Are Payday Loans Ever a Good Idea?

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Title	:	Are Payday Loans Ever a Good Idea?
Lasting	:	6.39
Date of publication	:
Views	:	112 rb

How is this even legal in the US?
Comment from : Bart Van den Poel

Sounds a lot like Bidinomics So Paula is better off 👍🏻
Comment from : The Dude

If you have to ask whether or not something is a good idea, chances are it is not
Comment from : boysponge705

I call BS I loaned to over 20 people and most without any interesr charge and yet, most of them still fail to repay me back on the agreed time and not even going to pay in installments
Comment from : nodinitiative

Payday lenders need to be outlawed Or strictly regulated at the very least
Comment from : Patrick Vroman

Honestly, selling blood serum is way preferable than a payday loan Maybe even selling one of your kidneys on the black market is preferable
Comment from : J Stevinik

I love the propaganda "Under the Trump administration", which left out that Congress revoked it not him and that it was put in place during Covid when many had no way to get money to live because their businesses were closed down
Comment from : BOOM TO THE SOONER

This is marginally better than borrowing from a loan shark and having them break your kneecaps when you don’t pay
Comment from : Hink Hall

Basically like loan sharking
Comment from : funckyzeit

I don't get it itried to get a payday loan but they just kept redirecting me to lender after lender and gave no money these are obviously scams
Comment from : TGS-Pat

Mid life crisis much?
Comment from : David

Don't bite off more than you can chew
Comment from : Zack T

When you know that Trump wanted to steal people's money
Comment from : Resolvelution Tension

Bb
Comment from : fatehyabali

This is what my father is currently facing I hope he overcomes it
Comment from : Zandrew Morano

Disagree here, they are a great thing if you can't find a normal loan or are in a hurry Just because some people can't pay them back quickly doesn't mean you can'tbrbrPeople should be given loans more often independent from their current situation They know what is best for them
Comment from : Patrick Albrecht

I'm glad I got out of them don't ever get one
Comment from : Jeff Crox

When I was younger and first going to college, my family and I had to immediately move out of our place Of course, I'm helping to pay bills but only worked part-time and this unexpected move and the fees associated with it, left me in a bind brbrMy cousin suggested getting a payday loan and out of desperation, (and ignorance), I went for it Took another 2 rounds of payday loans, lowering the amount borrowed each time, to get me out of it brbrI remember after paying it off the last round: I had $20 to my name the week leading to payday and it was tempting but I was like, heck no! It's one of the sweetest feelings getting out from under that cyclebrbrFunny enough, when I first went in to get the loan, the lady there was kind of attitude-y and borderline treated me like trash After a year or so of paying it off, I got a call from her, all friendly, reminding me that if I ever needed money, they had funds available 🤨 Nah, lady Even if I did, I wouldn't be going back to you
Comment from : DejaVieu

I made this mistake in my 20s Thank God I worked at a Company that was willing to bail me out, with no interest!!
Comment from : Kadilac Racing

You guys got to stop with the tattoos
Comment from : Marc Johnson

I thought his mustache looked dumb but he needs to regrow it
Comment from : Marc Johnson

oh i see so that my job are in 2020
Comment from : indo Suprem

“Under the trump administration” why was that thrown in lol
Comment from : TripleEyeEmoji

No is the anwsernever ever
Comment from : Jared Highlands

No to payday loans if you're short money before payday you're going to be short money on payday because you have to pay that loan backbrIt's a vicious cycle
Comment from : Debbie Frampton

Very glad payday loans are regulated in Australia They are still rip-off, don't get me wrong, but they are, by law, limited to a 20 establishment fee plus 4 fee per month (almost all lenders charge that) Answer to the title question is still almost certainly no, howeverbrbrVery worth looking at alternative options - utilities in Australia will offer hardship variations (you still pay the amount, but over a longer period), and there 4 a month is much higher than credit card interest
Comment from : Andrew DeMayo

Good ol’ Trump revoking a law to protect the poor Don’t like Biden either, so don’t whatabout me 😊
Comment from : N L

I do this and I can tell you these 2 definitely don’t know what they are talking about I didn’t get to 50k in savings from not doing this Do it but do it the right way! Don’t listen to these idiots they are poor
Comment from : Brando Black

My Dad had to take out pay day loans to support me and my brother But now I am a father I will never understand why he did that I will pick up extra jobs do anything to avoid that Hell I’ll sell my blood plasma before I do that Currently only have one debt and that’s my car and I’m half way close to a good emergency savings
Comment from : Jray

The problem is when we repay early they even refuse to accept early payment so they like to make more interest
Comment from : Eric T Pham

Pay day loans are awesome
Comment from : JJCHCH

WOAH THERE DONT THINK I DIDNT SEE YOU TRY TO SLIDE THAT DETAIL BY WITHOUT GOING INTO FURTHER ANALYSIS 3:43 Sorry but the president didn’t make that change himself that was ordered by majority controlled democrat house and senate at the time They took the payday lender bribe, not the president
Comment from : Caos Boy

I understand why someone desperate for cash would go to a payday loan brbrBut for me as someone who has thankfully not yet been in such a desperate place, the 20 interest looks ridiculous lolbrbr20!?!!??!!?!?!?
Comment from : Victor

Damn this is a good business plan, I should open one!
Comment from : Don Wald

I took one of these loans back in 2006 when I was just arriving in Australia I needed cash urgently, but as you mentioned is the worst thing to do Never again, even a new Credit Card is a cheaper option
Comment from : Luis Lara

Before even starting the vijayo, I'mma say "probably not" As bad as it is now, a 600 (or even the nowadays more typical for the UK 50) interest rate will make it infinitely worse Hell, even your typical 20 bad loan/credit card is DEATH
Comment from : 233kosta

I will get you a personal loan up to $50,000 reply to this comment and I will send the application
Comment from : Nodir Sharofov

Payday loans have high interest rates because there's a real risk that the borrower will default, it's meant as an absolute last resort If we mandated underwriting, it would defeat the whole purpose, and poor people would have one less option
Comment from : Wil L

#DEBTSUCKS
Comment from : HappyGo Lucky7

I was basically in the scenario given in this video I didn't have covid but I had the flu all of last week Therefore, Im only getting half my usual paycheck tomorrow Luckily, I had been trying to start an emergency fund for the past few months It wasnt a full 3-6month emergency fund yet but it was enough to cover for the lack of funds this time I am able to pay my credit card bills and my part 1- rent payment for December My motivation for obtaining a full 3 month emergency fund is definitely higher than it was before
Comment from : Sam Sung

No not take out another credit card😮
Comment from : Interpretations with Ni

They are useful if you borrow 40 (max) of your check So i make 1k every 2 weeks —> 400 loan
Comment from : Nunya Bidness

Damn $100 of interest The payday loan store that I used to mess with is $55 of interest for $500 loan
Comment from : Barry the Burglar

I will forever be indebted to you Mattia 😇you’ve changed my whole life I’ll continue to preach about your name for the world to hear you’ve saved me from a huge financial debt with just little investment thanks so much Mrs Eunice Mattia👏
Comment from : David Jackson

Great videos, I wonder if you could do a video about underwriting?
Comment from : Eric Shang

When I was much younger, I took out a payday loan to pay my rent It took so long to get out of a cycle of having to do that every pay period Can confirm was awful
Comment from : MsChelstastic

Credit cards are not the answer Living within your means is
Comment from : M Evans

If one has a house they own they are not going for payday loans
Comment from : M Evans

So in this case it is paula who is a moron and should spend less
Comment from : M Evans

All consumer credit should be taxed at 5 To many things are bought on credit
Comment from : M Evans

Why would anyone take financial advise from a person who put their tattoos on a credit card and are in debt up to their proverbial eyeballs It would be like a fat Richard Simons helping you work out
Comment from : Shawn Green

I had a job interview at a payday loan company and (as I was already working full time) intentionally sabotaged my own interview about halfway through It felt very wrong We would be better off if Credit Card companies could offer high risk credit cards within rules that make it harder for high risk borrowers to get out of paying the debt but that still limit the interest rates that can be charged
Comment from : TNLuke Buckeyes

The average APR being 500 is insane especially considering the typical borrowers are likely less financially educated and it’s framed as $20/$100 in 2 weeks
Comment from : Andrew Steavpack

doesntdoesnt your country have a logical limit on the max interest rate for private lenders and loan companies?
Comment from : musAKulture

We do not have such places in Germany Only pawn stores Thank God!!!
Comment from : Roula79 V

I was one of the lucky ones to pay off all my 20k payday loan in 2 yearsbrI borrowed 10k usd to get a car and drivers license so i can get to work to pay the 10k i borrowed, end up paying total of 20k usd because of the crazy interest amountbrNow I make sure to never pay in monthly anything I buy except for house and new car of course
Comment from : KitsuneKen

It's not a good idea to get a payday loan, but they're preying on desperate people And you're not taking that desperation into account
Comment from : Aaron Marko

Sure, they're a predatory lender But where is Paula supposed to get money from if she has no savings, no credit cards, and the payday lenders are out of business?
Comment from : gmc9753

I had to cash a check at a payday loan office once, I could feel it in my bones, though I did not know it, the owner was visiting I think they said he was Lucifer satan
Comment from : Thomas Burnett

The problem with budgeting is when your pay increase is 4, your rent increase is 25 and your other costs of living are up by 10 For some reason, any pay that is not executive pay is immune to inflation
Comment from : TimSW

God bless America, where we've figured out how to put you under debt for everything except breathingbrbrbrYet
Comment from : Ghost Noodle

Everyone agrees… payday lenders make the world worse… so ban them!
Comment from : Leo Darnell

I got stuck in one back when i was really broke Ended up paying on a 450 dollar loan for half a year until i gave upbrThey eventually sued me, ganished my wages for 1800 dollars, and left it at that Because the amount kept collecting interest
Comment from : Jeff is Bad at Games

This is just another example on how it's expensive to be poor in this country Once I got a good job and was having my paycheck regularly deposited into my bank account My bank gave me a $1,000 line of credit that was interest-free for 4 months I just pull out whatever I want from that line of credit, and they take out 25 of what I owe them every month from my bank accountbrbrThe irony is that my bank only gave me this line of credit because I typically have a decent amount of money in my account anyway So it's a line of credit that I will never use unless it's a major emergency
Comment from : mcjon77

In Canada your example would not work That would violate the article 347 of the criminal code Any loan must be under 60 annually otherwise it's a federal crime
Comment from : François Bélanger Boisclair

Dude that hairstyle is hideous
Comment from : Ben Den

Biased
Comment from : pmbboc

This is almost word-for-word the same thing that happens to college students with loans
Comment from : Bumbleness Supreme Brady

I don't think the creators will see this comment, but Julia, you look absolutely gorgeous in that dress Also, her anger around 3:20 tells me that she isn't the type of woman you want to mess with or at least stay on her good side
Comment from : V P

my mom tried it out once - not out of desperation,just to see what it's likebrneedless to say, she told me more often than not, not a wise idea and if Im can just borrow from her if im ever in a bind
Comment from : Default chan

Even some stuff that's illegal
Comment from : Richard Sanchez

Yes don't loan them any money, better to let them learn their lesson
Comment from : FH

I just think loans is just never a good idea It feels like voluntarily putting a bounty on my head But thinking is one thing Sometimes life would just force me to put a bounty on my own head just to stay afloat
Comment from : Lazie Catus

Short answer, no done Lol
Comment from : Chris McKenzie

Not paying out your loan is THEFT!
Comment from : watchdealer11

"No, never"brbr(Where "abstinence" is actually good advice)
Comment from : Max Schneider

I have lent money to friends so they could avoid going to a Payday Loans place
Comment from : Anonymous Near Seattle

They can work, just don't do it to pay bills I'd put it down for a sudden need to go somewhere far away and pay for it But you don't have quite enough to cover the trip
Comment from : Naouta

to be fair i much rather have the option of a predatory loan than no option at all
Comment from : Tango

Man I should become a pay day loaner 😍 ill take your money!
Comment from : gimmpy91

Just so Americans know that payday loans is just like robocalls: It's something Europeans don't even know, because our governments don't allow consumers to be screwed over like that American society is always focussed on maximising the bottom-line, even when it means squeezing people who already are struggling to get by brI'm not leftist for European standards, but basic consumer protections shouldn't be a left-right issue
Comment from : Augustus331

The person doesn't have any savings, doesn't Lear about money and cost of living, is the pay day loan the problem ?brThey aren't predatory, the person is a predator of himself
Comment from : Italo DDD

The things you explain are exactly why pay day loans are illegal in NY state
Comment from : The Rambling Zone

ugh, I remember working at one of these loan shark places when I was in college I was pretty good at selling them to people, but felt awful doing it Atleast, it paid off college Luckily, a few years ago they´re illegal, and anything that seems similar, here in Mexico with new effective APR, principal and length caps Also, banks have been forced to put financial literacy tips on their websites and apps
Comment from : JJ

who is this guy? where is the moustache!!
Comment from : neychev

Easy money and/or quick money is NEVER cheap money
Comment from : J Poppinga

There’s a quick answer to this question: NO Don’t ever, EVER get a payday loan I’ve worked in the finance industry and seen how these payday loans sink people Even if you’re desperate, there are other ways It’s sad how expensive it is to be poor in this country Very sad
Comment from : Nt Mn