Ameriloan payday loans

As legit as a 1700% APR can be. If you need money, better to go begging than to borrow from these folks.

Sachin

 

If you feel the need to use make use of a service like this, you're problems are deeper. Credit cards should be for emergencies, not this kind of thing.

 

Musicmaker, both Sachin and PRK have made excellent points in this.

I have not had any direct dealing with Ameriloan they could be the greatest company on the planet, but as a general rule of thumb this is a good way to get deep into debt and have it almost insurmountable.

Honestly, my friend, set a budget up. Take your paycheck and then subtract the things you ABSOLUTELY need. Rent, food, gas etc. With the rest put it in a bank account or pay down debt. Pay down any debt first.

It can be hard at the start but you will see results. A payday loan is not something you should be considering unless its an absolute emergency.

 

I did a payday loan once, but it was a one-time situation where the loan store had some sort of "no interest on your first loan if repaid in 14 days" promotion going.

I repaid on the 14th day and never stepped foot in there again. Like Sachin said, 1700% APR is murder.

 

Wouldn't it be easier to consider a loan where you get kneecapped if you don't make the vig?

 

A local news outlet recently ran a piece on car title loans.

1. Give creditor your title to your car and set of keys.
2. You get cash in return.
3. Monthly payments have APR approaching 400-500%
4. Get behind payments, you lose your car.

Most common victims are the elderly and lower income citizens. I'd rather take out a cash advance on my credit card than risk that.

 

I have to admit I worked in this type of business for a very short period of time. It is a vicious business. I don't think I could use this type of service, no matter how desperate I needed the money. Nor do I advise anyone to use this type of service but if this is your very last resort, be very careful at what you are agree to.

Our policy is that we would let anyone borrow money (up to $1000) for 14 days as long as they had a valid checking account. Also part of the agreement is that they would leave two blank checks as collateral. If on the 15th day they were not able to pay off the loan, they could renew the contract for another 14 days by just paying the interest. It usually came out to $30 dollars charge for every $100 borrowed.

We had customers that originally borrowed $500 paying as much as $1200 on their account. We also had those that never had the amount borrowed so they would just pay the extension, going on for months.

If and when you would default on your loan, is where all the fun would start. After a period of time where we would talk to you and try to work out deals failed, we would put your account into collections. There, we would check your account daily. When you had enough to cover the loan, principal, and any other fees, we would run EFT's on your account. We would do that twice (hence the reason for leaving two checks).

If after the 2nd EFT, you still had a balance and/or closed your bank account; we would sell the account to a third party collection service for 0.60 on the dollar. Which usually meant, we recovered our initial amount loaned plus a small profit.

All of this was legal and stated in the contract that the customer signed. I was hired to startup and manage their Tax Preparation service (at all of their locations) but once I realized their way of doing business, I was out the door.

 

Since the economic depression has forced several to get help for financial emergencies that their salaries cannot quickly handle. Many larger banks are now offering an edition of payday loans, generally marketed under a different name. The loans offered from main banks charge high-interest, but typically the rates are drastically smaller than those attached to traditional payday loans. Try to look at this one: Major banks begin offering payday type loans. Even we don't want to engage in this kind of service, there are times that we need to. Especially for emergency purposes.

 

Hugasan great post.

I actually have come up with a situation where I would use this service.

Moving to another country for good, then empty out bank account, transfer everything to new country.

Go to payday loan place and show them the two blank checks. Take the money, go to airport, fly to new country never return to USA.

Short of that......avoid this at all costs.

 

I haven't got any experience with the firm Ameriloan, but i have used pay day loans a couple of times and although they're risky they can be worth it. I went with a company i knew called Cashplus, (i already had a prepaid card with them so knew they were reliable) their pay day loan was called an iAdvance http://www.mycashplus.co.uk/cashplus-extras/iadvance.aspx i was quickly approved and had the money within the hour. The important thing is to ensure you can pay it back on time and every penny, then you'll be fine.

 

These companies have started advertising on TV here in Britain too, and with even higher APR (usually about 2500%). I'd avoid them like an infected syringe myself, as I think the interest rates would be hideous, and the fact that it is so quick and easy to get one is suspicious. Makes me think of vultures circling above the carcass of the sub-prime market.

If you need $100 the week before you get paid, you're better off asking friends or family first. Then you can pay back that next week interest free, and you can thank them personally.