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PayDay Loans: The Good, the Bad and the Ugly
PayDay Loans: The Good, the Bad and the Ugly

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AIR DATE: October 14, 2010

Short-term loan companies may look like an oasis in the desert when people need money fast. A quick $200? No problem! But with high interest rates (800% for some) and no usury laws in Nevada, some payday loan companies have a bad reputation. They're already outlawed in Arizona, and people are suing them in Nevada. But one new company bringing a clean image to payday loans. Will it work? How many people are in the hole thanks to these companies? And do the lenders work with them or not? Do you have a short-term loan story?

GUESTS
Joseph Lilly, principal, MyMoneyPartner.com
Cena Valladolid, COO, Consumer Credit Counseling Service
James Griffin, attorney, Legal Aid Center of Southern Nevada

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COMMENTS:
Why would they offer rollover? Why do banks offer overdraft? Every negative comments made about the lenders can be applied to banks as well. You can get multiple credit cards from different banks too...what's the difference?
JakeOct 11, 2010 11:04:36 AM
one pay day loan company actualy agreed to come and talk about the issue and hear come all the scamers..! allen is obviously just tryin to get some free press for himself and probably works for these money mutual guys. Beware Nevada! http://www.ripoffreport.com/cash-services/money-mutual/money-mutual-identity-theft-g-84caa.htm
SteveOct 7, 2010 11:41:50 AM
I agree with Tom let people decide for themselves whether the interest rate are too high. There are lots of things that people pay for that cost a lot of money, sometimes you have an emergency and just need some extra mony. I have used moneymutual.com before and it was a good experience.
AllenOct 7, 2010 09:39:01 AM
The City of Henderson charges 10% if you are late with your water bill. At the very least this is 120% annualized. If you pay the bill just a day late then it is 3650% annualized! This is much higher than the other utilities in Vegas.
HOC ManOct 7, 2010 09:15:27 AM
The fact that people take out such loans tells one that they think they are better off having the money and paying the high interest than enduring the alternatives of not getting any money at all, or getting it from a local sleaze in a bar or back alley. I say let people themselves choose to patronize (or not) such businesses... if the shops survive, it will prove that there is a need and demand for their services. We shouldn't presume to make monetary decisions for others.
TomOct 7, 2010 01:45:33 AM
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