I used to work at a pay day advance type of place about 10 years ago.
If you borrowed one hundred dollars, with their interest you ended up REpaying 180.00 or more.
Their payment plans are simple enough... borrow one hundred, repay at 27.00 every week for 8 weeks.
basic math 27.00 a week times 8 weeks 216.00
You would give someone 216.00 to borrow one hundred?
And if you have to borrow money right now to make ends meet, how can you afford their payment plan? most of them require that you pay WEEKLY. Not monthly.. WEEKLY
and , they also give you the option of paying just interest on the basic loan so that they dont cash your check.
Again.. if you borrow one hundred, you can pay 12 each week so that they dont cash your check ( Or what ever their interest rate is)
after a few weeks of that, you have already given them back their 100.00 and are still expected to repay the loan in full including the entire balance of the interest as outlined at the beginning of the contract.. that 216.00
they will give you some money to pay immediate bills. Yes.
Then you will go into the hole with them .
If you care about your credit , do know that if you dont pay them on time, they can hit your credit more then once as seperate issues. Which can cost you many points.
If you can pay back the amount in less then one month, including the interest, I can see using them for a quick fix. But you end up giving them almost double their money back. Even Visa's interest rates are better then that.