These places will break you

[Hellion]

They say alot of people are addicted to these businesses,read a report on them and the interest can be in the 100s of percent!I only used them occasionally,but some people are now in big trouble.

http://www.instantpaydaycashadvance.net/ne...ssary_evil.html

[sass_in_the_pants]

I actually did some work on getting a community owned credit union open on the east side of Detroit so that hopefully people wouldn't have to turn to these places.

They're sharks, that's for sure.

[pomba gira]

I get in huge arguments with my mom and Tokagemaru about this. Yeah, it's usury... but whatever they charge is less than paying 3 or 4 overdraft fees, or the deposits & reconnect fees if your utilities get shut off. And no one else is lining up to loan me $$. Of course the obvious argument is "manage your money better and you won't be in those situations to begin with"... which is entirely true, but... it just ain't always that simple. I am hopefully at a point where I won't need to utilize their services anymore... last time wasn't even a result of dicking around & not paying bills, it was a truly fucked concatenation of circumstances around me taking classes at MSU this summer.

Michigan actually has fairly decent regulation of those places in recent years, like pretty low limits on how much they can loan you at once. At least they don't allow truly scummy operations like CashCall in this state. They are incredibly bad news, half the high-risk borrowers on Prosper are trying to get out from under CashCall's never-ending debt.