Posted by tommy, a resident of the Bonde Ranch neighborhood, on Dec 29, 2012 at 5:13 am
Payday loan companies do not treat anyone with respect when they can't repay on time, they're only good to them at the point of entry and when they then offer them more and more loans before they've demonstrated their ability to repay loan 1. If people succumb to temptation and over-borrow, that's when the respectfultreatment ends and the harassment begins. At our Credit Union, we have seen many instances of appalling practice by every payday lender on the market so I do not believe there are any ethical payday lenders in existence, based on experience of the dreadful treatment received by the people we've helped. CFA is a representative of and apologist for these sharks and should not be viewed as an independent party. As a Credit Union, we also have an interest but ours is a non-profit motivated desire to help members of the community take control of their finances and steer clear of profiteering usurers such as payday lenders.
Posted by Pure Cash Loans, a resident of the Birdland neighborhood, on Dec 29, 2012 at 5:39 am
Many people blame the payday lender for their woes but the borrower also holds some blame. The borrower should know at the time of their application if they can repay the loans to the terms that they agree to. If they canít, it is not the lenderís faults. If you canít repay, then donít take the loan and stop blaming the lender. The only time to really blame a payday loan lender is in situations like described here Ė when the lender tries to get around the stateís laws just to take advantage of people. Payday loans have a place in this economy, we just have to educate the borrower a little better to ensure that they keep themselves out of a ongoing debt spiral.
Posted by Ray Grabb, a resident of the Another Pleasanton neighborhood neighborhood, on Jan 10, 2013 at 2:22 pm
we've used cashloancity.com quite a few times now and it's never been a problem.. I think when the borrower defaults or extends the loan it's more of an issue, but if you get one just pay the thing back
Posted by Melisa, a resident of the California Reflections neighborhood, on Feb 22, 2013 at 1:35 am
Thatís the good news. Most of people who apply to payday loan lenders have low or middle income so for them the opportunity to get a repayment is very important. But in any case, I think consumers should be more cautious when they are going to apply for payday loans. Itís important to get to know the interest rate beforehand, it shouldnít be a surprise. You should know for sure how much a loan will really cost if itís okay for you or not. Consider different options, taking out a payday loan is not the only way to get financial assistance. If a loan has an extremely high interest rate and you afraid that it will be hard to repay it then better choose another option and avoid such a financial risk.
Posted by gloria swenson, a resident of the Another Pleasanton neighborhood neighborhood, on Feb 22, 2013 at 8:19 am
I realize as a borrower I'm completely to blame. I should have been able to anticipate my unanticipated car breakdown, my husband getting laid off from his job, and cutbacks of hours at my own workplace. Unable to pay back immediately, I've now paid over $12,000.00 on a $700.00 loan for unanticipated dental work. But it is my fault. After all, Payday is like any other company in the private sector: it is very ethical and is not in it for the buck. When I've been unable to repay my loan - though I've now paid a total of $12,000.00 and still owe another $4000.00 - the people at Payday have been very sympathetic and understanding as they've extended the terms of the loan and added interest upon interest, fees upon fees.
The last thing we need is the Nanny state coming in and regulating companies like Payday. I needed that $700.00 and Payday deserves to get that $16+ thousand in return for their trouble. Besides, it's all my fault. I shouldn't have gotten that dental work. I should've known my Sebring was going to drop its engine with 87,000 miles on it. And my husband and I should've known the economy would take a downturn and we'd face setbacks at our jobs.