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Working Poor

Squinch

(55,387 posts)

11. Unless he can foresee a circumstance coming up when he can repay the loan plus

Reply to shadowrider (Reply #10)

Tue Aug 16, 2016, 03:32 PM

Aug 2016

the accrued interest, it's a dangerous thing.

It should only be used as a bridge between a need and known money coming in. Otherwise, it gets really dicey.

Does he have any other alternatives?

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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