Should there be a federal law capping the amount of interest those "payday advance" places can charge?
598744
Perhaps the families in question should read the fine print before they borrow money from a "Payday Loan" type of lender. Better yet, being more responsible with your financial matters usually helps out alot. These businesses while charging way too much for their services and preying on those who are in need of quick cash, have the right to operate this way. The charges for their services are not "secret" and if cost is a concern then I would recommend asking the right questions, i.e. How much??? \n\nI am in the Army and know that it is not necessary to starve unless you  can't keep your unnecessary spending in check. As for deployments? I am inclined to ask how all the increased family separation pay, the hazardous duty pay, increased BAS and BAH and the other support benefits are not enough? \n\nShould the government help protect these poor poor souls? Yes, by strengthening our education system and releasing graduates into the world that have enough sense to find their way home at the end of the day. \n\nDo you really think that we need to be protected from our own choices? Go to payday loans....Choice. Spend responsibly and cut back when necessary....Choice. Frankly I think it is sad that you would ask for the governments help in the form of limiting freedoms and in the same breath bring up our military who if you are unaware, are charged with protecting freedom. \n\nI agree that these businesses are wrong to prey upon those in need. In fact I think their practices are unscrupulous and un-American, but their right to charge what ever they wish for THEIR product or service is theirs to cherish, appreciate or take advantage of. It's too bad that they choose to take advantage rather than to contribute, but that's life. Get your affairs in order the old fashioned way. Don't live outside your means and quit expecting someone else to pick you up when you throw yourself to the ground. I for one can more than relate to having debt issues and tight times, but I also know who is to blame and exactly who will have to pull me out when I find my self in such a place.....ME.
788650
You will probably have to pay a penalty for overdrawing your account and interest on the $10 that you "borrowed".  The bank is always looking for ways to take your money for any reason.
678531
I would do whatever necessary including selling assets or getting a second job to payoff payday advances. I would also get budgeting advice on how to make your money last until payday and have savings for emergencies. \n\nPayday lending is the subject of controversy. Critics claim that payday lenders target the young and the poor, in military bases and in low-income communities, who may not understand the time value of money. Some even compare payday lenders to loan sharks due to high interest rates — typically 250% or more over a year. There have been cases in which payday lenders have pursued criminal bad check charges, despite the fact that they knew the check was bad at the time when it was written. Likewise, it is argued that the interest rates on payday lending unfairly disadvantage the poor, compared to the middle class who pay 25% at most a year on their credit cards.\n\nDefenders of the higher interest rates state that payday loan processing costs don't differ much from their higher-principal, longer-term counterparts such as home mortgages. They argue that conventional interest rates at these lower dollar amounts and shorter terms would not be profitable. For example, a $100 one-week loan, at a 20% APR (compounded weekly) would generate only 38 cents of interest, which would fail to match costs. North Carolina has banned the practice.\n\nYou will never get ahead financially if you borrow money at such high rates of interest. You need to look for a non-profit financial counselling service in your local area to help you.
592830
Don't do payday advance.  It's the quickest, but definately not the best.  Try a small finance company, something like National Finance here in NC.  I have about 4 repo's and a judgement and they finanaced me.  Good Luck!
1124998
It all depends on the interest rate.  The higher the rate, the more the payment will be.
1034233
they charge high interest charges
481656
A few are listed below -- you should be able to easily find more, since charging interest at a rate of over 300% per annum, they can afford to make an occasional mistake in giving a loan.
1021199
Getting a big loan to pay off the smaller ones is not going to help your situation.  You have discovered the dangers of these places and are smart to try to get away from them.  If you can get a loan from a bank or credit union to pay off the payday place that would be the best bet.  Even if they charge you credit card interest rates you would still be better off than you are now.\n\nI think you should pay off your existing loans one, or more, at a time if at all possible.\n\nI know this doesn't help you, but I wish those businesses would be outlawed!
203647
A quick Yahoo search came up with this.\n\nUnder pressure from the Office of the Comptroller of the Currency (which regulates national banks), the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision, some national banks will soon be increasing minimum monthly credit card payments so they are closer to 4% rather than the current average of around 2%. Some major banks have already increased the minimum payments and others are about to follow suit.\n\nTherefore, if you have a $5000 balance, you used to have a minimum payment of $100.  Now it's increased to $200.
523049
30% against a minimum daily fee. whichever is higher.
266902
YOu can fill out a form at the bank to put a stop payment for dailydeals. If you did not authorize them to go into your account, fill out another form and teh bank will do an investigation. if it turns out in your favir the bank will reverse the charges that they charged for insuffiient funds.
629192
Payday loans often have a 645% annual interest rate. stay away from them at all costs.
572593
The best thing to do would be to ask them.\nIf they know there are people out there waiting to pay them money, it may influence their planning...
184394
How to pay as little as possible within the law.
404978
Why would you want to? Not being judgemental, but I certainly hope that the expense you are wanting to cover is worth the astroniomical fees/interest they charge on these loans. I think these places should be shut down. They prey on the poorest people in America and drive them deeper into debt/poverty. If you can possibly put off paying the debt, do. Even if you get charged a late fee for the late payment, it's probably lower than what you'll pay to 1-3 cash advance places. If you are needing cash for something like a car repair, you'd be better off to swallow your pride and bum a ride for a while, take a bus, ride a bike, or walk. There's nothing wrong with admitting you don't have the money to pay an expense right away. When our country learns that, we'll all be better off.
1112783
Yes because you can write off the interest payment.
453711
if you owe them money  they will keep calling.  If not saying take me off should work and if they call back ask to speak to a manager and tell them you are filling charges they stop after that.  I have done it before