Re: PayDay Loans--Hel
10-28-2008 10:47 PM
I live in Arkansas and our AG gave some sharks an ultimatum that were charging tripple digit APR's and made some of them shut down. When I first got started in the payday loan thing I shopped arround and found one called first american cash advance that printed out Wester Union money orders and if you took them out of the store and not cashed them there then you virtualy paid nothing for the loan ( got a $400 loan and had to pay back $400.46) just by cashing my money order at my bank. But if you chashed the money order in the store then you paid a 10% cahsing fee. I figured that was a good deal but low and behold now they figured out that they had a "problem" by not making any profit so now they print out checks with a 5% fee so for $400 i pay back $426 which is still better than some of these places that charge 399% intrest!!! So my advise is one to shop arround and if you have a say first american cash advance in your state and then get a loan from them to pay off some or all of the high intrest rate ones you have. second I would contact your AG's office and see if they have anything in the making like our state like trying to shut down or restrict tripple digit intrest pay day loan companies.
as of 10/01/2008 TU 637, EX???, EQ 655