you have to pay it back on your next payday?

I made the mistake of getting a payday loan, they call your work,and home to remind you, then their interest are high,if you don't pay them, your phone will ring off the hook, they say that they Can take you to Court, but they can't.

What is a payday loan?do you have to pay it back on your next payday?

It's an EXTREMELY high interest loan that is due in 10-30 days (some say one payday, others give you a month).

Say you want $400-- well you pay back $460 within 2 weeks. If you multiply out that much interest it works out to an APR of OVER 500%!!! Yes, that's 500%.

The trouble is, that if you get $400 out this pay day, will you really have enough money to pay it all back? Or will you take out a second loan again?

It's easy to end up paying $120 a month in a cycle that never ends becuase you cant pay off the loan!!

Some people think, %26quot;Well I will get $400 this time and $300 next time so I'm paying back $100 each time.%26quot;

Well, you might drop your loan amount $100, but you pay $160 and use a $300 loan to pay the rest... then $145 and use a $200 loan......... the loan fees are so outrageous that its realy hard to get away from.

What is a payday loan?do you have to pay it back on your next payday?

Yes, you have to pay it back on your next payday. You write a post dated check and they give you cash, but at a 15% interest rate for each pay cycle. I would advise against this as they are predatory lenders.

These companies hope to get you in a routine so you have to come back every pay period. Just ask yourself if you want to give these people 15% of your paycheck every time you get paid.

I am just looking out so the consumer doesn't get ripped off by these loan sharks.

What is a payday loan?do you have to pay it back on your next payday?

Payday loans are trouble... I was in college and one of my friends had to go and pay off her's. She ended up borrowing more than she could afford and got to the point were she would go to places all around the city just to keep up with those payments.... It was so nerve wrecking and stressful for her....She ended up borrowing money from all of her close friends ....Well anyway, you do have to pay them back and they do charge crazy fees and intrest and then if you don't pay them back they deposit the postdated check....

I think they also charge you extra for doing that....either way it isn't good... I wouldn't advise you to get one.....be alert and understand that these could really ruin you and your credit......

What is a payday loan?do you have to pay it back on your next payday?

Payday loans are short term loans where you can get an advance on your paycheck. You give the payday loan company a post-dated check which they present when you get paid.

If you don't have the money in your account, or you have to borrow again to make up the shortfall, then you're in trouble.

It's a source of quick cash in an emergency and when you have absolutely no other way of raising the money. But be very careful as it can become a trap.

Have a look at this website which has some sensible advice on this topic. Good luck!