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How can I get out of the payday loan trap.? I have fallen into the payday loan trap and am looking for a way out. Any advice will be appreciated. roo replied: "You wont like this but, stop in for a bit and dont go out to the pub or clothes shopping ect. and one word: Overtime! In a while you'll be o.k."
brett.brown replied: "If you can get overtime get it. Put off any payment you can until this gets paid. If you have a car payment call your lender (ford motor credit or GMAC - whoever) as for a 30 or 60 day deferment. They will grant with no penalty, you just have to make the payments up at the end of your lease, the payments stay the same you just have to pay them later. If you have other loans ask them for deferments, even credit cards will allow you to miss a payment if you call and ask. Its going from worst to still bad but you can always pay it off with credit card and pay it down later. Overtime is still the best option."
Michael L replied: "Sorry that what this country is come to feed off the poor!"
Relisis replied: "you are screwed for a little while try to sell some of your stuff or turn your car into a taxi in your spare time rides from supermarkets stores ect. Sell some of your stuff. Go get some type of couseling sounds like you have allot of stress going on.
Also for some extra cash
"
scottishhaig replied: "Get yourself on a monthly budget. Write down EVERYWHERE your money goes and then figure out what you can cut back on without causing any distress to you or your family. More pay is great, but I think if you could have been working OT you already would have.
You MUST cut expenses and get back on an even footing to get out of the pay day loan garbage. Even if that means sitting at home in front of the TV for a month eating soup. Good Luck!"
milomax replied: "I don't know if this will be helpful to you or not, but read the article below. It's about credit unions that have developed alternatives to payday loans and how they've helped people get out of the trap.
"
betitodetroit replied: "you have to make more money, or reduce your expenses, or both. its just that hard, and just that easy at the same time. there are no ez answers"
STEVEN F replied: "DO NOT, under any circumstances get another payday loan. Late payments on nearly anything are better than the INSANE fees for the payday loans. Cut your expenses as far a possible and then cut more. If there is any way you can increase your income, even temporarily, do it."
SexyTrojan replied: "Suck it up for the next few paychecks and pay them off."
Scott C replied: "Jean,
1) cut your lifestyle to the bone. stop eating out, buying gourmet coffee, cut out the cable tv, etc.
2) get on a written budget
3) track your spending
4) sell stuff
5) work extra or get a p/t job
Visit my website and contact me directly for specific help. I teach a class on helping people get out of debt and would be glad to other more advice.
Scott....." How to get out of the payday loan trap/cycle? 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. sunshine_today replied: "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?"
acwright2000 replied: "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.."
cyndafukinrella replied: "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!!"
R&R replied: "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!"
cork replied: "IN A TRAP AND STLL WANT TO BORROW?
INCREDIBLE.......................
YA BOTH NEED TO GET PARTIME JOBS AND STOP
SPENDING."
Shawn24 replied: "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."
dino replied: "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:" 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. foxymoron replied: "they dont trick you in to getting a loan from them... its your responsiblty to be responsible with your money... i have on occassion since my divorce needed one.... and it came it handy.... try using a budget"
pickles replied: "yes yes yes, they take advantage of the usually poor and are loan sharks that are illegal.....if they can do it then why cant the mafia"
Tom H replied: "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."
lil_darlin replied: "they should be banned. they take advantage of that scared and helpless feeling you get when you got to have money now and are afraid of a bank or loan financial company turning you down."
outlawimmortal2 replied: "I don't think they should be banned but,i think they should regulated more as to the interest they are charging on those loans.Consumers need to be more responsible when taking these loans because these people charge more interest than the mob."
bdancer222 replied: "I don't understand how they can operate legally now. They definitely exceed the legal threshold for usury laws.
But I most definitely think we should have required classes starting in elementary school on financial management, including record keeping, banking, budgets, credit, etc." Payday Loans trap can anyone Help?!? Help, I have 4 payday loans outstanding, I know not a great idea. I just worked out that they will take all of my salary next week, so I will have to take them out again. Any idea how to get out of this trap? I can roll two of them but will still pay high interest. Thanks, I can't get credit hence I did this and now feel sick with worry. mister ed replied: "yes you take any thing that is worth money and sale it == pennies on the dollar == start with your computer and work down until you get out from under this rock!!!"
spring_rainbows replied: "I'd start getting well acquainted with ebay, start with the things that are worth the most, additional TVs, DVD players, additional Computers/laptops etc. Thats about all you can do unless you have a nice family member or friend who will lend you the money. Legally your bound to pay the loans on time and in full so you don't really have a leg to stand on!"
LADYA replied: "if you are struggling to pay them,tell them that you are unable to make the payment.Tell them that you will need to make an arrangement with them to pay the money back in instalments until it is clear.
Make sure your wages are paid into another account so they cannot take it all in one hit. If you dont have another account to pay money into,go to halifax or another and open a basic bank account with no frills.these accounts are for people with poor credit rating.
The trouble with all of these loan companies that specialise in lending money to people with poor credit history is the high interest they charge because you are a risk.In some ways it doesn't make sense because the more interest added is likely to cause problems later on
if you lose your job or change job with lower income the payments are so high it makes it impossible to repay.In someways it would make more sense to offer low repayments to start and give you the option to
settle the account in full at a later date.,deferred interest i suppose.
Anyway dont feel bad about your situation there are thousands of people in the same situation with problems like these.
Me being one of them.I have just changed jobs ,due to long hours and stress i have taken a job with less hours and less stress,and less money. I contacted payplan and they advised me to make token payments to all my creditors because after paying everything else there was not enough money to pay full amounts,luckily most of them have acceppted." Is there any lender willing to give a bad credit loan? I have recently fallen into a payday loan trap and I am desperately trying to get out of this hole I have dug for myself. I had bad credit and have been turned down for loans from banks as well as other online lenders. I have a stable job and I am able to pay back the loan each month. I need at least $5000 and I am curious if anyone has any legitimate answers and/or soultions to this question. I have spent months trying to figure this out and cannot get any assistance. dwh12345 replied: "Your best bet is a friend or relative..bad credit hard to deal with now"
whistlersmother22 replied: "most lenders only lend money to people who dont need it.the people who do need it ,rarely get a break.oddly .they are the people who pay it back.its very unfair."
Lorann replied: "Stay away from those who are hunting for people like you on these pages and give you their name and email! Some may be legit, but I'd bet a lot of them are scams. Don't give out any of your personal information to them. Stick with someone local or someone you can trust. If you have a stable employer - check with them. Some companies will give out loans to their employees and deduct the payments right out of their checks." Payday loan help in ohio? Does anyone know of a debt settlement place that will deal with ohio payday loans?I have tried all the ones I have found and no luck. Please I need to get out of this payday loan trap without re-borrowing money. Jeffrey replied: "Try some of these." My husband and I are lookin for a loan....? We need help in obtaining a loan. We both are working now, and have paid off alot of things that were on our credit report. Unfortuantely we do not know how to get them off and they say they stay on your report for up to 7 yrs. We are looking for a personal loan, and we have 2 vehicles for collateral if necessary. Please help at all if you can, we have fallen into the payday loan trap and need help out. Can you tell us what our options are? Thanks. TheMom replied: "You might try applying with prosper.com. They coordinate small loans between small investors and people needing small loans."
gazelleintense.com replied: "try a credit union perhaps."
A P A replied: "#1 What amount are you looking for?
#2 Whats the loan for (purpose)?
#3 Where do you bank? As in, do you have a "relationship" with a bank?
#4 Whats your credit score?
In terms of removing derogatory or incorrect information from your credit report: is the website for a free copy of your reports from all 3 National credit bureaus. First, get a free copy of report, then use each bureaus online dispute process.
And in the future, NEVER pay off a debt without a payoff letter before you pay the debt or without receiving proof in the form of a receipt from the creditor.
Good Luck" I'm looking for bad credit personal loan. Because of recent loan scam, I'm even more desperate. Advice?Help? FICO score in the 500's. This is because many different loan inquiries at once, and slow/late payments because I've fallen behind. I spent most of my savings on fulfilling my dream of starting my own business. I work full time at a pediatric hospital and as an internet entrepreneur. I make good money, but am plagued with bad credit and I don't own a home, though that is a future goal. I desire a loan to pay bills and finance home businesses. Previously I've been caught in the payday loan trap and borrowed against my retirement. These sources have only helped briefly and basically I need a larger amount ($10,000-15,000 USD) with an interest rate of 18% or less that'll allow me to consolidate/payoff high interest credit cards/loans and buy some much needed equipment for my home businesses. If anyone can offer advice or help and please don't be a scammer, then I'd like to hear from you. Thanks. wenger l replied: "I am Mr Wenger Lott, A financial manager and i grant debt consolidation loans,business loans,private loans,home refinancing loans and so much more at a low interest rateof 5%.My loan process are collacteral and non conllateral if have. Repayment can be made either monthly or yearly.If you wish to obtain a loan from me,you can contact me via e-mail:
APPLICATION DETAILS
Full Name;
Conutry;
Mobil;
Amonut Needed;
Fax;
Duration;
Occupation;
Monthly Income;
In ackonwledgement to this mail you will be given a well calculated terms and condotion including the agreement.
Thanks
Mr Wenger Lott."
James H replied: "There may be something of use here."
margierosie1026 replied: "This is not an answer, but an observation. I paid money to a company that was going to help me get a grant. I recently learned that I and many others were scammed. We all paid a fee for that service. Needless to say, I am skeptical. On to the observation. Almost all of these answers posted here are questionable to me. Look at each answer and you be the judge. Lending money is very risky business. Why do companies hire people who have such terrible spelling. And, in observation, there is a box above this section that I can check to have my spelling checked. I don't understand this. I am very skeptical of each one of these answers. I will not email them and give them my personal information, such as soc. sec. #. You should think twice also." bankruptcy online or get an attorney? I have fallen into the payday loan trap. several payday loans I have fallen way behind in everything. I have an appt with a lawyer this week. my question is has anyone tried an online bankruptcy site or is it all a bunch of false truths and should I just stick with a lawyer, does any know of a reptitable site...thanks.Paul Bedford S replied: "Can't tell you if online sites are legit, but for bankruptcy on needs an attorney. Omitting debt or forgetting assets can be a case for criminal fraud. Attorney will go over papers with you before filing."
Thomas replied: "Never, ever, entrust something so major to anyone other than a real, in person, lawyer."
bccrupert replied: "With a subject like this, you need to have an attorney in person. The internet is ok for some things, but if you have ?s or need to talk to someone, the internet is a bad reference!
I would recommend Legal Helpers, they have offices all over the place, and they are very good at going after creditors who harass you! Since the laws changed back in '05 regarding bankruptcy, you would want to make sure you and your attorney are able to be on the same page and have all the details worked out. Their fee is around $1500.00 for the complete bankruptcy. (that includes all filing fees, attorney fees, and associated costs)
Hope this helps and sorry for your situation!" We are drowning, can anyone help? Hi,
Recently my husband and I have talked about me getting a job to over-come some things that we have been dealing with. I have been looking for something, anything really to help him, and myself out. So far, zilch, nothing. We have worked to try and better ourselves financially. I now work part-time, and he is working full-time. We cannot afford to use our vehicle for me to work outside the home, the first question is: Is there any REAL EMPLOYMENT at all I can do at home, no home business crap, or surveys, and anything like that. I have tried all that and it has driven me insane!!!! I want a real, work at home, paycheck job. And please don't tell me that they are not real, I know they are, I just need to know where to apply. Second question is, we were trying to pay off some extra bills and got into the payday loan trap. How do we get out of this???? We need our checking account. We are scared to death seriously. I have been searching everywhere for a way to get out of this. HELP!!!
P.S. We already have a listing with prosper.com. If you can find one like that let me know. Also yes I know the scammers are ready to respond. Anthony replied: "Most of the home based jobs are sales based or phone based, even if they aren't MLM types of jobs. For instance some companies have people that set appointments by phone, so you could search in craigslist - for those kinds of jobs (i.e. telemarketing from home). In general, you will make more money if you can use the phone to make sales for companies.
If you can get out of the house, waiting tables is a good way to make money as well.
I hope that is helpful and I wish you both well. I have been there." |
| More Resources |
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