2006-12-30 05:24:40 · 9 answers · asked by corkie 1 in Business & Finance ➔ Personal Finance
DON'T DO IT! Once you dig your self in a whole like that there is no getting out. Think about it. You borrow x amount. Then you have to pay back X+ interest. you already don't have that kind of money( b/c if you did you would not need to go there) so you start the next month already behind.
2006-12-30 05:34:28 · answer #1 · answered by princessaris80 4 · 2⤊ 0⤋
Basically it's a legalized form of loan-sharking. Interest rates typically exceed 800% and many go as high as 2000%. If you're living paycheck-to-paycheck you'll probably discover that you can't pay off the loan when it's due so you wind up rolling the balance over until the next payday along with a steep "fee" for the privilege of doing so.
If you don't have any other options -- friends or family -- take ONLY the absolute minimum that you NEED to SURVIVE until payday. Nothing for beer, smokes, or entertainment.
On the other hand, if the alternative is having the phone or TV cable cut off, let them cut it. It'll cost you far less in the long run.
Hock the TV or the stereo if have to, but avoid those bastards at ALL costs!
2006-12-30 13:55:24 · answer #2 · answered by Bostonian In MO 7 · 3⤊ 0⤋
The finance charges on those are so ridiculous it is not worth it!!! A good way to get quick cash would be to take something of value to a pawn shop. You will have to pay them extra to get it back out, but at least it will be less interest then you would be paying at a cash advance store. And definitely stay away from any cash advance places that ask for car titles. That's a good way to lose your car.
2006-12-30 13:49:36 · answer #3 · answered by KS 7 · 2⤊ 0⤋
I have a friend who uses this. Rip Off! They will cash your check for you but they charge HIGH fees to do so. They will go ahead an give you the money now, but they cash your check on your payday - Because of their charges, the girl I know is just digging herself in a deeper hole. Use only as a last resort!
2006-12-30 13:33:48 · answer #4 · answered by kiki 4 · 2⤊ 0⤋
STAY AWAY FROM "PAYDAY" OR "CASH ADVANCE" LENDERS!
You'll fair much better by obtaining a personal line of credit loan from your financial institution, preferably a Credit Union instead of a bank.
A line of credit will charge you a fixed interest rate and you will have a set minimum payment each month. These "payday" places will charge you exorborant interest rates that are designed to keep you in debt to them forever!
You can find a Credit Union near you at www.ncua.gov in the Resources for Consumers section.
Please, Please, Please stay away from the "payday" loan places...you will ruin your credit rating/score and make yourself miserable!
2006-12-30 14:25:43 · answer #5 · answered by Inquisitive125 3 · 1⤊ 0⤋
Cash advance stores charge you a small fee for giving you the amount of an expected check before it arrives. You have the money now. You have a little less money due to there charge.
2006-12-30 13:45:37 · answer #6 · answered by cclittle2006 2 · 0⤊ 2⤋
You borrow some money and write a post dated check for the principle and interest...longest time allowed was two weeks for the one I went to. Calculated the interest on a per annum basis, came out to be an 850% interest rate. Not recommended if you can help it.
2006-12-30 13:31:09 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I searched across the internet and came upon a lot of scams. After all the webpage that helped for us= financial-care.info-
RE Has anyone used one of those cash advance stores before? How does it work? Need cash before next payday.?
#EANF#
2014-09-06 03:30:35 · answer #8 · answered by Rafaelia 1 · 0⤊ 0⤋
If you don't mind paying up to 50% a month!!
2006-12-31 02:09:30 · answer #9 · answered by Steve R 6 · 0⤊ 0⤋