Can't afford your phone bill? Get a payday loan!

[Primm]

Seriously, this ad shits me to tears. It's the only one on at the moment which makes me yell at the TV.

https://www.youtube.com/watch?v=oP6BFm5osN4&spfreload=10

[Rural]

  shits me to tears.

My god, that's the most profanely poetic phrase I've seen in years.

[KodeBlue]

Made my left ear itch and my right eye twitch. Sad to think folks fall for that crap.

[Jags4186]

I don't really know how payday lenders work, so I went to the website to check it out...

If you borrow $500 for 3 weeks you need to pay back a total of $620!  Which after plugging into a little calculator tells me the interest rate is 417%! HOLY FUCK! And you wonder why poor people stay poor?

So re: the video...why wouldn't you just pay your phone bill late?

[Jags4186]

I should add this token of bullshit from that company's website's FAQs:

What is Nimble's APR?

Under the consumer credit legislation our Annual Percentage Rate (APR) is 0%. Sounds strange, right?

The thing is, legislation says that APRs only relate to interest rates - not fixed charges. Nimble's smart little loans charge only fixed fees based on the principal amount borrowed, which is why our APR is 0%.

[robotclown]

I should add this token of bullshit from that company's website's FAQs:

What is Nimble's APR?

Under the consumer credit legislation our Annual Percentage Rate (APR) is 0%. Sounds strange, right?

The thing is, legislation says that APRs only relate to interest rates - not fixed charges. Nimble's smart little loans charge only fixed fees based on the principal amount borrowed, which is why our APR is 0%.

And then their 'fixed' charges are 4% per month.  In what way is that not an interest rate?  I guess since it only applies to principal and doesn't technically compound?

[Elderwood17]

I should add this token of bullshit from that company's website's FAQs:

What is Nimble's APR?

Under the consumer credit legislation our Annual Percentage Rate (APR) is 0%. Sounds strange, right?

The thing is, legislation says that APRs only relate to interest rates - not fixed charges. Nimble's smart little loans charge only fixed fees based on the principal amount borrowed, which is why our APR is 0%.

Wow - what a deal!  Hard to beat zero percent interest rate.   Of course, that just means they are ripping you off in other ways.  I have never known anyone who ever has used one of these but obviously there is a market for them.  Does anyone know any statistics as to how many people use these services?

[fantabulous]

  shits me to tears.

My god, that's the most profanely poetic phrase I've seen in years.

I've never been THAT constipated and hope I never am.

[solon]

So re: the video...why wouldn't you just pay your phone bill late?

Because your phone bill isn't just late... it's 4 months late, and those jerks at the phone company are shutting it off tomorrow!