Working Poor

FrodosPet

(5,169 posts)

4. A good friend of mine got stuck in the payday loan trap over three years ago

Tue Aug 16, 2016, 02:55 PM

Aug 2016

He took out a loan to help out a good friend of his, who took forever to PARTIALLY pay him back. He finally cleared that, only to have his girlfriend push him to take out another one. He cannot afford to pay it off, and despite her getting a large Social Security Disability payout, she has not paid him back. So every month, he clears it, then takes the cash right back out again.

He has probably payed 3+ the original loan amount in the monthly interest.

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21 replies

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Does anyone have experience with payday loans? [View all] shadowrider Aug 2016 OP

How much does he need? JustAnotherGen Aug 2016 #1

He needs shadowrider Aug 2016 #3

Been there. Won't do it again. Not worth it. Lilyhoney Aug 2016 #2

Thanks n/t shadowrider Aug 2016 #5

A good friend of mine got stuck in the payday loan trap over three years ago FrodosPet Aug 2016 #4

Wow. Thanks n/t shadowrider Aug 2016 #7

Done it once anoNY42 Aug 2016 #6

I didn't ask him how much he'd pay back a week shadowrider Aug 2016 #8

When will he be able to pay back the $400? Is there a source of money coming in Squinch Aug 2016 #9

I don't know. shadowrider Aug 2016 #10

Unless he can foresee a circumstance coming up when he can repay the loan plus Squinch Aug 2016 #11

What about you doing a gofundme here for him? $400 is a lot less than others have raised. Squinch Aug 2016 #12

I asked him about that shadowrider Aug 2016 #13

Keep us posted, shadowrider. This is a difficult spot to be in. Squinch Aug 2016 #14

I've been there shadowrider Aug 2016 #15

An update shadowrider Aug 2016 #19

I am so glad. Thank you for updating us. I'm very happy for your brother. Squinch Aug 2016 #21

Tell him to be careful discntnt_irny_srcsm Aug 2016 #16

Higher than that shadowrider Aug 2016 #17

At 400% (without payments) the balance doubles every 66 days discntnt_irny_srcsm Aug 2016 #18

The difference being shadowrider Aug 2016 #20