ETA - Never had a need for one but very cognizant of their 'practices'

roughly $400.

Got stuck doing it for a few months. Spent more than it was worth.

He took out a loan to help out a good friend of his, who took forever to PARTIALLY pay him back. He finally cleared that, only to have his girlfriend push him to take out another one. He cannot afford to pay it off, and despite her getting a large Social Security Disability payout, she has not paid him back. So every month, he clears it, then takes the cash right back out again.

He has probably payed 3+ the original loan amount in the monthly interest.

through Amscot, if you have any close bye.

It worked out fine, but I did pay it right back asap, due to the confiscatory interest rate.

Helped get a cheap beater car when my previous beater decided it was beaten.

but will find out.

He's a good dude in a bad situation and I don't want to see him slide further into the rabbit hole.

at some time in the relatively near future?

It's something I'm going to ask him.

He works but it barely covers his living expenses with a few bucks left over. It's why I'm concerned he's going to fall into the "never ending story" regarding this. He has about a week before he needs it and is just checking alternatives.

the accrued interest, it's a dangerous thing.

It should only be used as a bridge between a need and known money coming in. Otherwise, it gets really dicey.

Does he have any other alternatives?

He's a proud individual. Said he got himself into this, he'll get himself out. I have the same attitude.

And it isn't as though he's been irresponsible. Just an unexpected expense (brakes) that need attention and his job doesn't let him make enough to put into a "stash".

Thanks for the suggestion though.

Luckily I got a better job which enabled me to give up 2 of my other gigs (yea booming economy) and start getting things straight.

But for the Grace of God go I.

I just got a call from him.

He was asking around and found a guy who will take care of the brakes (not including turning the rotors if needed) in exchange for some electrical work.

My brother is an electrician by trade but due to bad choices isn't employable in that capacity.

It's worked out, apparently.

I've seen interest rates (APR) over 200%.

close to 400%.

It's why I'm concerned about him being able to pay back quickly.

A similar rate to what you would get from a shark of about 10 points a week.

If you default on a payday lender, all they can do is sue.

Default on a shark, well, I don't want to know.