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cash advance...

Originally posted by: TrueBlueLS
Has anyone gotten a cash advance from one of those cash advance places? Experiences?
Click to expand...
Never considered doing it. I hear they charge outrageous amounts to get the advance.

 
Originally posted by: minendo
Originally posted by: TrueBlueLS
Has anyone gotten a cash advance from one of those cash advance places? Experiences?
Click to expand...
Never considered doing it. I hear they charge outrageous amounts to get the advance.
Click to expand...

Well I guess I'll be shelling out some money in the end.
 
yeah my sister-in-law did it a few times. she got $400 and had to pay ~$480 in a week. the paperwork said about %500 interest on a year loan.

personally i think if you need money that bad then dont put yourself deeper in the hole by paying an extra $80 for a week. I think its one of the reasons my sister ended up filling for bankruptcy.

Im glad she is older hten me. heh i have learned a LOT from her messing up her life 😱

anyway if i was you i wouldnt do it. NOT worth what you have to pay back.
 
I went threw some rough times last year and did it once...just once...and I only did it because I knew I could afford to pay it back the next pay day...very high interest (25% until the next payday)...only do this if you have no other choices!!!
 
Originally posted by: rudeguy5757
Originally posted by: TrueBlueLS
I think I'll talk to a couple friends and see if they can spot me the money until then.
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good idea
Click to expand...

Good idea, expect to pay roughly $10-$15 per $100 borrowed.

So if you get a $300 advance your "fees" will be around $30-$45.
 
Originally posted by: dquan97
Use every means necessary...CC, bank loans, Tony the loan shark on the corner market...
Click to expand...

I kind of fvcked up with my cc. No late payments, but a high balance. Wonder if they'd up my limit.
 
Originally posted by: TrueBlueLS
Originally posted by: dquan97
Use every means necessary...CC, bank loans, Tony the loan shark on the corner market...
Click to expand...

I kind of fvcked up with my cc. No late payments, but a high balance. Wonder if they'd up my limit.
Click to expand...

How long have you had the CC? It wont' hurt for you to give it a try and at the same time if you are paying high interest from them ask to see if there are any promotions going on that will lower your APR for like 6 months or even more. I know 6 months is short but hey anything helps 🙂

I wouldn't go through those cash advance places. I'd rather go through CC cuz sometimes you get a better rate from them 🙂. this is what I had done when I need cash. I have a wells fargo credit card and another credit card. I would call the other credit card requesting for a balance transfer from my wells fargo credit card. Once it is transfer to my other credit card I'd call Wells Fargo and request a balance transfer as well. Only thing with Wells Fargo is that.. they will cut a check and mail it to you and then you mail it to your desire credit card company or you can just deposit into your checking account. That's what I did. I deposited into my checking account and got those cash with either 0% apr because of the balance transfer or other promotional rate they have for balance transfers.
 
Originally posted by: AnimeKnight
Originally posted by: TrueBlueLS
Originally posted by: dquan97
Use every means necessary...CC, bank loans, Tony the loan shark on the corner market...
Click to expand...

I kind of fvcked up with my cc. No late payments, but a high balance. Wonder if they'd up my limit.
Click to expand...

How long have you had the CC? It wont' hurt for you to give it a try and at the same time if you are paying high interest from them ask to see if there are any promotions going on that will lower your APR for like 6 months or even more. I know 6 months is short but hey anything helps 🙂

I wouldn't go through those cash advance places. I'd rather go through CC cuz sometimes you get a better rate from them 🙂. this is what I had done when I need cash. I have a wells fargo credit card and another credit card. I would call the other credit card requesting for a balance transfer from my wells fargo credit card. Once it is transfer to my other credit card I'd call Wells Fargo and request a balance transfer as well. Only thing with Wells Fargo is that.. they will cut a check and mail it to you and then you mail it to your desire credit card company or you can just deposit into your checking account. That's what I did. I deposited into my checking account and got those cash with either 0% apr because of the balance transfer or other promotional rate they have for balance transfers.
Click to expand...

It'll be my 3rd year in December. They raised my limit like 6 months ago, and I went off the end and splurged like I shouldn't have.
 
The cash advance places are probably the biggest legal ripoff (which is why legistation against them is starting in many states). They take someone who is poor and promise a quick fix to their current lack of money. Then you just pay it back plus $25 to $50 at your next paycheck. The problem comes when your next paycheck comes - they take your check and now you again have no money for the next two weeks. Ok there is a fix for that: go back to the cash advance place. They give you the money you need, and will just take it out of your next paycheck (plus $25 to $50 of course). Well your next paycheck comes, they take it, and you have no money again. See the pattern? Once you go in, you cannot ever afford to get out. So basically the poorest of the poor just add another $50 to $100 a month bill for the rest of their life just because one day they wanted to borrow a few bucks. Stupidest thing you could ever do with your money.

I hate to be harsh, TrueBlueLS, but you really need to look at your life, your income, and your spending habits. Do you really want to go out this week and have fun (or buy a computer part, or buy alcohol, or buy a CD, or buy cigarettes, or whatever you do that is non-essential) and then be forced to pay back $50 a month for life? Sadly many people answer yes to that. You told us already that you screwed up with your credit card. Now that means you pay so much interest that you don't have money and are looking for another place to screw up your finances.

It will be hard, but you must cut back on your spending. Just a few weeks of living like you are dirt poor can get you enough cash to pay down the credit card - stop paying that interst - then you have more money to pay back more credit card loans - then suddenly you have enough money to do everything reasonable you ever wanted for the rest of your life with no financial worries (barring some disaster). All it takes often is just a few weeks of disipline...

Eat Ramen noodles and water for 10 cents instead of McDonalds for $5. Go to a library and check out a computer game, music CD, or movie instead of paying $20 to do the same thing elsewhere. Drop a bad habit that you might have (even just temporarily) and save tons of cash. Take a date to the park instead of going out to a restaurant/bar/movie. Etc.

If you cannot control spending for some reason - control your income. Do a one day job for a temp agency. Donate plasma for $50. Do a study and earn cash (up to $300 a day is typical). Ask your boss for a raise and then work hard to make him/her glad to do it.
 
dullard - I totally agree.

An even bigger ripoff are the CAR TITLE loan companies who will gladly give you $200 - $1,000 if you give them your car title (assuming you have a clear title, don't owe a bank any money for the car).

Their loan origination fees are outrageous.
The rates are typically 17-38%.
If you are ONE DAY LATE in your payment they legally have the right to repo your car and they own it.
 
Originally posted by: RossMAN
An even bigger ripoff are the CAR TITLE loan companies who will gladly give you $200 - $1,000 if you give them your car title (assuming you have a clear title, don't owe a bank any money for the car).
Click to expand...
I agree with that. I just lump those car title places in with all the other cash advance type businesses. They claim they need high interest rates to pay for bad loans that aren't paid back. But study after study has shown that banks giving just a few % interest loans actually are the ones that are far more likely to have bad loans.

 
Originally posted by: RossMAN
dullard - I totally agree.

An even bigger ripoff are the CAR TITLE loan companies who will gladly give you $200 - $1,000 if you give them your car title (assuming you have a clear title, don't owe a bank any money for the car).

Their loan origination fees are outrageous.
The rates are typically 17-38%.
If you are ONE DAY LATE in your payment they legally have the right to repo your car and they own it.
Click to expand...

I was going to own a Car Title company and 0wn the poor people who are dumb enough to do business with me😀
 
Originally posted by: dullard
The cash advance places are probably the biggest legal ripoff (which is why legistation against them is starting in many states). They take someone who is poor and promise a quick fix to their current lack of money. Then you just pay it back plus $25 to $50 at your next paycheck. The problem comes when your next paycheck comes - they take your check and now you again have no money for the next two weeks. Ok there is a fix for that: go back to the cash advance place. They give you the money you need, and will just take it out of your next paycheck (plus $25 to $50 of course). Well your next paycheck comes, they take it, and you have no money again. See the pattern? Once you go in, you cannot ever afford to get out. So basically the poorest of the poor just add another $50 to $100 a month bill for the rest of their life just because one day they wanted to borrow a few bucks. Stupidest thing you could ever do with your money.

I hate to be harsh, TrueBlueLS, but you really need to look at your life, your income, and your spending habits. Do you really want to go out this week and have fun (or buy a computer part, or buy alcohol, or buy a CD, or buy cigarettes, or whatever you do that is non-essential) and then be forced to pay back $50 a month for life? Sadly many people answer yes to that. You told us already that you screwed up with your credit card. Now that means you pay so much interest that you don't have money and are looking for another place to screw up your finances.

It will be hard, but you must cut back on your spending. Just a few weeks of living like you are dirt poor can get you enough cash to pay down the credit card - stop paying that interst - then you have more money to pay back more credit card loans - then suddenly you have enough money to do everything reasonable you ever wanted for the rest of your life with no financial worries (barring some disaster). All it takes often is just a few weeks of disipline...

Eat Ramen noodles and water for 10 cents instead of McDonalds for $5. Go to a library and check out a computer game, music CD, or movie instead of paying $20 to do the same thing elsewhere. Drop a bad habit that you might have (even just temporarily) and save tons of cash. Etc.
Click to expand...

I agree, so control your spending by whatever means necessary. Ramen noodles tastes pretty good with spam, egg, and vegetables.
 
Originally posted by: dullard
Originally posted by: RossMAN
An even bigger ripoff are the CAR TITLE loan companies who will gladly give you $200 - $1,000 if you give them your car title (assuming you have a clear title, don't owe a bank any money for the car).
Click to expand...
I agree with that. I just lump those car title places in with all the other cash advance type businesses. They claim they need high interest rates to pay for bad loans that aren't paid back. But study after study has shown that banks giving just a few % interest loans actually are the ones that are far more likely to have bad loans.
Click to expand...

I'd also add the "we'll re-activate your phone with no credit check" people to that category as well.

Who can't pay their $25/mo phone bill?
 
Originally posted by: Spac3d
Originally posted by: RossMAN
dullard - I totally agree.

An even bigger ripoff are the CAR TITLE loan companies who will gladly give you $200 - $1,000 if you give them your car title (assuming you have a clear title, don't owe a bank any money for the car).

Their loan origination fees are outrageous.
The rates are typically 17-38%.
If you are ONE DAY LATE in your payment they legally have the right to repo your car and they own it.
Click to expand...

I was going to own a Car Title company and 0wn the poor people who are dumb enough to do business with me😀
Click to expand...

Sadly for those "poor" people that is sometimes the only way to get a car. Poor people don't have credit or don't have good credit, therefore companies prey on them.
What these companies don't understand is, if they offer low cost,quality vehicles, at a lower intrest rate, they will have more customers than having a few POS cars with astronomical rates. More cars, lower intrest=less cars higher intrest. it would even out, but $$$$ greed takes over morality everytime with those asses.
 
RULE:

Never, EVER, spend 'future money' today. U think u'll be fine, be able to pay it off coz u think u got money coming
in ... so u spend 'future money'. One time u will get royally screwed when that future money is far further in the future
than you thought.
 
Originally posted by: TrueBlueLS
Originally posted by: dquan97
Use every means necessary...CC, bank loans, Tony the loan shark on the corner market...
Click to expand...

I kind of fvcked up with my cc. No late payments, but a high balance. Wonder if they'd up my limit.
Click to expand...

Run, don't walk, to a credit counselling service or seminar. Municipalities sometimes run free ones. Move your CC debt to a bank loan for a better interest rate. Cut up the CC, or have your limit lowered. Return or sell any high-priced gadget you recently bought that hasn't depreciated much.

First and foremost, get out of the hole. Then you can move forward again.

Good luck.

Craig
 
See if you can get a line of credit from your bank. The rates are much lower then the rates on credit cards. I dipped into mine this month to pay off my balance. Will then pay it off in two weeks when I get paid.
 
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