2007-09-05 04:34:15 · 14 answers · asked by Anonymous in Business & Finance ➔ Credit
Part time job, cut spending
2007-09-05 04:37:07 · answer #1 · answered by wizjp 7 · 3⤊ 0⤋
Oh my God, this is so me.
I recently went to a Credit Union bank in my town. I have very poor credit and they paid the payday loans off for me and I just pay them once a month. That is much better than paying all of the payday loans every week or so and paying the outrageous fees. I have been in the payday loan cycle for over 3 years. It had gotten ridiculous and I had to do better with having my 4 month old baby. I prayed and cried and prayed and cried. So one day I walked in the bank and the guy got me approved for a secured loan to pay off some debt. Email me if you like to talk about this. No one knows what you're going through more than I do. I know you hate hearing....Get on a budget or pay them off little by little. That's crazy. That little by little is probably what you're using to eat every day or gas in your car to go to work. God I hated some of these answers.
2007-09-05 06:59:40 · answer #2 · answered by Anonymous · 0⤊ 0⤋
There is a way.
Not long ago there were some laws passed to help people like you.
The payday loan place can offer you a payment plan and not charge you anymore fees.
I think it was a federal law but check you loacl and state laws where you live.
You will not be able to take another laon out with thEM durring the payment plan and you can only do it once a year.
Call them and ask them about it.
**** luck and I hope you learned a lesson here--
STAY AWAY FROM PAYDAY LOAN PLACES
2007-09-05 09:27:58 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If you are in a payday loan and cannot afford to pay it back because you are afraid of legal issues, the read the article below on Not Paying Payday Loans.
2007-09-05 07:35:18 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Make it a priority to pay off one at a time (you said loans, so I'm assuming there's more than one). You are really going to have to go on a strict budget -- everything goes but the bare essentials. Turn off the cable, internet, cell phone. Start using those non-name generics grocery items and shop cheap menus -- dried beans are real cheap and make a big pot of soup.
Get a second or third job. Have a garage sale, pawn your jewelry, collect alum cans. Whatever you can find to make some cash. And throw everything you can at one payday loan at a time.
Taking out another loan is NOT the way to dig yourself out. It will be tough. But you can do it.
2007-09-05 05:28:24 · answer #5 · answered by bdancer222 7 · 0⤊ 0⤋
They got me trapped once too! The best suggestion I can give is every month when you renew it just pay it down a little bit so if you getting a pay day loan for 300.00 only get it for 250.00 next time then only for 200.00. That is the only way I got out of mine. Oh yeah and if you ever broke again you can not think of them as your backup! They are easy to fall back into again. It only takes one bill to make you go back! Be careful with those guys and good luck!
2007-09-05 04:40:27 · answer #6 · answered by SEA GAL 3 · 0⤊ 0⤋
Girl, I hear you. I did a payday loan for my cousin. She jipped me out the money and I didn't have it to cover it since I (technically) didn't borrow it. I got screwed out of 560 bucks and a cousin. Someone on here said they (the payday loans) shouldn't be allowed and I agree. Especially if you take it out for someone you 'trust'. Good luck honey.
2007-09-05 04:40:11 · answer #7 · answered by bunny77 3 · 0⤊ 0⤋
There is no real out. You signed a contract and now have to live up to it. Try and borrow the money you owe them (from a legitimate lender) and pay them off. Or... sell stuff until you can pay them.
Pay Day Loans and similar operations are predatory and should be regulated. Some charge upwards of 500 percent interest. Everyone out there, never... ever borrow from these places.
2007-09-05 04:39:15 · answer #8 · answered by Anonymous · 0⤊ 0⤋
The only realistic way is to repay them.
Consider asking your employer if you can work some overtime.
Consider getting a second job.
Consider asking your employer for a temporary loan with an agreed upon repayment schedule.
Consider asking your family member for a temporary loan with an agreed upon repayment schedule.
Consider selling an asset.
2007-09-05 04:38:26 · answer #9 · answered by CPA/PFS 2 · 4⤊ 0⤋
Good luck with that the interest is SOO high on those loans, You may try to get loan through your bank and pay off the higher interest loans with your bank loan.
2007-09-05 04:37:27 · answer #10 · answered by PoPtArT 4 · 1⤊ 2⤋
The only way to get out from under them is pay them off as soon as possible. Always pay them more than their minimum balance requirement so you can pay off the principle and not just the interest.
2007-09-05 04:38:07 · answer #11 · answered by ? 5 · 1⤊ 0⤋