kuelkerclan2

Just so everyone knows why you have three different credit scores and only 1 credit history...not every creditor reports to all the credit bureaus. So, even though you have three credit cards, a store card, a car loan, and a mortgage Experian might only have two credit cards and the car loan and mortgage on their report while Transunion has one credit card, the store card, the car and the mortage on theirs.

I think a few people on here are out of touch with reality. First of all, yes, the APR does matter. If it was as simple as only paying $25 to borrow $100 these companies wouldn't be doing such great business. Most people do not borrow just $100. They borrow the maximum that they can (in my state $500). And then they end up not paying it back on the original due date because $125 + the original $500 is hard to come up with. Especially if you had an unexpected expense pop up...which is why most of American's take out payday loans. So that $125 finance charge every two weeks really adds up and takes a huge chunk out of our budgets. Before you know it your $500 loan just cost you $1000+.
So, would you rather pay a $30 late fee or the $100's in finance fees?
Most people only do this as a last option. They have to have the money. It's not likely that EVERYONE who gets a payday doesn't keep good track of their finances. We had to take one out last year. First my husband's place of employment caught on fire so he was out of work for 6 weeks. Even with unemployment benefits he would have only brought home 1/3 of his pay. But we had enough in savings to get us through that. One week after he returned to work I got laid off of my job for "lack of production orders." And again, my unemployment wasn't nearly close to what my bring home was. So, in order to make our mortgage payment a few weeks later, we took out a payday loan. But I did my homework. I found a payday loan that gave us the first "term" finance free. So that $300 we borrowed, plus the fees, cost us $300 to payback.
Another option for people is to go through your bank. When I had a US Bank account they offered "advances" up to $500 and only charged a 10% flat fee. So even if it took us 6 weeks to pay back the $500 our total finance charge was only $50. People just need to do the research before they jump into anything.