Will they really loan me $1500? I seriously need money or I will lose my apartment and car. My credit score is 510 so I can't get a regular credit card. My friends and family can't loan me anything. I start my new job Nov. 1 (salary $35K) but have been out of work 2 months and that is a mighty big hole. I am desperate.
2007-10-19 05:43:23 · 13 answers · asked by fieldsofgrace06 1 in Business & Finance ➔ Credit
From what I've read on those sites, yes they'll give you the money (payday loan is what I'm referring to) and then they want you to pay it back plus interest which normally is natural but in the payday case, the interest is outta sight and you are paying for a long time and paying 10 times as much just about.
Please read the fine print on everything and anything online. If it sounds too good, you know it probably is.
2007-10-19 05:50:21 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Payday loans don't need to verify employment or do credit checks because the require you to give them access to your bank account. They also have you sign an agreement to let them garnish your wages if you default. The interest rates are more like 600% APR.
Take out a loan from the neighorhood loan shark. The interest rate will be less and the collection tactics will be nicer.
2007-10-19 05:56:32 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
Any lender who will give a loan to just anyone is only doing it because they are going to take advantage of their desperation. You'll be gouged in interest fees.
If you speak with the apartment management and finance company and explain, they may defer payments. As long as you're ackowledging that the situation needs remedied and you are making an effort to straighten it out a lot of places will work with you.
2007-10-19 05:50:53 · answer #3 · answered by Sandy Sandals 7 · 1⤊ 0⤋
if you borrow 200 dollars you pay back 350 dollars it a big rip off and no the first time they will not loan you 1500 they my loan you 500 but then you pay back 800 but after 2 weeks you have to pay the intrest at least
2007-10-19 05:49:20 · answer #4 · answered by Anonymous · 0⤊ 0⤋
the catch is probably that you have to have a checking account, and they deposit the money to your account, and that's probably how they get the payments as well. Not to mention the interest rates will more than likely be high, because they are catering to people who need money, and can't get low interest loans. Be careful and read the fine print.
2007-10-19 05:47:40 · answer #5 · answered by goodgirlabout2gobad 6 · 0⤊ 0⤋
they'll give you the loan, but expect a big chunk of change in interest to pay them back. some can charge up to 25% of what you owe, making a $1500 loan a $1875 loan.
2007-10-19 05:48:36 · answer #6 · answered by king_tots 4 · 0⤊ 0⤋
no, they will lend you about half of what your take home pay
It depends on if you get paid weekly or bi-weekly and then
they charge you about 20 times the interest and then
you never get it paid off. You are NOT that desperate
to create a bigger mess then just falling behind on payments
try to fix your credit
creditinfocenter com
buddhibbs com
2007-10-19 07:40:11 · answer #7 · answered by Anonymous · 0⤊ 0⤋
They will loan you the money but the interest rates are rediculious and they make you use some sort of collateral. I knew a guy that did it and he missed one payment and they took his car!
2007-10-19 05:46:46 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Yes they will and you will be paying around 200 percent interest per year. Get ready to grab your ankles.
2007-10-19 05:46:01 · answer #9 · answered by Abolir Las Farc 6 · 1⤊ 0⤋
the catch is that there is a huge interest rate.
and they might want to take the ownership papers on your car, or part of your house in case you don't pay it back.
2007-10-19 05:46:23 · answer #10 · answered by nickipettis 7 · 1⤊ 0⤋