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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