Payday advance loans? Ever used one?

[BEphoto]

Just curious if anyone has ever used one of those payday advance loan things. Im $609 short of picking up my 70-200 f/2.8L IS thats on layaway at Arlington Camera. My cousin has asked me to shoot some engagement photos this week for he and his fiancee so he can send some out with his wedding invitations. Ive already sold off every lens that i owned except my nifty fifty and put it towards my L.

I worked the AC/DC concert friday night at AAC and made right at $700 but i wont see it for another two weeks or so. I havent looked into one of those loan things yet, but i didnt know if they were just ridiculous interest, or if they only charge a little bit and interest stacks up if you dont pay it right back.

Anyway, im not really looking forward to trying this, and plan to see about getting the cash elsewhere, but just thought as a last resort id keep it open.

Thanks for any input guys/gals!

Brad

edit: also... im just an impatient bastard and want to have this lens, lets see, yesterday lol.

[crazeazn]

i would just wait, the interest on that is ridiculous

[Debbi]

I've never used one before but the interest they charge should be illegal. Personally, I would go to Arlington or FTW Camera and rent before I would use one these "services". At FTW Camera it's like $35-40 bucks to rent the lens for the weekend.

[Truckman]

Here's some info for you...Ben

finance charges on payday loans are typically in the range of 15 to 30 percent of the amount for the two-week period, which translates to rates ranging from 390 percent to 780 percent when expressed as an annual percentage rate

[ggeen]

Either shoot the engagement with the 50mm or wait for the money to show up. Pay-day loans do what is called a discount loan. If you need $100, they take $25 off the top and give you the $75. See, that way, they get their money up front and there is no risk involved.

That is how the cash-loans stay in business. No risk. Pure profit.

[BEphoto]

Cool, thanks for the info. I always see those businesses around and havent thought twice about it until i drove by one today and thought, hmm... maybe there IS a way to get my lens for this week.

I agree though, that sounds illegal lol. I dont even have a credit card at the moment to rent though, so thats out. When i turned 18 it seemed like every bank in the world was throwing a card at me and well, i was 18 so it was "hey, free money!"

So yeah, after i screwed up my credit back then (im 27 now) i do everything i can to avoid having debt. i try to pay for everything in cash, hence the layaway. I know one of these days im gonna have to break down and get another card, just because they are useful in situations like this, but i really hate the thought of have credit card debt again. I STILL have creditors from waaaay back sending me stuff in the mail. i thought that junk was supposed to drop off after 7 years.

Thanks again for the replys!

Brad

[ndsimm]

Originally Posted by Truckman

Here's some info for you...Ben

so 30% of $609 = $183 in interest
rent the lens or borrow....as someone who used to frequent pawn shops in my younger days (yes I paid a lot of stupid tax) wait until you get your money....

[dpena]

stay away from those places !!!!!! just wait till u save the $$$$ if u aint got it, dont get it,,, !! geeze i sound like my DAD ,,,ooohhhhhhh no !

[nancyc]

If your cousin is asking to shoot the photos for you, why don't you ask him to rent the lens for you? Don't get in debt if you don't need to, specially on these days!

[BEphoto]

Originally Posted by nancyc

If your cousin is asking to shoot the photos for you, why don't you ask him to rent the lens for you? Don't get in debt if you don't need to, specially on these days!

Yeah that might work. I was just checking my options to see if the advance thing might be one. Its definitely looking like thats a NO! :)

I'll probably just see if he can wait till the weekend after my check comes in.

Or.... i could charge him $609.95 for his shoot..... and ask for it in advance!

[johnastovall]

Go to your bank and look into a 7 or 8 hundred dollar signature loan. Much cheaper than credit card or other kinds.

[dbphotos]

Rent and wait. Payday loans carry an effective interest rate of up to 1000% due to fees. Never used one, never will. I have seen their disclosures and they are ridiculous!

Why these aren't outlawed, I'll never know.

[L Stegall]

Payday loans take advantage of the unfortunate and should be illegal. If they didn't have good lobbyists to carve out a niche for them, they'd be considered loan sharks. Stay away.................far away.

[DEMDeepEllumMusic]

The way that they skirt many state laws is that they have "service fees", "paperwork fees", and "transaction fees" along with a lower stated interest rate which puts them under legal cap limits of usury in many states. (BTW some states do not allow them).

But after all is said and done the actual cost to the borrower can be an annualized interest rate of over 800% and they have no qualms about you going to the guys next door to borrow some EXTRA cash to pay off the money that you owe them. See many of these "service/loan" companies will set up near one another so this cam be easily done by the borrower.

Like mentioned before go and rent a lens for the shoot.

BTW how did the AAC AC/DC shoot go? Was it a full set shoot or just the first X # of songs? Were you allowed full stage access? etc

[BEphoto]

Originally Posted by DEMDeepEllumMusic

BTW how did the AAC AC/DC shoot go? Was it a full set shoot or just the first X # of songs? Were you allowed full stage access? etc

Unfortunately it wasnt a photo gig. I sell merchandise at all of the events that come through the building. That is a side job for me. My day job is Merchandise Lead at AAC for Mavs/Stars merch. I'm in charge of the distribution of merch throughout the 9 retail locations throughout the building.

Its a fun job though and i regularly run into the players and bands that are there. Im hoping one of these days it will help me get a foot in the door to start doing some photography work in the building though. Even if it just starts out as assisting or something for a media source since i have knowledge of the building inside and out. Maybe that will play to my advantage one of these days!

edit: the AC/DC show was sick though. they actually sounded great! I didnt get to see any of the show because we were swamped the whole time, but you can hear it from the concourse like you are standing in the arena.