Q: Why if u make a payment on a payday loan ones a month I’m still owning the same ! Nothing added to principal its legal ?
A: I am sorry for your situation. Unfortunately most of those that loan money on payday loans charge an exorbitant interest rate, so yes that sounds about right. However without the particulars (interest rate, balance and date you took loan out) it is impossible for me to answer you. Growing up I watched unfortunate relatives obtain those type of loans so I promised myself to never do that. Luckily I have not but I understand sometimes life gets in the way. While in law school my wife and I were down to our last 50 cents; we bought minnows to fish with and luckily we caught fish for supper. I never want to come that close again.
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