Payday Loan

Payday Loan questions and answers

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Q: Payday Loan?
We are in need of some money until payday and I was wondering what payday loan website is good. I know some say payday loans are bad but they are only bad if you dont pay it back the next paycheck and my husband gets a bonus next week so we will be paying it back next week. Anyone have an idea of a good site?

A: I'd ask family or friends before I'd pay the outrageous fees those places want. Have you considered evaluating the junk in the garage or your closets that you could put up on Craigslist.org and sell to raise cash you won't have to pay interest on?

Q: Who thinks payday loan companies should be banned in every state?
I fell into the payday loan trap, which I struggled my way out of. Now when I see someone going into one of those places, I just want to run grab them and pull them in the opposite direction! I hate predatory lenders.

A: I think it makes more sense to teach Personal Finances rather than Geometry/Calc/higher level math, as most people would benefit much more from learning about interest rates, savings accounts, Roth IRAs, credit cards, mortgages, etc. Payday advance companies will always exist as long as the market proves there is a need for it. There is a need primarily because children aren't educated in how to manage their income versus their expenses.

Q: Are there any payday loans or emergency loan companies that will help people in the Military Reserves?
We are desperately waiting for a re-enlistment bonus we are expecting but in the meantime need a quick loan to get us by for somethings that have come up. Payday loans dont seem to help those in the military anymore and I know payday loans are not a good idea but we also know we will only use this until the bonus comes thru . Anyone know where we can get a quick guaranteed loan for personnel in the reserves?

A: I wouldn't do this. Why spend unnecessary? You are betting on receiving something that has yet to come. What would happen if something goes wrong for you? This is like writing a check and not having enough money in your account to cover it.

Q: How do payday loan places prey on the poor?
How do payday loan places prey on the poor? How do they keep people trapped in an endless cycle? What makes people use pay day loan places to begin with?

A: People who use pay day loans probably can't get credit anywhere else due to damaged credit and had something come up that needed to be paid right away that had they an emergency fund would have covered (flat tire, unexpected bill, illness). People who are using these types of places are probably already living paycheck to paycheck already so that they'll never be able to get out of the cycle of the pay day loan. States that allow people to have more than one pay day loan out at once really open them self to trouble, because then they'll start using one to pay the other and not really pay off either. Not to mention the fees are steep, but if you can't get help anywhere else...they are a better choice than what the bank charges you for over the limit and overdraft fees. I think they have a legitimate place in our society, although not pretty. It's a nature of the financial envirnoment right now. It's really hard to get up out of it.

Q: What are some reliable payday loan sites?
Has anyone ever gotten a payday loan? I am in an emergency and can definitely pay this back by next pay day, however, I don't know which payday loan company to trust. Any suggestions?

A: By my experiences, and alot of serious research, you should only work with established, land-based, payday lenders. Many of them also have on-line sites. Also, make absolutely certain that you are dealing with a member of CFSA. CFSA has strict rules and regulations that their member lenders have to follow, these rules and regs are there to protect you, the borrower. Additionally, do not, never ever, borrow from more than one payday lender at a time. That is exactly how many people get into trouble with payday loans, by over extending them selves beyond the qualified amount given by a lender. Too many of these people then accuse and blame the payday loan industry for creating their troubles, when it was their decision, that they made, to over-extend themselves. One of my personal favorite lenders is www.moneytreeinc.com Also, research www.cfsa.net to see why that is so important.

Q: What is your opinion of payday loan establishments?
In some areas of the country they are trying to ban payday loan stores, citing predatory practices and unfair interest rates. These places have clearly listed their rates, as high as they are, on paper and listed in signed contracts. Opponents of the proposed law banning payday loans say that the extra fees are better than not getting money for a needed car repair, a bill that must be paid (electric, gas) or bouncing a check because the money was not in the account. What's your take on these places. Explain your position.

A: I would never allow myself to get into the trap of using them. That is why they are considered evil because people have used payday loans as a way to pay for their lives from one paycheck to the next. And that is not what they are meant for; they are short-term credit establishments. But there are people out there who do not have a stable income and, let's face it, there are some stupid people out there. And that is why I think some regulation needs to be made. But I also believe that people need to accept some personal responsibility for their money and lifestyle decisions.

Q: How can I get out of the payday loan hole?
I have fallen into this payday loan hole, and I can seem to get myself out. What would be the best solution to pay them off fast, if I don't have the money. Should I try and get a personal loan?

A: The first thing you must do is to get a grip on your spending. Payday loans should only be used for a dire emergency. If you get a payday loan before you've paid back a previous one you're falling into a debt trap. OK - so what do you do? Take all your credit cards except for the one with the least amount of credit left and cut them up. It doesn't matter if you owe money on them: you'll still have to repay them but at least you won't add to your debt. Use the one left only if you absolutely have to. Leave it at home: use cash for everything. Do it now. If you absolutely cannot manage to repay your loans from your salary, then consider debt consolidation. This doesn't make the debt go away, it just smooths it over a longer period. But you must resolve not to use it as an excuse to get into even more debt because that could land you in bankruptcy. You say you're in a hole. You know what they say? When you're in a hole, stop digging! Good luck.

Q: When you pay the minimum balance on a payday loan does that eventually pay the loan off?
I have a payday loan for 300 dollars my balance is 390. I just paid the 90 dollar minimum and the balance is still at 390. Do I have to pay the loan off in full to get rid of it?

A: Sounds like the $90 is just interest - if you just pay the interest then no, it never gets paid off. You need to pay the whole amount, or at least a lot more every payment than the minimum.

Q: I lost my car to a payday loan. Can I deduct that on my taxes?
I live in Illiois. I couldn't repay my payday loan so the company took my car instead. Can I deduct this loss on my 2006 income taxes?

A: You did not have a loss. You repaid some or all of the loan with your car. There is nothing to deduct.

Q: Where can I get a payday loan with a realistic interest rate?
I am looking for a payday loan that is not going to cost me more then the initial loan. Any help would be greatly appreciated.

A: I've searched all around for a quick payday loan cash advance online, and the best one I found, and that I've used a several times was http://www.rapidcashadvance.net - the interest rate is really low and they put the funds in by the next day. I hope this helps you, good luck!

Q: How do I find out if a Payday loan company is using illegal practices?
I took out a payday loan and I do need to repay it. However, I don't think this company is using legal debt collection practices. I have asked them for the documents regarding the loan, license number, company name, physical address, etc....I get nothing in response but rude and snotty emails. I have now asked them to stop emailing me at work. What should I do next? I am not arguing paying the loan, but I want to see the documents so I know what the fees were.

A: They should have sent you documents to sign electronically. Those documents should state the cost and the fees. Just pay it and be done with them. Never, ever use them again.

Q: Can a payday loan establishment garnish wages?
Due to medical reasons I have gotten into extreme financial difficulty and I am unable to pay off a payday loan I took out. I can't even make payments. Can they garnish my paycheck?

A: Eventually. They will triple or more the money you borrowed, they will sue you, but take their time to get their so they can charge more interest. Then they sue you. If you don't pay after the judge orders you to pay, they will garnish your wages. They have to have a court order. I hate to say it, but even if it means only ramen noodles, you have to start making payments to these guys. They are the 21st century loan sharks and though they can't break your kneecaps, they can break you financially and emotionally. Do everything in your power to pay these jackals off. Good luck.

Q: What happens when you fail 2 repay a payday loan?
I have an outstanding payday loan and they want to take me to court. I wrote a check for the loan and it bounced and I have paid on the loan since but haven't been able to pay it off. I really don't want to go to court but they aren't willing to work with me. Can anyone tell me what happens at that point?

A: I used to be a manager for Check Into Cash, and depending on when you took the loan out you can not pay for up to two months prior to paying. Since the check bounced, depending on the amount, that is a felony in most states. I would find relatives, anyone to get it paid as prior to going to court.

Q: Please help: How do I get a bad credit loan that is more than a payday loan?
I have a bankrupcy and then married a man who has very poor credit. However, I have a good income at a stable employment. I am even willing for automatic withdrawls to assure payment. I just need an urgent loan that is not a payday loan.

A: Bad credit is one of the worst problems to have... however there exists a solution. If you want some more information, I would check out... http://www.safelinked.info/go.php?link=loan Take care.

Q: Yet another tax question! Do I need to claim my payday loan on my taxes?
I was in desperate need, so I applied and received a payday loan. Do I need to claim this on my taxes, since it might be considered a source of income?

A: it isn't taxable income. neither is the repayment deductible.