Payday Loan Centers-Consumers Beware!
Harold Cameron, Chief of Helping People and Consumer Advocate for HaroldSays has created this consumer video tips to educate them about payday loan centers and the excessive interest that they charge. There is a “Better Choice” for a loan available at participating credit unions in PA. Other programs might be available in your state. Also, Harold shares about a consumer he helped receive his Social Security Disability Insurance. At HaroldSays Consumers Can Fight Back And Win!
Somewhere out in the midwest I believe. He should be out of jail by now. Although, I am not sure how he can help people with the Payday Loan situation. Take care! Harold
Where’s Jack Kevorkian when you need him?
I think that being in the payday loan business could be a great idea if you charge reasonable interest rates and you give people a reasonable time to pay the loans back. Truth is most people can not afford to pay the loan back in one pay period and that is where people get in trouble. You could develop your business in such a way as to make money and help people at the same time. Best wishes to you with your business idea. Take care! Harold
I am considering getting in the payday loan business. However with all theses complaints, and countless states wanting to take action against them, I am getting skeptical. But I don’t understand why the industry is cutting its own throat. If they continue the way they are going they will be stifled out of business by government regulation.
Come on guys, clean up your act before the government does. Maybe they feel that the end is near and they need to make their money now.
Thanks for posting your comments. I am glad to hear that you experience with a payday advance center has been a positive one. You make some good points about the situation concerning payday advance centers. Thank you. Harold
zacw20 is absolutely right. At most payday loan stores, if you pay back the loan on your next payday, like you’re SUPPOSED TO, you only pay $15 for every $100 borrowed. That’s 15% interest - NOT 400%! You NEVER pay the annual percentage rate, because it’s NOT an annual loan. PAY BACK THE LOAN WHEN YOU’RE SUPPOSED TO, and you will NEVER be ripped off by a reputable payday advance business! I am an occasional payday advance customer, and have NEVER been ripped off!
I hear ya on that. I know what you say is true and it is a disgrace. I guess I will have to address that in a future video and on my consumer blog. Thanks for reminding me of what most banks do to their customers when it comes to bounced checks. Thanks! Take care! Harold
bounce a check and pay up to 2000%apr, harp on that harold
hey harold, bounce a check for 10.00 and pay 35.00 in nsf fee’s, Thats about 2000% apr.thats worse than pdl fees. harp on that
As in any industry there are companies that operate ethically and serve a good purpose. It sounds like yours is another one in the payday loan industry that does. There are however many payday loan centers and companies that do not. And you are right about it being a short term loan situation for a person in need. The problem is that many people who use the service can not repay the loan right back and need to keep making the interest payment over and over again and that leads to problems. TY!
I work at a payday loan company and we also charge only 15 dollars per 100, people come to us because they have no other options the banks wont approve them even though they have jobs. The people that do the loans over and over again are using the loans the wrong way! These are short term loans not long term. What would you do if you needed work on your car to drive to work and only needed a few hundred dollars and didnt have it? These companies also employe thousands of americans!
Then your payday loan center is the exception and not the norm. Thank you for sharing the information about your payday loan center with the viewers of this video. Take care! Harold
GET THE FACTS STRAIGHT, we charge $15 per $100 borrowed….that is 15%…it is a two week loan..therefore, the interest shouldn’t be calculated per year, some people don’t have the credit to go out and get a short term loan when they need it most
you got that right brotha! it’s krazy those skumbag payday loan bastards rape people.
That used to be the case in PA but now our state credit unions have a new program that is a much more affordable option to payday loans - a much lower interest rate and a longer period of time to pay the loan back. Also, it helps a person restore their credit.
Sorry it has taken so long to respond to your comment. For some reason I was not informed by YouTube about your post to my video. Anyway, you are right. I never thought about what you have shared. I certainly am not prejudiced and what you are stating is true…loansharks can be of any nationality so I stand corrected and apologize. As I think your advice is good, I will follow it in the future. Thank you for pointing it out to me. Harold
Harold, as someone who is the manager of a payday loan place, you are 100%. I have been looking for a different job because it is too hard to see the trouble people get into with these loans.
Its really not that simple though. People don’t go to payday lenders, because they want to. They go to them because they need a loan and have no where else to go…
Really? Go find yourself a corner to cry in.
If people have such a problem with payday loans…don’t do it..that simple.
I don’t appreciate your slur of Italian American’s. Would you pretend to talk like a black person or an Asian person? In this video you seem to assume than any loan shark would be an Italian named Vito. Then you mock the way you assume he would talk. How about keeping your ethinic stereotypes to yourself.
Good point my friend. I agree with you. I am going to have to do some thinking about that issue and address it in a future Q & A isue of my videos. Thank you for your comments.
Harold
has harold gone around and protested what banks charge for overdrafts or credit cards charge for late fees? Often their APR is way higher than a paydayloan center.
You have it right. You or I would be arrested and charged with “loansharking” and racketeering if we did what they do. And it is legal? Only because they use a “loophole.” You have heard of that before right? Terrible how these companies hurt people so badly. Thanks for your comment! Hope you enjoy a great day!
he is speakin the truth! the payday loans are a scam. they dont help anything by going to a legal loan shark. and god help you if you default. they will come to your home, come to your work site and drive you nuts with threats of fraud