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Nothing like that....

Posted By: Tami on 2009-05-01
In Reply to: DON'T do a payday loan! - HappyMT

I have had to do payday loans occasionally due to direct deposit issues, unforeseen expenses, etc.  At ours you can borrow up to 500.00, but the first time is usually less.  I borrowed 150.00 first time and it comes due in 2 weeks.  At that time I paid it off which was 180.00.  I could have rolled it over for another 2 weeks and just paid interest, but I had my check by then.  As long as you pay it off within the 2 week period or even roll it once, it doesn't equal anywhere near 900.00.

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