How Do I Get Out Of These Payday Loan Scamsthey Are Taking All My Money And Leaving Me With Nothing, Leaving Me To Live In The Red?
[ Sorry if this is a duplicate. I was trying to be helpful, and typed this big long answer, and then lost it during the sign-up process. ] I just got done discussing this with a friend of mine, who had me look over her contracts, since I read a lot of contracts for work. I would like to make a couple of points and offer some advice, but I am NOT a lawyer. KEY POINTS: – I am not a lawyer, so everything expressed here is my OPINION, not professional guidance. My opinions are based on my experience, as well as my review of three of my friend’s contracts. – There is a maximum APR allowed by law. In the state of TX, it’s 10%. – These places get away with charging 400% to 600% APR by claiming a small portion as interest, and charging the rest as a “one time” loan origination (service) fee. The trick is that they do this at each pay period, so you are paying a new origination fee every time you go in to make a payment. – The origination fee is on the order of $20 to $30 per $100 borrowed. Thi