PayDay Loans - Why don't more people do them?

There are also Title Loan shops in Delaware, where both title loans and payday loans are big business (especially near thge borders) due to the banking regulations and the fact that they are forbidden in surrounding states. The Title Loan requires that you leave the clear title to your car with the lender. You get the title back when you pay back the loan and interest. I am not going anywhere near that one, even for the $50 which I was offered.

Shopping Southeast Pennsylvania, Delaware above the canal, and South Jersey since 2008

Create an Account or Log In

Membership is free. Simply choose your username, type in your email address, and choose a password. You immediately get full access to the forum.

Already a member? Log In.

I wouldn't

@myst4au wrote:

There are also Title Loan shops in Delaware, where both title loans and payday loans are big business (especially near thge borders) due to the banking regulations and the fact that they are forbidden in surrounding states. The Title Loan requires that you leave the clear title to your car with the lender. You get the title back when you pay back the loan and interest. I am not going anywhere near that one, even for the $50 which I was offered.

www.Facebook.com/oatsandgrins
I did a few of these for SS. The stores absolutely know that people with the fake payroll stub are shoppers.
I also agree that the shop requirements were too much for the low fee.

There are reasons that a body stays in motion
At the moment only demons come to mind
My position is that I don't care if they "know" I'm the shopper as long as they don't mention it, and do their job.

If they mention it, I would probably have to say that in the report. kind of "don't assume, don't tell," LOL.

Even if I think they might know, I don't assume they know as long as they don't tell me they know. did that make sense?

Time to build a bigger bridge.
I did a few of those shops for MFI here. They were paying around $150 at one point. I would take the loan money and stick it in an envelope. Then if I happened to be in the hospital when the due date came up, my friend could drop off the envelope for me and pay off the loan.

Today I Will Choose Joy!

"Finally, whatever things are good, true, noble, lovely, of good report...if there be any virtue, if there be any praise...think on these things." ....It's a command, not a suggestion!
IMO too risk with payday loans even with the higher fee. Not worth it to me. ROI too low for me.

A Dad shopping the Ark-LA-Tex and beyond.
I'm pretty sure the Service Sleuth ones were where you write a post-dated check that included the cost of the loan. You only had to return and pay off the loan if you wanted to do another right away. Otherwise you just let them cash the check two weeks later.
I hope the SS ones come back. I found them so easy. The pay cycle was long, but if you picked up a shop when the scheduler needed help, they would push the pay cycle and all the payments in waiting would come through on the next cycle.
I did one for Market Force too. It was so easy, the instructions specified to bring limited documentation and see if they give you a loan. They declined to accept my minimal documentation, so I was out in 2 minutes! Got paid for it too!
@kethry24 wrote:

I'm pretty sure the Service Sleuth ones were where you write a post-dated check that included the cost of the loan. You only had to return and pay off the loan if you wanted to do another right away. Otherwise you just let them cash the check two weeks later.

Uh yeah. Perhaps they work differently in different areas but I thought this too on the first one I did. Then I got a call 2 days after the post dated date wanting to know why I hadn't come in to pick up my check. I was like WTF I wrote you a check, don't you just cash it? Apparently not.

There are reasons that a body stays in motion
At the moment only demons come to mind
I have done several and so have family/friends across several states. They are relatively easy and pay well. We will do them as often as we are allowed and they are available. We have had no problems with repaying loans or payment from the MSC.
@sandyf wrote:

I did several of these and would do more if they showed up. There was one a few months ago that was up to $60 but I decided to wait and see if it went higher..someone else snatched it.
For those who asked about working and getting a loan...I have a full time job but just told them I had a payment due I could not meet until the next pay period when I got my check. My loan was a payday loan so a max of two weeks. The interest, although a great huge percentage only worked out to about $30 for two weeks. Someone who needs to fix their car so they can get to work or some other story like that is willing to spend $30 rather than lose their job. They should not ask why you need the money so just have a back story ready if you feel it is needed.
And I also saw what seemed like the same deal from another company for $12. Although the job itself was easy, taking the time for getting everything together and having to make sure you returned the money on time is not a $12 job in my world.

And there is the reason that the payday loan business flourishes. The thing that gets some people is that they have to keep refinancing the loan they got in the first place. The internet is full of horror stories about borrowing $600.00 and having to pay back over $2000.00 I could probably do it my wife couldn't.
I love payday loans and would love to do more. Haven't seen any lately. The ones for MF required a copy of my check statement reflecting direct deposit of my SS and pension payments since I don't work and don't have a check stub. They have never checked my credit. I always take the money I borrowed, put it in an envelope and stick it in a drawer until it's time to pay the loan. By that time, I've also received payment from the MSC with the interest reimbursement payment. My first payday loan was compensated by $145 and the last one was $45 which is where they usually start.
I have done many of these shops. You need to gather a little paperwork before you do them and as per instructions. Borrow the money. PUT IT AWAY. Pay your loan on time. Wait 60 days and get paid.

The only thing you will have to carry is the loan fee after you pay the loan until you get paid.

Never had any problems.
Well they won't be anymore!
Not being mean but... what was the purpose of this post?
I've done these shops since they started and love that ppl were scared to try them.
SMH

This is kind of like newbies taking the $8 shops and not waiting on a bonus. Why pay more when some will do it almost free,ya know.

Jumping jelly fish I'm a video shopper!

PV 500 EVO button and glasses
@2stepps wrote:

@sandyf wrote:

worked out to about $30 for two weeks. Someone who needs to fix their car so they can get to work or some other story like that is willing to spend $30 rather than lose their job. They should not ask why you need the money so just have a back story ready if you feel it is needed.


And there is the reason that the payday loan business flourishes. The thing that gets some people is that they have to keep refinancing the loan they got in the first place. The internet is full of horror stories about borrowing $600.00 and having to pay back over $2000.00 I could probably do it my wife couldn't.

I totally agree that the rates that are charged are way too much and there should be a max rate set. Some states have begun to do that. I also agree that many people get stuck in these loans and end up paying more and more interest over time. But, i am a mystery shopper and this is not job able to change people's habits. We can all help by asking for legislation or changes on whatever our pet peeves are and working on these issues in our non mystery shopping lives. There are many out there who do not know how to handle money and get caught with student loans that get larger over time or with expensive dinners and clothing purchases way beyond their means and then they cannot pay the rent. We can only hope that the payday loan people are pointing out the interest rate when someone asks for a loan and they are also checking (via seeing a paycheck or some other evidence that the loanee can repay the loan) and warning that if the loan is not paid back the interest accrues. In that small way perhaps the mystery shoppers are helping to make sure at least these warnings happen. The thousands of percentage points charged on the loans have been prominently displayed on the wall when I have done these. So as long as the industry is here and thriving that is what I can do as a mystery shopper..for the rest of my life I can do whatever I feel might work to change the system.
Sorry, only registered users may post in this forum.

Click here to login