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Old 09-28-2013, 07:08 PM
 
1 posts, read 1,334 times
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Just eliciting some advice on some reputable payday loan companies in the Houston area? I saw a flyer for a company called Payday Today Loans but they're not opening until later in 2013. Google produces a big list in Houston but anyone have advice on which companies are legit to deal with?

Need help for a friend who I think could actually benefit from the service but I don't know where to start.

Thanks in advance!

MW
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Old 09-28-2013, 07:15 PM
 
3,279 posts, read 6,579,268 times
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Quote:
Originally Posted by mitchwilliams View Post
Need help for a friend who I think could actually benefit from the service but I don't know where to start.
How could anyone benefit from paying 400%+ interest?

Personally, I think these "payday loan" places should be outlawed.
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Old 09-28-2013, 07:17 PM
 
Location: San Antonio/Houston
37,715 posts, read 55,375,930 times
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There is no benefit from Payday Loans. The only person who benefits from it is the Payday Loans owner.
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Old 09-28-2013, 07:17 PM
 
Location: Southern New Hampshire
7,184 posts, read 12,577,443 times
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I don't think there is such a thing as a "reputable" payday lender. No one "benefits" from their services except the predatory lenders themselves.
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Old 09-28-2013, 07:21 PM
 
Location: The Greater Houston Metro Area
8,985 posts, read 14,626,449 times
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Search for an alternative. These things grow until the borrower is sucked under and cannot get out. If I remember correctly, the mayor was trying to put some sort of regulation in place, but could not overcome the money behind them. Stay away.

Last edited by cheryjohns; 09-28-2013 at 07:54 PM..
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Old 09-28-2013, 07:23 PM
 
Location: Westbury
3,283 posts, read 5,086,120 times
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There is literally no situation where using a pay day loan is a good idea. Hospitals will negiotate a payment plan, you can finance just about any purchase for less than a pay day loan, and everything else isnt important enough to drag yourself to a loan shark. There is a reason they only exist in high traffic and sketchy areas
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Old 09-29-2013, 02:44 PM
 
1,440 posts, read 2,325,057 times
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Quote:
Originally Posted by testmo View Post
There is literally no situation where using a pay day loan is a good idea. Hospitals will negiotate a payment plan, you can finance just about any purchase for less than a pay day loan, and everything else isnt important enough to drag yourself to a loan shark. There is a reason they only exist in high traffic and sketchy areas
That and the Pawn Shops, Cash for Gold/Silver, and Car Title Loans
All predatory preying on those who can least afford it. That, and they really make a large areas that of the city look a lot more seedy than it could otherwise be.
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Old 09-29-2013, 04:53 PM
 
Location: The Greater Houston Metro Area
8,985 posts, read 14,626,449 times
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These guys charge more than what organized crime charged. I have no idea why it's legal.
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Old 09-29-2013, 05:46 PM
 
Location: Hell's Kitchen, NYC
2,271 posts, read 4,520,442 times
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Texas recently followed other states and put regulation on them. Honestly, you would be better off asking a loanshark; theres no such thing as a "reputable payday loan." In an article I read for a marketing course, a woman in San Antonio ended up paying $7000 on what was originally a $525 loan.

Lawmakers figuring costs of payday loans - San Antonio Express-News
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Old 09-30-2013, 09:03 PM
 
Location: Westbury
3,283 posts, read 5,086,120 times
Reputation: 2930
New york state and arkansas are two i know that ban them. In texas the bill was there to heavily regulate, but who would have guessed. It came out watered down. You can still end up in jail for not paying up to a lender in this state
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