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PAYDAY LOANS I need money urgently.

Frequent Contributor

Re: PAYDAY LOANS I need money urgently.

Payday loans are for at most, 2 weeks.  For $800 you will need to pay back about $920 in 14 days.  If they let you extend that, you will likely have to pay the interest at that time.

 

They are so bad for you that in some states you cant take them out.  Check you area and be really, really sure you cant find money anywhere else.


05/4/18 EQ-775, TU-778, EX-771
Last HP - 2/27/18 - Gardening unit sometime in 2019
Message 11 of 35
Established Contributor

Re: PAYDAY LOANS I need money urgently.

Please don't do it... I would look for any other possible options .. I have done it in the past... too much interest !!! Try lendup if you qualify for their $500 loan.. I paid $40 interest but they took out $135 every two weeks til I pay off.. i think


Starting Score: MYFICO 12/30/15 -TU: 481, EQ:561, EX:532 - BK7 DISCHARGED 12/2015 - Current: 09/01/2016 TU:642 EQ: 651 EX: 646
NFCU cashRewards:$6200 QS:$1500 Merrick:$1200 Cabelas:$1000 SonyVisa: $500 JCrew:$850 Overstock:$850 Express: $1050 PaypalCredit:$2150 NAVCHECK:$10K
Message 12 of 35
New Member

Re: PAYDAY LOANS I need money urgently.

I have decided upon this. The rate will be more than I expected 287% I hope it will not increase.

Message 13 of 35
Super Contributor

Re: PAYDAY LOANS I need money urgently.

Big mistake.

 

Sad.

 

Current FICO8 EQ 774 TU 794 EX 772
Message 14 of 35
Community Leader
Senior Contributor

Re: PAYDAY LOANS I need money urgently.

How's your credit? Time to rebuild? In a little time you can have the scores it takes to grab a quick 5k at 2% or 3% most any time you need it with a decent CC. I would make this moment my decision to build some scores.  GL   :]


Message 15 of 35
Valued Contributor

Re: PAYDAY LOANS I need money urgently.


dakota3freeman wrote:

I have decided upon this. The rate will be more than I expected 287% I hope it will not increase.


Good Luck. Smiley Happy

American Express Business Gold(NPSL 10k) AmexPlat (NPSL 35K) Chase CSP (25k) BofA BBR (18.8k) Amex BCP(18k) Lowes (17K) BofA CR Siggy (15k) NFCU CLOC (15K) NFCU VS Cash (15K) Care Credit (12k) Venture WMC (10.25k) Hilton Honors Ascend (10K) Chase Slate (10k) Walmart MC(10k) BB Visa (10k) Pier 1(9.5k) Discover(9k) Chase FU (7.4k) Citi AAdvantage Gold World Elite (7000) Overstock (7000) J Crew( 6.9k) Fidelity® Rewards Visa Signature® Card (6500) Citi Diamond (6k) PenFed PCR (5K) Kohls (3k) Amex Everyday (1k) Mortgage May 2017 - 2 Penfed auto loans May 2017

FICO 8 Scores EX 693(20) EQ 675(22)TU 693(23) AAOA 2.9yrs TCL=299,350
Message 16 of 35
Community Leader
Super Contributor

Re: PAYDAY LOANS I need money urgently.

Best of luck to you. So sorry this is the route you felt you had to take.


Daily Drivers: Penfed Platinum Rewards; NFCU GoRewards; Discover.. Fico 8: EX: 759; TU: 742: EQ: 748
Message 17 of 35
Super Contributor

Re: PAYDAY LOANS I need money urgently.

Why would someone join this forum to ask advice and then ignore the advice we all gave him?

Current FICO8 EQ 774 TU 794 EX 772
Message 18 of 35
Senior Contributor

Re: PAYDAY LOANS I need money urgently.

I don't get it either SouthJamaica makes no sense to come looking for advice and then totally ignore all advice given. But who knows what situation they may be in , if it were me this would be my moment of realization that I need to start building or rebuilding my credit . Almost 300% interest is insane , that's how them Payday loans suck you in though , you will pay it back and just have to borrow another one next payday
Message 19 of 35
Established Contributor

Re: PAYDAY LOANS I need money urgently.


Aduke1122 wrote:
I don't get it either SouthJamaica makes no sense to come looking for advice and then totally ignore all advice given. But who knows what situation they may be in , if it were me this would be my moment of realization that I need to start building or rebuilding my credit . Almost 300% interest is insane , that's how them Payday loans suck you in though , you will pay it back and just have to borrow another one next payday

It seriously took me almost two years to get out of this trap when payday loans first hit the scene in the early 2000s. I was in a cycle of paying off a loan and taking out a new one the very same day and was so strapped I could only reduce the amount of the new loan by $20 each time.

Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU Cash Rewards/PenFed Power Cash Rewards/PenFed Pathfinder AMEX - $60k total revolving
Message 20 of 35