I might need to use a check advance loan, what can you tell me about these places?

Question

I need about 500 dollars until my next pay day. How much will they charge me to do so. I know it isn't the best idea but I have to or I will lose my sons daycare and then I cannot work at all. My checks I recive from my employer are about 800 after take home. I have no other alternative or anywhere else to borrow from.

Answer 1

And then in two weeks when the loan plus interest is due you will be in worse shape than you are now, and it continues from there until you are permanently broke and in debt. Talk with the daycare and work something out anything is better than going to these legalized loan sharks. Once in it is almost impossible to get out. Been there, done that, trust me you do not want to go there

Answer 2

Ask your boss for an advance not a loan store. If you borrow 500 they will charge you a fee that isn't a fortune but it is like 50 so you might get 450 and owe 500. In an emergency when you have a way to pay it back it isn't too bad.
The problem is next payday you will get 800 give them 500 and your day care person and other bills will need paid again so you borrow again maybe 600 to get 550 and it continues until you have paid more in fees in 10-20 weeks than you borrowed.
If you borrow from your employer he might take back 100 a payday until it is paid back without interest.
Unless you have landed the second job or roommate to get the money to pay it back don't borrow.

Answer 3

These places are out for one thing. Making money. They don't care about your financial situation, they just want the fee and the interest that they will make off you. My younger sister went to one of these places, and when the next month rolled around and she couldn't pay back the loan, it was ugly. They sent her to collections, called her every hour, and even had someone go to her house! If your checks are 800, and the loan is 500, that will leave you with 300, before all of the fees that they require. If it's possible, leave your son with a trusted friend or family member. It may be possible to talk to the day care provider, as well. Try to work something out with them, like paying half now and half when you get paid.

Answer 4

the maximum most check cashing places will lend is $500. You will have to postdate a check for,at the max, 3 weeks from the day you get the loan. This means you will have 3 weeks (maximum) to pay back the loan. For $500, most places will charge $90. So, you'll have to pay back $590 next time you get paid. These places are great if they're your only alternative. Just try not to make it a habbit ;-)

Answer 5

You have to do what you have to do. Just make sure to do yourself and family a favor and have some kind of a plan for getting out from under this load. The interest is somewhere around 400% or 500%. In many cases you will need a lot of discipline to dig out of this kind of hole.

Answer 6

The only real problem with those places is the interest they charge is usually very high. It's tough to live pay check to pay check, isn't it? Good luck to you!

Answer 7

have you seen Gary Coleman's cash call advertisement on tv?
on the bottom of the screen in find print it says on a $2500 loan interest rate is 99%, you need to stay away from these rip off places

Answer 8

I've used them before both ones that I've found on the internet and ones like money tree had no problems with either. If you need it it's a good way to get the cash you need.