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Frequent Contributor
dddfresh
Posts: 391
Registered: ‎01-11-2013
0

Re: 800 LOAN MART and personal loan experience :(

im looking at it now. thank you!

 


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
dddfresh
Posts: 391
Registered: ‎01-11-2013
0

Re: 800 LOAN MART and personal loan experience :(

do you know what your sisters credit was like when she applied? or what they are looking for?


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
beb86
Posts: 1,117
Registered: ‎10-31-2011
0

Re: 800 LOAN MART and personal loan experience :(

Question...What are you looking into a loan for? What are you trying to cover with $2600?? Rent/mortgage, Car payment, CC payments? etc.... What does your income look like? Just trying to see the whole picture....sometimes car or mortgage loan will let you skip a one time payment and tack it onto the back of the loan..

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Frequent Contributor
dddfresh
Posts: 391
Registered: ‎01-11-2013
0

Re: 800 LOAN MART and personal loan experience :(

2600 was the only amount of the loan. No more or less was an option. I needed about 1500 to cover rent and bills. When I went to the credit unions they said to ask for 5k instead of 2 so that way if I wasn't initally approved then they could make a counter offer for a lower amount

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
dddfresh
Posts: 391
Registered: ‎01-11-2013
0

Re: 800 LOAN MART and personal loan experience :(

Income around 40/yr

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
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Revelate
Posts: 9,485
Registered: ‎12-30-2011
0

Re: 800 LOAN MART and personal loan experience :(

[ Edited ]

I have to ask, what do you need this loan for?  Also how much explicitly do you need?

 

If you have $1600 in available credit and you're looking at 4-5 weeks until your next paycheck, why cannot you live in that amount?  

 

The 800-loan-mart or Cashcall or others are not designed in favor of making minimum payments; however, they can be made to work to your advantage.  Simply borrow more than you need, and then take any excess and pay it back ASAP/Immediately once the check clears.  You need $2500, borrow $5000 and pay back $2500 right off the top.  This accelerates the amortization curve immensely, and incidently you typically get a lesser interest rate on the larger loan amount.

 

After that you simply throw as much money as you can at it until it's paid off.

 

Right now though, absolutely stop applying for anything until you formulate a strategy; if that means cutting extra things out of your life or cutting a deal with your landlord, do that.  Are you certain you're not being paid for the two weeks, or do you have any vacation time coming to you for a final paycheck?

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
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Contributor
solxp
Posts: 93
Registered: ‎12-16-2012
0

Re: 800 LOAN MART and personal loan experience :(

[ Edited ]

Revelate wrote:

I have to ask, what do you need this loan for?  Also how much explicitly do you need?

 

If you have $1600 in available credit and you're looking at 4-5 weeks until your next paycheck, why cannot you live in that amount?  

 

The 800-loan-mart or Cashcall or others are not designed in favor of making minimum payments; however, they can be made to work to your advantage.  Simply borrow more than you need, and then take any excess and pay it back ASAP/Immediately once the check clears.  You need $2500, borrow $5000 and pay back $2500 right off the top.  This accelerates the amortization curve immensely, and incidently you typically get a lesser interest rate on the larger loan amount.

 

After that you simply throw as much money as you can at it until it's paid off.

 

Right now though, absolutely stop applying for anything until you formulate a strategy; if that means cutting extra things out of your life or cutting a deal with your landlord, do that.  Are you certain you're not being paid for the two weeks, or do you have any vacation time coming to you for a final paycheck?

 


 I did some googling and apparently 2600.00 is the min amount alot of the places lend because in certain states like CA title loans for that amount and higher have no cap on intrest or fees, while loan amounts for less do have some regulation which keep interest to around 100% i guess that is a side affect of the crackdown on payday loans in some states. Loans mart tends to charge around 125-180% interest for first time customers based on what little documentation I could find thru complaints with the BBB and other resources and for repeat customers they offer the awesome rate of 108%.........  

 

These companys are predators and thinking you can do business with them and come away unscathed is dman risky IMO. When i was googling I found some horror stories about Loans Mart and in a interview one reporter asked one of the title loan office supervisors what made him any diffrent then Tony Soprano the guy said "we dont break your legs".  One guy feastured in the article borrowed 2600.00 amd has been paying back 200.00 a month for over 3 years now  his current buyout is 3200.00 I can not even being to wrap my head around that. I do remember reading that the new CPA was going to be looking into title loan companies.

Valued Contributor
Repo-ed
Posts: 2,954
Registered: ‎02-09-2012
0

Re: 800 LOAN MART and personal loan experience :(

Ya, you'll have to let your GF know that you catch her on next years Bday.

 

For now, buy some stuff from lowes, and hoch it on craigslist.

Regular Contributor
aplast
Posts: 150
Registered: ‎06-20-2012
0

Re: 800 LOAN MART and personal loan experience :(


dddfresh wrote:

unfortunately, most of my credit is for jewelery stores and LOWES home improvement. my actual credit cards are about 1600. have definitely considered a cash advance on my credit cards but havent done it yet


man go to lowes and visit the gift card tower! you can use youre lowes card to pay for it and get gift cards to grocery stores, gas stations, restaurants, hell even visa gift cards so you could pay the utilities and stuff. that may take a little pressure off of you!
American Express Green - NPSL, Sams Club Discover - 4000, Paypal Smart Connect - 4000, Capital One - 3500, Barclaycard Visa - 2500, Walmart - 1500, Discover IT - 1000, Ashley Furniture Home Store - 1000, Care Credit - 1000.
Frequent Contributor
QAMngrGirl
Posts: 463
Registered: ‎11-28-2012
0

Re: 800 LOAN MART and personal loan experience :(


aplast wrote:

dddfresh wrote:

unfortunately, most of my credit is for jewelery stores and LOWES home improvement. my actual credit cards are about 1600. have definitely considered a cash advance on my credit cards but havent done it yet


man go to lowes and visit the gift card tower! you can use youre lowes card to pay for it and get gift cards to grocery stores, gas stations, restaurants, hell even visa gift cards so you could pay the utilities and stuff. that may take a little pressure off of you!

Are you allowed to use a credit card to pay for gift cards? Walmart & Target (near me) only accept debit cards/cash/check for any gift card purchase. If you can, that's a great idea!

Start: Nov'12 EQ 699/EX 685/TU 696 / Current: April''14 EQ 715/EX 709/TU 709 * Goal 750+



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