This is Not a Payday Loan

42 Responses to “This is Not a Payday Loan”

1. 1
   BG Says:
   January 14th, 2011 at 9:40 am

   Wow, 140% to 200% in interest/fees is pretty ridiculous. You should call out the lending company by name, so people know to watch out for them.

2. 2
   Khaleef @ KNS Financial Says:
   January 14th, 2011 at 10:12 am

   I think that’s the problem when something becomes a poster child for something negative. So as long as you aren’t taking out a payday loan, then you are ok. We need to teach people to evaluate every situation on its own – not just make blanket assumptions!

   It reminds me of when trans fats became the scapegoat for obesity. Now every item that you purchase announces that they don’t include trans fats – even if they never did!

3. 3
   Paul Says:
   January 14th, 2011 at 11:12 am

   Is this the junk Montel Williams is hawking?

4. 4
   Ryan@TheFinancialStudent Says:
   January 15th, 2011 at 12:13 am

   I saw the exact same commercial. I had to replay it because I couldn’t believe she actually said “the money is expensive”.

5. 5
   Jo/GaelicWench Says:
   January 15th, 2011 at 10:56 am

   Oh brudder! If it walks like a duck, swims and quacks like one…..it’s a duck.

6. 6
   Steven @ The Debt Solution Says:
   January 15th, 2011 at 11:09 am

   These are very dangerous loans, but they are finally being upfront because of the new FTC guidelines for PayDay Loans, Weight Loss, etc.

   It would be wise to stay away from these types of loans but we all know that the market they are going after is currently suffering and they feel that these companies are doing them a favor by loaning them money when no bank or family will.

7. 7
   Sun Says:
   January 15th, 2011 at 1:27 pm

   It’s not a payday loan but it is predatory lending?

8. 8
   First Gen American Says:
   January 15th, 2011 at 2:51 pm

   Well, I guess they feel okay about denying that it isn’t a payday loan because some of those are like 500% interest.

9. 9
   Evan Says:
   January 15th, 2011 at 5:06 pm

   those commercials are the best! They have a stereotypical looking Native American and even call the company Red Sky or something similar lol

10. 10
    Sandra Says:
    January 16th, 2011 at 10:43 am

    I have been caught up in these types od payday loans and title loans they all work the same and are hard to get rid of in fact I never pay them off just close the bank account from which they draft the funds and get another account. After 8 or more years of doing this I have finally come to realize that I will never have anything as long as I deal with companys like this. Hopefully this tax season I will Payoff the title loan I have at this time and that’s it, no more for me, by reading blogs like this and others I have found out how to save money for emergencies or things I really want or need verses getting these high priced loans.

11. 11
    LifeAndMyFinances Says:
    January 17th, 2011 at 7:10 am

    Wow! That’s an insane amount of money to be paying back, nearly 4 times what you’ve received! The sad thing is, there’s probably a ton of people that jumped at the “opportunity”.

    There are really going to be some poor folks in 10 years. I’ll have $100,000 by then, and I’m going to feel like Mr. Monopoly!

12. 12
    Steve Says:
    January 17th, 2011 at 10:32 am

    Of course these interest rates are outrageous; of course one would have to be dumb or desperate to take one of these loans…
    BUT…I wonder what the default rate is on these loans. It seems to me that they are very high risk loans. Should any company participate in these high risk loans without charging a high interest rate? If they did, would they be able to remain in business long?

    To my thinking “life is tough and life is tougher when you are stupid”. There will always be people who will partake in these loan scams. As long as the interest rate and payback is disclosed prominently and in plain language, these services should be allowed to exist. Not that I am in any way condoning them.

13. 13
    Andrew Says:
    January 18th, 2011 at 11:39 am

    Here in the UK we get TV adverts for loans with an APR of 2970%
    No I didn’t get that wrong. They have it in the very fine print at the bottom.

14. 14
    JD Says:
    August 18th, 2011 at 3:02 pm

    I love that commercial! The spokeswoman, Kylie, is absolutely STUNNING! ;-()

15. 15
    For Real Says:
    December 30th, 2011 at 10:27 pm

    What other options do the working class have? If you are living pay check to pay check & unable to save. If you have another option, please share with the working class.

16. 16
    Sun Says:
    December 31st, 2011 at 1:12 am

    Each situation is different, but the two obvious options would be to spend less or earn more. Do both if you can make the sacrifice. I realize some people are not making their needs each month, so that’s an income problem that needs to be addressed.

17. 17
    ida rowe Says:
    April 7th, 2012 at 12:04 pm

    i am looking for a 400.00 loan not a payday loan want to pay back by thwe month

18. 18
    ida rowe Says:
    April 7th, 2012 at 12:06 pm

    where can i find a web site that borrows 400.oo on a monthly payback

19. 19
    ida rowe Says:
    April 7th, 2012 at 12:07 pm

    waitibng for an answer to my que3stion

20. 20
    ida rowe Says:
    April 9th, 2012 at 2:34 pm

    no comment

21. 21
    ida rowe Says:
    April 9th, 2012 at 2:35 pm

    where is my answer to the question

22. 22
    Patti Pyles Says:
    May 8th, 2012 at 9:45 am

    I saw this commercial on television not too long ago and was appalled — not only at the amount of interest and the amount you would have to pay back — but also because it seemed to target the already economically depressed American Indian. The woman was American Indian-looking, the background looked like the plains, and even the name of the company (which I can’t recall) was American Indican-sounding. I haven’t seen it in a while and was wondering if it had been taken off the air? Does anyone know?

23. 23
    Steve Says:
    May 9th, 2012 at 8:02 am

    Yes, Patti, I have seen the commercial as recently as this week. In tiny mice print, it cites an unbelievable interest rate. It appears that they money is loaned through an indian tribe, which may exempt them from some usury laws. BTW, about usury laws, ever notice how so many credit card companies incorporate in Delaware ? It is to escape States’ usury laws, since the US supreme court has ruled that it is the home state of the company that controls interest rates.

24. 24
    frank Says:
    June 6th, 2012 at 5:58 pm

    So where can a person go to get a fair loan rate? I made some mistakes and destroyed my credit but even the banks did that and they got bailed out by us. So now no bank institute will help me out. I just want a chance to prove I am responsable now .wheres my bail out or second chance ? Im forced to consider a payday loan rip off. how dose that help me prove anything .even the dam bank my pay check goes in every week denied me. and they wonder why people are pissed off its degradeing .they point there nose in the air and nicely say move aside asshole. NEXT!

25. 25
    Steve Says:
    June 6th, 2012 at 8:17 pm

    Sorry, Frank,
    You clearly seem to be high risk as you have “destroyed” your credit–this suggests repeated “mistakes” with your finances and credit–and each time you likely promised to be more responsible and then failed. If you want a better record, make one. Consider a secured credit card, use it responsibly and pay as agreed. A “fair” loan rate is one that accurately reflects the risk to the borrower. You seem to be high risk at this time.

26. 26
    twins Says:
    July 29th, 2012 at 9:36 pm

    Wow…How amazing…I bet people who are unfamiliar with this country, but do browse online, believe that there are no poor/below the poverty line people in this country. In every forum/editorial, discussion, etc that I have read; poor people are never mentioned/spoken of with compassion or just simple understanding, as the ‘working class’ (who are now having to use many of the same programs/assistance poor people have had to utilize for so long).

    I’m curious to know if some, if any, realize just how hard it is to survive; live; do well, when utilizing these assistance programs; or when living on an extremely fixed income? I’m sure there many ‘working class’ people who understand just how very hard it really is, now. Many poor people worked, once upon a time. Just wondering?

27. 27
    Steve Says:
    July 30th, 2012 at 9:13 am

    Comment to Twins:
    Most of the “poor” in this country cannot compare with the poor in other countries. So many of the “poor” in this country receive food stamps, have cell phones (many for free), have big screen televisions and other accoutrements, yet are considered poor in this country. While there are situations of heartbreaking bad luck that deserve a hand up, there are also many more instances of poverty that can be attributed to bad decisions made in life. This includes many former middle class people who lived large while times were good and incorrectly thinking that the good times would last forever, lost everything when the tide turned on them. Life isn’t fair–it is up to you to prepare for the possibilities of difficult times. If you do not, you do not have the right to take from someone else who worked hard and made the right decisions. The postings here often cite people who ruined their credit by repeatedly making bad decisions, and yet they lament that no one will loan them money except at high rates. Rates reflect risk, and risk reflects what one has done in the past.

28. 28
    twins Says:
    August 1st, 2012 at 1:01 pm

    Unfortunately Steve, there are many who are poverty stricken all over this planet, including the US, due to no FAULT of their own. But, I won’t try to speak to what is not familiar to me. I can only speak to what I’ve either witnessed/experienced myself. It is so easy (for some) to generalize and lump people together, regardless of their true circumstances.

    In fact it was not my intention to comment on anything about not being able to get a loan…For example, there are people in this world that are forced to retire due to disability. When a person has worked let’s say 23 years and suddenly can no longer work, and must adjust to:

    A) Not working at all (believe me that is quite an adjustment, especially when you love your work); B) Then to have to try to survive with a considerable change in income, that is a devstating prospect.

    Now, I do agree that there are those who may make bad decisions, but there are also those who are honest, hard working folk, (whose job was basically their ’second home’), who are living a much different life, due to something not in their control (like health, for instance).

    The one thing that I have learned in my 55 yrs of life is that people, even those who are not Americans, will try to survive any way possible. There are people in this country who are surving/living in much the same way (literally) as those you spoke of in other countries…You just don’t seem to be aware of it.

29. 29
    Steve Says:
    August 2nd, 2012 at 9:17 am

    I worked in Social services for many years and can say this: There ARE heartbreaking cases where a person does everything right and still faces catastrophe. BUT, there are many MORE cases where the situation is caused by poor decision making. I am sorry for your disability. I have seen many, many cases where all was going well and disaster struck from an accident or an illness–life is not fair. In my case, I purchased disability insurance–it was not really expensive and a prudent thing to have since things do happen. Is it a bad decision to NOT purchase disability insurance ? You will have to answer that, but many of the people in trouble would have had an easier time if they had.
    Most, after becoming ill or disabled were looking at homelessness after as little as 2 weeks. Should they have spent less and saved more when they were working ? For many the answer was yes. Should they have stayed in school to have gotten a better job ? Should they have not gotten pregnant and now have a baby to raise when they could barely support themselves before (this is a large predictor of female poverty)?

30. 30
    Rainwalker Says:
    September 24th, 2012 at 11:11 am

    How DARE that cheeky Native American woman come on TV and try to rob you right of your personal property..And how DARE she trick you into signing that legally-binding agreement that you didn’t understand until it was too late…Oh, the HORROR!……..lol..

    Look, folks…If you’re dumb enough to consider a payday or high-interest loan in the first place, I just don’t know what else I can say. Except (perhaps), that there are plenty of legitimate lenders out there who are more than willing to work with you, even if you happen to have less than perfect credit. Providing that you’re willing to do a little research.

31. 31
    BeenThereDoneThat Says:
    October 2nd, 2012 at 8:16 pm

    Hmm please do share these legitimate lenders out there who are “more than willing” to work with people with bad credit. Because quite frankly…I have yet to find one…perhaps I’m just awful at doing research.

32. 32
    Sun Says:
    November 29th, 2012 at 3:19 pm

    Don’t confuse “need” with a want… You don’t need to do a lot of things like buy presents…

33. 33
    len Says:
    December 12th, 2012 at 12:30 pm

    Here’s a big part of the problem….us!

    Speaking of education, I am hosting a 17 year old high school student from China. The study habits and organization of her here is beyond exceptional. The Chinese teach their children how to study and continue to reinforce that lesson, we don’t. Even having to cope with English as a second language she is getting straight A’s. When she does math (calc) she does it long hand only using a calculator to do the grafting as calculators are not allowed to be used in China school so the students understand the theory on how to solve the problem vs just getting the solution. THe start school at 8 am and are not finished until 5 pm. When you look at our education system and the lack of parental responsibility, we are such a joke! In the end, the joke is already on us!

34. 34
    Wil Says:
    December 19th, 2012 at 3:17 pm

    Len,

    Once they know all that math, what are they going to do with it?

    Seriously. All I hear is that we lag the world in math and science. But all these countries that have the best math and science students make cheap and hazardous crap for export.

35. 35
    len Says:
    December 23rd, 2012 at 10:47 pm

    What will they do with it? Last year China filed for more patents then the U.S. If the U.S. doesn’t get it’s debt problem resolved we will soon be a third world country and we’ll be fortunate to make the “cheap and hazardous crap for export”.

36. 36
    Samantha Says:
    March 18th, 2013 at 8:05 pm

    Need to borrow a small amount so I can go home and come back to where I live now. I guess it will be 1500.00 What do I need to do??

37. 37
    shades Says:
    March 27th, 2013 at 12:39 pm

    WOW! I can’t believe some of the bs thats been said. Steve, I’m high risk cause of a student loan, I’m high risk cause I’m an under 40 divorced white female. And don’t blame the bloody native americans. I’ve been trying trying to get a loan for a minute now. I had some deviant steal about
    17000 from my account. You know that little thing called Indentity theft. Who by the way was an illegal. I worked and became disabled after a car accident. I worked hard to save what little bit I could. I’ve paid my bills all my life and cause of a student loan I can’t get another. Payday loans are a joke! And do you know who calls me about that? People who are from the middle east. Who claim their names are John and Henry. I have about 1500 in bills that I can’t pay cause of the illegal who sent my money home. I can’t get any kind of loan because I’m on disability. I’ve done my research. Everyday I try to find some place that will lend me money. Why don’t you make a post of lenders that will help people like us. There’s something maybe you should consider.

38. 38
    performing arts schools phoenix arizona Says:
    April 11th, 2013 at 12:07 pm

    The children too had thoughts you cognize and dangerous ones that different Parts of the consistency come across
    with different tones notes from singing lessons bowls.
    Although it doesn’t take a unrecorded financial support group, therefore economy on recollective rehearsals, are needful. American concert tickets on and thoughts freely and stimulate it fun.

39. 39
    secured loans Says:
    May 15th, 2013 at 9:35 pm

    It’s not my aim to be a nuisance, I think you can do better stuff than this. More detail would be a start.

40. 40
    Steve Says:
    May 17th, 2013 at 9:03 am

    Well, Shades, I am sorry for your predicament. As to your student loan situation, perhaps you should not have taken out so much student loans. Speaking for myself, I worked my way through law school and a masters degree, so that I would not have any student loans to repay. If you cannot repay your student loans, why would any lender assume that you can repay their loan?
    The might be some place that would loan you money, Shades, but you are high risk in repayment, and the interest would be high.

41. 41
    payday loans Says:
    May 27th, 2013 at 1:48 am

    I read this paragraph completely on the topic of the difference of hottest and previous technologies,
    it’s amazing article.

42. 42
    http://www.paydayloansonlinegod.com Says:
    June 10th, 2013 at 10:07 am

    Hurrah! After all I got a website from where I know how to genuinely
    take helpful data regarding my study and knowledge.