I was having some unexpected financial responsibilities so I made the mistake of getting an online loan. These loans are not 'traditional' loans meaning their interest rates and fees are sky high and it is legal.
I borrowed 850.00. They withdrew 216.58 out of my account every two weeks which is a big chunk of my paycheck. After four payments and the loan was paid off and then some, they deducted an additional 1066.58 in 'fees.' My account went negative.
Please do yourself a favor and never get a loan from any payday advance or title loan company. They will bankrupt you and they prey off financially handicapped people which makes the business downright evil. I did research and the only loan one should get would be one which is identified as a 'traditional' loan which has a percentage rate and when you make payments, you will see your balance get lower. Please, please, whatever you do, do not take out one of these loans. I learned the hard way and still don't know how I am going to get out of this mess. The kids and I already moved into a motel b/c I couldn't keep up with the draining of my funds and my bills.
If you think it cant wait and you need money now, it HAS to wait or you will never be on your feet again. Sincerely, caring for you... Please take my advice.
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