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Old 08-14-2013, 10:26 AM
 
1 posts, read 1,391 times
Reputation: 10

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But what exactly are they gonna do if you don't pay them back? I read their terms and conditions and i dont see how tribal laws can override federal laws even if the contract says so.
do any of you have more information on this ?
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Old 08-14-2013, 10:29 AM
 
6,293 posts, read 10,555,677 times
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They will do the same sort of things all other creditors do. The same things that cause a person to have bad credit in the first place. My advise go without before ever getting a payday loan.
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Old 08-15-2013, 11:27 AM
 
Location: Vallejo
21,698 posts, read 24,894,730 times
Reputation: 18949
Quote:
Originally Posted by Spazkat9696 View Post
They will do the same sort of things all other creditors do. The same things that cause a person to have bad credit in the first place. My advise go without before ever getting a payday loan.
They're basically for the population that ruined its credit to the point they can't get a credit card. It might be worth it if you need to fix something on your car today so you can get to work or something like that. Basically, it gets a heck of a lot more expensive as you become less fiscally responsible. Best is an emergency savings, second best is using credit cards as your emergency savings. Payday loans exist for the 20% of the population with the worst credit who basically frequently don't repay their debts. It fulfills that niche, but the cost is astronomical. It has to be since so many default.
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Old 08-16-2013, 10:40 AM
 
24 posts, read 54,399 times
Reputation: 20
Payday loans are a terrible cycle to get into. We used to have a neighbor who would take one out, pay it off on payday and take another out on the same day for just a little bit more. I think they ended up skipping town without paying for it at all in the end. Very sad.
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Old 08-18-2013, 03:16 PM
 
1,263 posts, read 3,272,968 times
Reputation: 1904
I'll bet their lawyers know more about it that you do. Don't borrow money from them unless you're planning to pay it back as agreed.
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Old 08-18-2013, 04:09 PM
 
Location: N/A
846 posts, read 1,876,806 times
Reputation: 937
Quote:
Originally Posted by ctdooley99 View Post
But what exactly are they gonna do if you don't pay them back? I read their terms and conditions and i dont see how tribal laws can override federal laws even if the contract says so.
do any of you have more information on this ?
they will scalp you, tan your hide, and use it for their teepee.

Don't mess with the reservation. <----period. EOM. Seriously.

Hopefully your financial situation is not so F'd up that this is the only option. If it is.....well damn.
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Old 08-21-2013, 12:49 AM
 
50 posts, read 187,257 times
Reputation: 40
I've seen the commercials... Right on the screen they disclose that the APR on their loans is something astronomical like 88%. Needless to say, probably a bad idea. Payday loans in general are no bueno. Hard to conceptualize that you're broke when you still technically have money in your hand. Easy way to support living beyond your means, if that's your thing.
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Old 08-21-2013, 09:26 PM
 
Location: Michigan
5,509 posts, read 6,111,201 times
Reputation: 8045
Their rates look userous to me. I believe they may not be subject to all of the usery laws applicable to companies not on native American land, but I'm not an expert. I would stay clear.
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Old 08-21-2013, 11:08 PM
 
Location: Carmichael, CA
2,409 posts, read 4,431,027 times
Reputation: 4379
I've seen "pink slip" loan contracts that went as high as 114%, and some of the contracts require the title and a spare key.

I guess when people get desperate they'll do what they think they need to do, whether it makes sense or not.
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