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PAYDAY LOANS I need money urgently.

Regular Contributor

Re: PAYDAY LOANS I need money urgently.

OP seemed pretty determined to take one out no matter what advise was given..

 

Maybe the OP hoped that someone here would pm and offer to give the loan to save them from the payday loan death trap????  JMHO

"Your past is the doorway to your future"

Dad's words of wisdom

Message 21 of 35
Valued Contributor

Re: PAYDAY LOANS I need money urgently.

OP ignored everyone's advice, doubt he will be back but if he does I'm interested in seeing how he handled his 220%+ loan..
Message 22 of 35
Moderator

Re: PAYDAY LOANS I need money urgently.

So to add something having worked around the PDL space:

 

The APR isn't always realistic, fees, payment penalties, you name it just about anything that <insert the name of your state's AG here> hasn't struck down will be used.

 

There's a time and a place for short term money loans, I've been there once even if my credit apparently is now dinged for yet another 5 years as a result of it on the damned CFA tag, though if you have other options it's better to use them instead.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 23 of 35
Frequent Contributor

Re: PAYDAY LOANS I need money urgently.

I want to know where he/ she got an $800 payday loan from. I live in Los Angeles and in CA the max payday loan you can get is $255.  Anything above that is a personal or title loan.   I saw a personal loan for 2500 with 130%APR.  I politely told them to kiss my ass before I hung up the phone. sheesh... I would have had to pay those peope back $12,000 for a $2500 loan.  So glad I got out of that viscious cycle. But I understand how hard it is especially when you really really need the money. Ive been that desparate before. But God makes a way out of no way. 

As of 6/30/2017 - EQ:598 TU:589 EX:645 GOAL:750 All around the board
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Message 24 of 35
Moderator

Re: PAYDAY LOANS I need money urgently.


Songburd18 wrote:

I want to know where he/ she got an $800 payday loan from. I live in Los Angeles and in CA the max payday loan you can get is $255.  Anything above that is a personal or title loan.   I saw a personal loan for 2500 with 130%APR.  I politely told them to kiss my ass before I hung up the phone. sheesh... I would have had to pay those peope back $12,000 for a $2500 loan.  So glad I got out of that viscious cycle. But I understand how hard it is especially when you really really need the money. Ive been that desparate before. But God makes a way out of no way. 


People use the terms somewhat interchangably in various places online and it varies by state.

 

Guess to add something, if you need a short-money loan (plenty of people in Cali will lend you $2600 for example), get MORE than you need and then as soon as it funds pay back the extra immediately.

 

After that, don't just make minimum payments, that's no bueno over 48 months or whatever as is noted the ~120% APR's add up hella fast, but if you pay it off on a few months, even on a 25K loan to make payroll that's "only" a 5K fee max by sloppy math (120/6=20%) and that's if you needed the full amount anyway.

 

If you only needed 10K using what I suggested above, and the interest on the 25K loans is way less generally, now you're looking at 2K in fees... which if you absolutely have to have the money right now, it can work.

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 25 of 35
Established Contributor

Re: PAYDAY LOANS I need money urgently.


dakota3freeman wrote:

I want to use payday loans. What is the normal rate?


Even though there are three pages of people advising you not to do it already, I'll add my voice to the chorus. Those payday-loan places (or title-loan places) are vultures, pure and simple, legalized loansharks. They exist precisely in order to prey on people like you who are in urgent need of money. I haven't read through the whole thread yet so I don't know what you ultimately decided to do, but I would seriously think instead, for instance, about getting a personal loan from a reputable institution. If you belong to a credit union, many CU's issue personal loans at MUCH better rates, comparable, in fact, to credit-card APR's from reputable issuers or sometimes better. I'm more hesitant to recommend the second option because I have had my problems with Citifinancial in the past, but you might also look at OneMain, Citifinancial's successor, if they have an office in your area. Avant is also an option, and so is Lenny (though you need to be a resident of California in order to be able to borrow from Lenny). Whatever you do, though, stay away from those payday loan joints even if you have to go to the other side of town to do it!

 

EDIT: I see, having completed the thread, that you decided to go ahead with a payday loan. Good luck, I sincerely hope you don't come to regret it. My advice to you would be to pay it back in full as soon as you possibly can - don't allow the interest to build up any longer than you can absolutely help it.

Ch 7 BK discharged 12/14, well along in rebuilding credit. FICO 12/1/17:TU 663/EX 697/EQ 688 FICO 8 (Aug 2017) or 680 FICO 9 (Penfed Sep 2017), VS 3.0 12/1/17: TU 699/EX 687/EQ 693. $33.2K revolving credit as of 11/7/17; $951 Cap One secured Platinum MC, $2000 Apple FCU Platinum Visa, $3500 Amazon Prime Store Card, $3500 Walmart Store Card, $3500 Cap One Quicksilver MC, $4000 Care Credit, $4300 Overstock Store Card, $4500 Discover It, $7000 Penfed Power Cash Rewards Visa, $10k PenFed used car loan, $5k Navient student loan. In the garden again from 10/26/17 for at least the next 3 months unless I get a really really good preapproval.
Message 26 of 35
Valued Member

Re: PAYDAY LOANS I need money urgently.

A few questions:

 

1. Do you have a family member (aunt, uncle) who will work with you for a loan say 10% for a 3 month term? Seems reasonable. $800 bucks isn't alot of money. If they say yes, then write up a small contract. Easy.

 

2. Do you belong to a bank? Ask them for a small loan for this amount attached to your savings. If no savings, then do you have any collateral on your car. If yes, ask the bank to use this. A credit union will usually do this. Pay it off as soon as possible. 

 

3. Do you work? Can you get an advance from your work? 

 

Any of these alternatives listed is better than a payday loan. Peace. 




Message 27 of 35
Highlighted
Senior Contributor

Re: PAYDAY LOANS I need money urgently.


brownie9 wrote:

A few questions:

 

1. Do you have a family member (aunt, uncle) who will work with you for a loan say 10% for a 3 month term? Seems reasonable. $800 bucks isn't alot of money. If they say yes, then write up a small contract. Easy.

 

2. Do you belong to a bank? Ask them for a small loan for this amount attached to your savings. If no savings, then do you have any collateral on your car. If yes, ask the bank to use this. A credit union will usually do this. Pay it off as soon as possible. 

 

3. Do you work? Can you get an advance from your work? 

 

Any of these alternatives listed is better than a payday loan. Peace. 


The OP already moved forward and agreed to the payday loan. Decision already made.

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Message 28 of 35
Moderator

Re: PAYDAY LOANS I need money urgently.


donny10 wrote:

brownie9 wrote:

A few questions:

 

1. Do you have a family member (aunt, uncle) who will work with you for a loan say 10% for a 3 month term? Seems reasonable. $800 bucks isn't alot of money. If they say yes, then write up a small contract. Easy.

 

2. Do you belong to a bank? Ask them for a small loan for this amount attached to your savings. If no savings, then do you have any collateral on your car. If yes, ask the bank to use this. A credit union will usually do this. Pay it off as soon as possible. 

 

3. Do you work? Can you get an advance from your work? 

 

Any of these alternatives listed is better than a payday loan. Peace. 


The OP already moved forward and agreed to the payday loan. Decision already made.


It's entirely possible others may read this thread with a similar situation, and those are valid options.  No harm no foul.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 29 of 35
Contributor

Re: PAYDAY LOANS I need money urgently.

I know the OP isn't responding anymore but for anyone who reads this post and is thinking about Payday loans I'd advise to read this story. https://forums.debtcc.com/pdl-story.html

Mods please delete if it violates TOS.

Message 30 of 35