Confessions of a former Payday Loan Employee.

The cash advance industry makes big money and gets incredibly rich off of poor hardworking people. I still wonder why anyone in the world would want to get a loan with such unreasonable fees.

Most of our clients would get stuck in a payday loan trap.

A borrower would take out a payday loan, and when it comes to paying it off, they just don’t have enough cash to cover it. Therefore, their only way out would be to extend the due date of a loan and pay an additional fee for another couple of weeks. This vicious cycle usually goes on until the customer has already paid us 2 or 3 times the initial loan amount.

After climbing the corporate ladder of the company, there is much more I can share with you about dirty tricks of the lending business:

When you’d like to talk to a supervisor, it’s more than likely that you’ll just be speaking to another sales rep pretending to be a supervisor.

Always ask for a fee discount, as there is always one.

Many borrowers complain, and this doesn’t take much effort for them to be offered a fee discount on a loan. Borrowers calling in almost always are offered a payoff extension or some type of a discount.

There are many regulations how high interest rates can be. The way to get around for lenders is by charging “fees”.

Lenders collect as much contact details about you as possible, so we can find and harass you if you don’t pay back.

We always require more contact info than we really need.

There is actually so much fine print and hidden charges on our loan papers that many manager don’t know what the contract says.

Payday Loans staff are more worried about the end of the shift, not when or if you get your cash.

An average borrower ends up paying back more than double the original amount of the loan.

If you finally get a payday loan from us, you’d better pay it back immediately, rather than get the loan extension and pay more in fees (or better yet not get a cash loan at all).

Loan extension won’t help you anyhow…it just increases the total charges.

The average payday loan APR is more than 600%! We try hard to hide this fact so you can find it in the fine print only.

If you’re calling in to complain for some reason, we will lie you, so you hang up the phone.