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Payday Loans, Fee Friendly (FOR REAL!)

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    #1

    Payday Loans, Fee Friendly (FOR REAL!)

    I've recently joined Patelco CU, and have been browsing their site to learn what all they have to offer. In addition to standard credit products, they offer a payday loan with a $10 fee per maximum of $750 borrowed. I'm sure there are stipulations, and there is no 'automatic' approval. I just thought that was neat.

    THey also allow a secured loan against the share savings. In time, we'll probably do that to help w/ re-establishing... For now though, its just the standard checking & savings account for us.
    Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.
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    #2
    Thanks for the info.
    I was kinda hoping lightening would loan me money, but he isn't interested, all joking aside, my New Year's resolution is to budget, save, and hope for no "large emergencies."
    I am also thankful to put closure on the bankruptcy chapter.
    I'll be watching, you may never know when or how, but I'll be there. I am there now....

    Comment

      #3
      staci, payday loans? come on girl.

      please wait for the actual payday, people. payday loans, no matter how little show signs of not planning your money ahead of time.

      imo try cutting out any spending except on your child only. no fast food, coffee as starbucks or movies at blockbuster. reduce any extras and shop cheap. you can do it!
      Im not an attorney or a trustee. You cant trust me either though!

      [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
      [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
      [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
      [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

      Comment

        #4
        I have never used a 'payday loan'. In light of that other thread, I thought I'd post what I came across. Personally, I've considered using their secured loan (backed by a CU savings account) as a means to help w/ re-establishing credit.

        I did think it was worth pointing out-I figure if someone is in a temporary tight spot, it might be helpful to know there is a reasonable alternative to the 500% APR 'payday loans'.

        Originally posted by bkfiler
        staci, payday loans? come on girl.

        please wait for the actual payday, people. payday loans, no matter how little show signs of not planning your money ahead of time.

        imo try cutting out any spending except on your child only. no fast food, coffee as starbucks or movies at blockbuster. reduce any extras and shop cheap. you can do it!
        Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.

        Comment

          #5
          i know you did staci. you are always very helpful.

          the secured loan for establishing credit is a good idea.
          Im not an attorney or a trustee. You cant trust me either though!

          [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
          [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
          [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
          [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

          Comment

            #6
            I hope so... Haven't been able to get confirmation on whether or not it would report. My thinking was that taking out a 12-18 month 'loan' 6-9 months before applying for a mortgage would not have an impact on DTI as long as there are 10 months or less remaining on the 'loan'.

            Of course- would have weigh the APR charged on the loan against interest gained on the savings-but I figure it wouldn't be worse than an annual fee on a secured card and there would be no haggling with the creditor or worrying about when/if the account would unsecure.

            Originally posted by bkfiler
            i know you did staci. you are always very helpful.

            the secured loan for establishing credit is a good idea.
            Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.

            Comment

              #7
              but you can pay it back sooner. of make sure you are able to without penalty. you wouldnt be using that money anyway. just secure it with your money and then use the loaned money to open up a MM - not a CD.

              or a CD then pay it off in 3 months after CD matures.

              in order of good to better rates for your maoney are:
              checking account apr, then better is MM account (Money Market) apr then CD apr.
              Im not an attorney or a trustee. You cant trust me either though!

              [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
              [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
              [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
              [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

              Comment

                #8
                Staci, thank you for the insightful post.

                I'll admit, the payday loans were not my best thought out plan..But we all need to either learn, or listen from others...

                And the good thing? We also PAY ATTENTION TOO!!!!

                Comment

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