OK, now I get it (OctoMom-related)

She isn't actually putting up the money for OctoLoans. She's just their spokesperson.

Give her some credit for trying to get on her own feet. Having said that, the Octo-mom is probably the least crazy thing about pursuing a pay-day loan.

They are nothing more than a "trap". Once they can get some clients borrowing prior to every paycheck they have to borrow more to pay the loan that they already had taken out. They seem crazy to me but some folks are desperate.

Don't know how Nadia would not have financial problems. Just how much does it cost a month to feed the 14 or so kids she has! A situation that did not get alot of thought on her part years ago.

I know how much it costs to feed 6 dogs a month, and it isn't cheap. Throw in the vet bills and medication and the bills add up!

I believe Octomom used welfare money to get a $500 hair cut. After it was publicized the hair cutting place returned the money. She doesn't seem to have her priorities straight.

Interest rate likely 18.8888888%

I think you mean 88.888888%.

Actually if you read the article, 88.888888% would be a bargain. A long time ago when I had a business law class in college, I thought there were usury laws in existence to prevent loan places like this? I believe they charge more than organized crime does. While they may not physically threaten you if you fail to pay, I can only imagine that they will hassle you so much that you actually wish you had taken a loan from a loan shark.

The "rates " charged by these types of places can exceed 300%. I read a bit about these and somehow the aren't technically classified as loans and what you pay back are "fees" not really interest(technically), its how they get away with it. I heard a year or so ago congress was taking up the matter to disallow these types of places, don't know what happened there, I guess the payday loan people could afford some good lobbyists and the opposing side couldn't get a loan to hire anyone.

Rent to own furniture places charge what equates to same kind of interest rates as the payday loan places and it can be exponentially more, all depends if and when you end up buying it.

J

The "rates " charged by these types of places can exceed 300%. I read a bit about these and somehow the aren't technically classified as loans and what you pay back are "fees" not really interest(technically), its how they get away with it. I heard a year or so ago congress was taking up the matter to disallow these types of places, don't know what happened there, I guess the payday loan people could afford some good lobbyists and the opposing side couldn't get a loan to hire anyone, cause they're still loaning out money.

Rent to own furniture places charge what equates to same kind of interest rates as the payday loan places and it can be exponentially more, all depends if and when you end up buying it.

J