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Frequent Contributor
LionLaw
Posts: 258
Registered: ‎06-10-2012

Re: 800 LOAN MART and personal loan experience :(

Good advice from Revelate: a place like Loan Mart should be an absolute last resort, but if you have to do it, make sure you'll be able to pay it off quickly, so that you don't feel so much of the sting of that ridiculous interest rate. Borrowing more than you need than paying back a huge chunk at the start to get ahead of the amortization curve is an interesting idea; just make sure you'll still be able to pay off the rest well ahead of schedule.

With a FICO in the 660s and low utilization, I'm surprised you cant' get approved for any half-decent CCs or personal loans. You should try to recon any denials you've already run into. You shouldn't have to resort to such a terrible loan.

Starting Score: 617 (EQ 6/10/12)
Current Score (8/28/13): EQ: 691 EX: 706 TU: 700
Goal Score: 700

Discover it $4,500 (02/2001); Amex PRG (Backdated to 01/2006); Amex ZYNC (Backdated to 07/2006); Wells Fargo Cash Back Visa $5,500 (12/2011); Citi Diamond Preferred MC $2,000 (07/2012); B of A Cash Rewards Visa Signature $5,000 (02/2013)

Frequent Contributor
dddfresh
Posts: 391
Registered: ‎01-11-2013

Re: 800 LOAN MART and personal loan experience :(

That would be an amazing idea but I dont thibk you can use credit to purchase gift cards

9/2013: Fico EQ 676, EXP 686, Fico TU 686.
NFCU Flagship Sig. $14k..NFCU CashRwdsSig $14k..NFCU LOC $12.5k..USAA Amex 4k..AMEX Green NPSL..Discover IT $1.5k...BofA Cash Rewards123 $2.5k...Southwest Premier $2k..Chase Freedom $1.5k..CareCredit $3.5k..Cap1-$1.5k..HSBC $300...Lowes $1.5k...WalMart $1.5k...JCP $1k..Chevron $1.1k..Kays/Jerrod - $5k split. around 8% Util. Want to get in the 700's in 2013! Have three old paid charge offs. 15-20inq.. LAST APP 8/29/13
Valued Contributor
tcbofade
Posts: 2,050
Registered: ‎09-26-2011

Re: 800 LOAN MART and personal loan experience :(


dddfresh wrote:
That would be an amazing idea but I dont thibk you can use credit to purchase gift cards

I do it often.

 

(I purchase walmart gift cards with my walmart CC, or online with my Paypal CC)

 

I don't imagine that Lowe's will care how you pay for your purchase.

 

I think you've found your answer.  :smileyhappy:


Current Scores: EX 676 (FCR) TU08: 648 Wally (TU08). 07/01/14 Last app 05/29/2014.
Gardening until 01 November 2014.
(Thou shalt not app, thou shalt not app, thou shalt not app...)
Zero percent financing is where the devil lives...
Frequent Contributor
dddfresh
Posts: 391
Registered: ‎01-11-2013

Re: 800 LOAN MART and personal loan experience :(

**bleep** I called and you're right!!!!

9/2013: Fico EQ 676, EXP 686, Fico TU 686.
NFCU Flagship Sig. $14k..NFCU CashRwdsSig $14k..NFCU LOC $12.5k..USAA Amex 4k..AMEX Green NPSL..Discover IT $1.5k...BofA Cash Rewards123 $2.5k...Southwest Premier $2k..Chase Freedom $1.5k..CareCredit $3.5k..Cap1-$1.5k..HSBC $300...Lowes $1.5k...WalMart $1.5k...JCP $1k..Chevron $1.1k..Kays/Jerrod - $5k split. around 8% Util. Want to get in the 700's in 2013! Have three old paid charge offs. 15-20inq.. LAST APP 8/29/13
Frequent Contributor
codimom
Posts: 386
Registered: ‎09-08-2010

Re: 800 LOAN MART and personal loan experience :(

I know I've done it as well.

to the OP... please do not sign that loan.  you've gotten some good advise here.  After this passes and you are getting paychecks again, we'll talk about gardening for a higher score and maybe a universal (ie: amex, visa, mc etc) credit card.


Back in the garden!
App free since 23Oct2012 reset to 27Aug13 and reset again 4nov13


Moderator Emeritus
tinuviel
Posts: 4,877
Registered: ‎11-02-2010

Re: 800 LOAN MART and personal loan experience :(

Frequent Contributor
dddfresh
Posts: 391
Registered: ‎01-11-2013

Re: 800 LOAN MART and personal loan experience :(

Very scary and sad they abuse people

9/2013: Fico EQ 676, EXP 686, Fico TU 686.
NFCU Flagship Sig. $14k..NFCU CashRwdsSig $14k..NFCU LOC $12.5k..USAA Amex 4k..AMEX Green NPSL..Discover IT $1.5k...BofA Cash Rewards123 $2.5k...Southwest Premier $2k..Chase Freedom $1.5k..CareCredit $3.5k..Cap1-$1.5k..HSBC $300...Lowes $1.5k...WalMart $1.5k...JCP $1k..Chevron $1.1k..Kays/Jerrod - $5k split. around 8% Util. Want to get in the 700's in 2013! Have three old paid charge offs. 15-20inq.. LAST APP 8/29/13
Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012

Re: 800 LOAN MART and personal loan experience :(


tcbofade wrote:

dddfresh wrote:
That would be an amazing idea but I dont thibk you can use credit to purchase gift cards

I do it often.

 

(I purchase walmart gift cards with my walmart CC, or online with my Paypal CC)

 

I don't imagine that Lowe's will care how you pay for your purchase.

 

I think you've found your answer.  :smileyhappy:


Yes, this is a major use (pre-cap) of Amex BCP, use it to buy gift cards in grocery stores and get 6% back

Frequent Contributor
dabrian
Posts: 282
Registered: ‎12-10-2012

Re: 800 LOAN MART and personal loan experience :(

People with Western Sky should jump off a cliff.
NFCU Sig Cash-20k, Amex BCP-8k, Amex Costco-1.2k,CSP-8k, Freedom-5k, Discover IT-11k,NCSECU-5k,Walmart-10k,Lowes-8.5k
Frequent Contributor
Sweets8E
Posts: 262
Registered: ‎03-07-2009

Re: 800 LOAN MART and personal loan experience :(

I wish I was wise enough to have visited this board back in '08 when I relocated to Maryland from VA around X-Mas time and the company didn't offer relocation when in all actuality they should have. Pay Day loans, title loans, advances from check cashing places etc, are horrible and will ruin your financial life...Or at least, you'll feel that way for a long long time. The only way those things work is if you have the ability to pay it back in full on or before the first due date. If not, you'll more than likely have to keep taking loans to keep up.

 

I will never forget the financial pit of fire my tail was in because I was trying to find a quick solution to make ends meet without doing real homework. The gift card thing is a great idea, and if it works, it works. Also, if I had a $1600 major credit card limit, I'd charge on that before I took anyone's pay day loan and pay the minimum payment on that if the bill was due until a full check came in and I could start paying it down.

 

Please continue to visit this site. Learn as much as you can. I swear reading the stories here, following people and their journey's and learning from my own personal mistakes has made me a smarter consumer, and I will do my absolute best to never go back to where I was prior to finding this site. You will too if you stay close. Play your cards right, and you'll have better credit, better cards, and better options and there won't be many days that you'll walk into someone's bank or CU and ask for a loan and they turn you away. Soak up all the knowledge.


Starting Score: 686 TU / 683 EQ 01/17/2013
Current Score: 703 TU / 691 EQ 10/04/2013 / 688 EX 11/12/2013
Goal Score: 700 across all three


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