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Old 04-30-2009, 01:00 AM
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Default Pay day loans

When I think I have heard it all, I am reminded that there is yet another story that is going to be even crazier.

I have a friend who decided to start his own lawn care business. He wanted to get a newer/used truck before he started but he is broke. So his story goes that he got online and was somehow able to raise $2400 from multiple pay day loan facilities online.

So he takes this money and uses it for a down payment on the vehicle. He closes the bank account that he wrote the checks to the payday loan facilities. He now thinks all he will have to do is when they all start to come after him, he can simply file for bankruptcy.

What's wrong with this picture?
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Old 04-30-2009, 03:01 AM
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Originally Posted by Steve View Post
When I think I have heard it all, I am reminded that there is yet another story that is going to be even crazier.

I have a friend who decided to start his own lawn care business. He wanted to get a newer/used truck before he started but he is broke. So his story goes that he got online and was somehow able to raise $2400 from multiple pay day loan facilities online.

So he takes this money and uses it for a down payment on the vehicle. He closes the bank account that he wrote the checks to the payday loan facilities. He now thinks all he will have to do is when they all start to come after him, he can simply file for bankruptcy.

What's wrong with this picture?
Do you mean being an idiot and commiting fraud? An idiot first for going to payday loand (400% interest isn't very smart), and an idiot for committing fraud and thinking he can get away with it. Bankruptcy can't obsolve you from the costs of criminal activities.

Steve
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Old 04-30-2009, 05:10 AM
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Pretty much loan sharks, the city here had to all but shut them down due to extreme interest rates and fees, no idea why anyone would go to one of these places.
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Old 04-30-2009, 08:47 AM
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That is exactly why the bankruptcy laws in this country have got to change.
It is too easy for irresponsible people to walk away and guess what us responsible people get screwed in the long run
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Old 04-30-2009, 01:26 PM
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They are worse than credit cards

Their interest is up in the 30%.. which is illegal to charge more than 30%
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