If so, how was your experience? What did you have to do? I need about $1000 for bills but didn't budget to well this month.
2006-07-21 05:37:56 · 23 answers · asked by s_sill 3 in Business & Finance ➔ Other - Business & Finance
For all of you telling me to budget better....too little too late dont you think? Also, I have a great job where I get paid weekly but like everyone else, sometimes things come up. I drive two cars and had to unexpectedly fix both of them. Nothing major, but enough to put a dent in my end-of-month bills.
Knowing that I have to budget is common sense. Thanks to all for the advice and information, I appreciate it.
2006-07-21 06:22:45 · update #1
Edited to add:
Well it seems that the state of California only allows an advance of no more than $255. That can't help me! So thanks for all of your advice and it seems like I'll have to think of something else.
2006-07-21 09:57:32 · update #2
Well I just went through the same thing. I have a bank account with my local credit union so I did a salary advance. A salary advance is where you can get up to $500.00 immediately, but when you get your next paycheck they take what ever amount you borrowed with interest. Like I got the $500.00 and then when I got paid they took $504.33 because whether it's a loan advance or salary advance what ever you borrow has to be paid in full with in 30 days. I get paid once a month so they took the entire amount when I got paid, but maybe it would be different if you got paid weekly or bi-weekly but you still only have that 30 day window. So what I had to do was apply for a credit card. The credit union asked me how much I wanted the max of the card to be and I said $1500.00. I applied and was approved this month and got the card in the mail yesterday. Now I have caught up with everything, and have some what of a cushion when they take the $500.00 out of my next check. What will be left of my paycheck can cover all of my bills and I can just rely on the credit card for food and gas. Then when next month comes I will have a new with bill with a minimum payment attached to it but that will be ok because I don't have to worry about them taking the $500.00 out anymore due to the salary advances so I will be able to pay the minimum if not a little extra. I hope this helps.
2006-07-21 05:58:52 · answer #1 · answered by Anonymous · 11⤊ 1⤋
Bad idea all around, everyone above me already answered the fees that are charged and such.
I did it before and they had this handy little thing where your fee was deducted if you took out another chunk of money when you paid off your advance. Well that adds up you are still paying $450 and actually only getting $400, then roll that over again, now you are paying $445 for $400....well you just spent $95 to use your own money.
I'd just call whatever bills you aren't going to be able to pay and explain that something came up. Don't do that too much though, they start denying you and you might really have an emergency that keeps you from paying your bills.
2006-07-21 05:44:53 · answer #2 · answered by Miss Guided 4 · 0⤊ 0⤋
Okay, I can tell you that I am the payday loan advance expert, having gotten many of them. If you are speaking of a payday loan place in your neighborhood, you write them a check which they hold and then they give you the money right now. Fees vary...I would borrow $350 and have to pay back $380. If you are getting an online payday advance, they direct deposit the money in your bank account, but BE VERY CAREFUL... different companies work differently,and if you don't read the fine lines carefully and follow all instructions to the "T" you will be paying on that loan for more than a year which is what happened to me. At one time I had 6 payday loans out and it was AWFUL!!! Online loans make it easy to get money, but hard to pay it back. Also, if you have never gotten a payday loan before , usually the most you can get is 200 to 300 dollars. Be careful, and good luck.
2006-07-21 05:43:13 · answer #3 · answered by crazymomma 4 · 0⤊ 0⤋
Yes I have and I agree with dbikeguy1 to a point. The interest will kill you but those places base the type of 'quick loan' you get on the amount of your paycheck. dbikeguy1 is right though, it's not worth it. Once you are in it can be difficult to get out unless you just refuse to pay them. That's a whole other set of problems.
my experience was always good. There aren't too many places that will loan you $1000.
my advice call your bill collectors before they call you and work something out with them. Paying a little to them is alot better than paying nothing at all.
if you still intend to go to a quick loan place find out what their requirements are and what their interest rates are as well.
2006-07-21 05:48:15 · answer #4 · answered by NyteWing 5 · 0⤊ 0⤋
From what I've heard from other people who've done this, DON'T DO IT!! They charge a bazillion dollars in interest and it's very hard to pay it back. The best thing to do, when you're short, is to make arrangements to pay a little on each account, until you get caught up. While it will trash your credit score for a while, once you get caught up, things will get better. Let this be a lesson to you to budget better in the future. But, never borrow money to pay bills. It leads you down a road that becomes harder to navigate, in time. <*)))><
2006-07-21 05:44:22 · answer #5 · answered by Sandylynn 6 · 0⤊ 0⤋
If the interest is less than what it will cost you in late fees... then it is worth it and plan a better budget for the future. I have to pay off bills but I got a low rate loan and it was cheaper than the interest I was paying. Good Luck. But shop around.
2006-07-21 05:43:47 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Borrow the money from someone you know, or sell something! Those places charge such a high interest rate, it could take you literally years to pay off a loan of $1000, and you might end up paying them back as much as five times what you borrow!
Please be careful!
2006-07-21 05:43:00 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Please do not do this! It is very costly. They will only give you a Small mount. And if you are short on money this month it will only be worse next month when you pay them back. If you call the creditor's you owe 90% of the time they will work with you. Just explain and see what they can do. My husband got hurt on the job and we could not pay our mortgage for two months and the lender let us pay interest only for those two months. Just be up front and they will try to help. Best of luck and hang in there. It is only temporary:)
2006-07-21 05:43:54 · answer #8 · answered by Hollli 3 · 0⤊ 0⤋
Many people get payday loans. There can be good and bad experiences. If you do decided to get a payday advance try to pay it off as quickly as possible because the interest can get pretty high.
Always try to budget - make yourself a budget.
2006-07-21 05:41:05 · answer #9 · answered by tiravellian 3 · 0⤊ 0⤋
At the one I used, the fee is about $20 per $100. Your loan amount can only be for what you make a pay period.
(ie. If you only made $750 for a pay period, then the most you could get a loan for would be $600 because it would be $720 to pay off the loan.)
2006-07-21 05:40:49 · answer #10 · answered by michaelyoung_airforce 6 · 0⤊ 0⤋