I am a single mother that needs $10,000 ASAP and I can pay $300.00 per month until paid in full. I don't have any collateral and my credit is very poor. Can anyone help me?
2006-09-03 02:41:04 · 4 answers · asked by rjones4064128 1 in Business & Finance ➔ Personal Finance
First of all, let's clear up some misconceptions about loan sharks that surfaced in other people's answers:
Bluealt said: Do not ever use a loan shark or a payday lender. You'll be regretting it for the rest of your life. Those folks charge 300%+ interest for your hard earned bucks. Don't do it.
While I agree with Bluealt's kind advice, I respectfully disagree with the information it is based on.
There is a big difference between a loan shark and a payday lender. Payday loan APRs range from 300% to 700% (with some reaching 1000% or more). Loan shark APRs, on the other hand, range from 152% to about 250%.
SharonLovesKeyLimePie said: Who do you think would get their arm broken if you couldn't pay? Your kid(s).
This is another misconception about loan sharks.
The only place loan sharks still use brutal violence is on TV and the movies. While loan sharks may threaten violence (and the violence option is, of course, always on the table), most loan sharks will avoid it because it attracts police attention.
Loan sharks would much rather send thugs to break into your home and steal possessions to recover defaulted loan payments. This, of course, has many risks - especially if you are a single mother with kids in the house. If you are at work and your kids are at home when the thugs come, it would be a disaster. Even if your kids are not physically harmed, they would be emotionally scarred for a long time to come.
Now that the misconceptions are out of the way, let's look at the REAL reason that a loan shark is NOT an option for you.
If you need $10,000 and can only pay $300 per month, then I am sorry to say this but a loan shark is out of your price range. You could not afford a loan shark's rates.
Let's say you find a loan shark with an APR of 152%. In order to pay off the loan within one year, you need to make monthly payments of $1,664.54. For a two year loan, you would need to make monthly payments of $1,343.42 per month. If you agreed to pay back the loan in three years, it would cost you $1,284.21 per month. Even if the loan shark gave you nine years to pay it back (they wouldn't, but for the sake of argument), you would still need to pay them $1,266.67 per month to pay off the loan because during that time you are paying 152% interest per year on a $10,000 loan.
A loan shark is financially impossible in your current situation and trying to find an illegal lender would expose you and your children to criminal elements.
Please consider an alternative such as a credit union. With APRs in the 36% range, a credit union would give you a much better chance of paying it off.
I hope you find a way out of your financial difficulties and am sorry I could not be of more help to you.
2006-09-03 06:45:36 · answer #1 · answered by Steve 2 · 0⤊ 0⤋
Payday Loans Kcmo
2016-10-07 00:27:28 · answer #2 · answered by glymph 4 · 0⤊ 0⤋
Do not ever use a loan shark or a payday lender. You'll be regretting it for the rest of your life. Those folks charge 300%+ interest for your hard earned bucks. Don't do it.
If you can pay $300 a month, then keep checking with banks, credit unions, friends, family until you find someone willing to take a chance on you.
Best of luck to you.
2006-09-03 02:48:46 · answer #3 · answered by Bluealt 7 · 0⤊ 1⤋
You don't need real loan sharks, you need help. I don't know why you think you need $10,000 ASAP but chances are that you don't. What you do need is to learn someway to keep you from the kind of financial decisions that make you think you need that $10,000. Think of your children before you go courting a dangerous person who is going to own you body and soul for a lot longer than you may be thinking.
2006-09-03 05:20:26 · answer #4 · answered by Vadalia 4 · 0⤊ 0⤋
Do you have a history of making such poor decisions?
Your children should be taken away from you for you even trying to put them in such a dangerous situation. Who do you think would get their arm broken if you couldn't pay? Your kid(s).
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"The only place loan sharks still use brutal violence is on TV and the movies. "
I don't know where you live, but in NJ and NYC loansharking and violence go hand in hand. You can read indictments and press releases on the DOJ website. Maybe out in middle america they have gentle loansharks, but not here.
And lets not forget Frank Calabrese, Sr who told his underlings to "do anything you have to do" in order to collect from people who were behind.
2006-09-03 03:19:22 · answer #5 · answered by BoomChikkaBoom 6 · 0⤊ 2⤋
Contact Bill Gates
2006-09-03 02:43:33 · answer #6 · answered by Anonymous · 0⤊ 2⤋
This is a very interesting question
2016-07-27 12:11:33 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Was wondering the same thing
2016-08-23 06:03:19 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Try https://tr.im/1mlbW
2016-07-23 05:11:31 · answer #9 · answered by ? 6 · 0⤊ 0⤋
a
2006-09-03 03:12:52 · answer #10 · answered by shriram r 2 · 0⤊ 2⤋