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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 ?
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 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.
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.
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.
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.
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.
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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