How to get out of the payday loan trap/cycle?
November 23rd, 2009
dixiegirl asked:
HELP! We are caught in a vicious cycle of trying to pay off payday loans, however, due to the enormous interest rates, we are having difficulty paying them off. We are in the process of rebuilding our credit score, but still have “bad credit”. We desparetly need to get a $1500 installment loan. Insights very much appreciated.
HELP! We are caught in a vicious cycle of trying to pay off payday loans, however, due to the enormous interest rates, we are having difficulty paying them off. We are in the process of rebuilding our credit score, but still have “bad credit”. We desparetly need to get a $1500 installment loan. Insights very much appreciated.
Hi,
I used “Credit Solution” to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It’s legitimate.I came accross this company on NBC News Special Edition.Check it out here:
I don’t know what company you are with, but moneymart offers a loan for up to one year call an iloan. On payday loans ( at moneymart anyways) you pay the interest of 89 cents per hundred per week, which is like 8 or 9 dollars, where that big buck come in is they charge chq cashing fee’s with make up the 100.00 to 200.00 fees on the loan. The Iloan product only charges the interest, the 89 cents per 100 per week. This product my help you out of you spot. If you want more info and the requirement of it try there website or calling a store.
IN A TRAP AND STLL WANT TO BORROW?
INCREDIBLE…………………..
YA BOTH NEED TO GET PARTIME JOBS AND STOP
SPENDING.
There are debt consolidation companies out there that might be an option.
Or depending on your debt amount and credit score you may qualify for zero interest credit cards or lower interest than your paying your current credit provider(s). This can allow you to pay more towards the debt. But please please pleasepay as much as you can, transferring debt is only a reduction in cost not a total relief keep up the payments and pay off the debt not just the interest!
Just remember these institution are out to help you while they help themselves, maybe a lesser evil than your current situation but nevertheless if you miss payments, you get stung!
Oh geez those things get ya by the balls…Yikes!
I take it you can’t get a loan thru a bank? hmmm…that’s a tough one! I work at a bank and see the havoc payday loans cause people. INSANE!!! Try talking with your bank loan officers. Explain to them you’ve gotten yourself into a bind and you really need help getting back on track. Depending on your bank/customer relationship this could help. They might be able to work with you on something. If that doesn’t work … you could try stripping I hear that brings in the $$ no…to be serious. I really think the talking to a banker will help. If all else shop around! Thats what banks are there for. Well, around here anyway. But, I do live in a VERY small town. Good luck you!!
alot of times if you call your local Department of Human Services they can put you in contact with organizations that will help you out of the loan….(I know people that have done it.) At the very least try to pay more then the monthly payment..
Oh, God, you have my sympathies. I think those places should be outlawed because they are nothing more than predatory lenders. Do you think a church or some social service agency might be able to help you?