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Failure to Thrive
22 year old son with ADHD, depression in debt! Wants me to pay off his loans!
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<blockquote data-quote="GoingNorth" data-source="post: 730574" data-attributes="member: 1963"><p>As of 1994, when payday loan shops started popping up in Chicago, husband and I stopped in at one out of curiosity, and pretended we wanted a loan just to get a look at the paperwork. </p><p></p><p>Other than being horrified at the interest rates, we discovered that you don't need a job. You just have to have a checking account, and give them a post dated check. </p><p></p><p>You can extend the date on that post dated check indefinitely, as the exhorbitant interest piles up and up.</p><p></p><p>Now, laws have tightened in some ways since then, and loosened in others. Payday loans houses can now do signature loans in some states. I am not sure what the requirements are for those.</p><p></p><p>It's remotely possible he does have some sort of very high-rate small signature loan somewhere or a check loan that's rolled over. </p><p></p><p>You don't need a job to open a checking account, just enough funds to meet the minimum requirement and a clean checksystem report.</p></blockquote><p></p>
[QUOTE="GoingNorth, post: 730574, member: 1963"] As of 1994, when payday loan shops started popping up in Chicago, husband and I stopped in at one out of curiosity, and pretended we wanted a loan just to get a look at the paperwork. Other than being horrified at the interest rates, we discovered that you don't need a job. You just have to have a checking account, and give them a post dated check. You can extend the date on that post dated check indefinitely, as the exhorbitant interest piles up and up. Now, laws have tightened in some ways since then, and loosened in others. Payday loans houses can now do signature loans in some states. I am not sure what the requirements are for those. It's remotely possible he does have some sort of very high-rate small signature loan somewhere or a check loan that's rolled over. You don't need a job to open a checking account, just enough funds to meet the minimum requirement and a clean checksystem report. [/QUOTE]
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Failure to Thrive
22 year old son with ADHD, depression in debt! Wants me to pay off his loans!
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