Payday Loan After Filing?

[KMC4]

Hi,

Can one take out a payday loan after filing for BK? How would the trustee find out especially if the loan was paid back? I don't want to cause any problems during my BK but we do need some extra cash right now.

[kiarasam06]

Payday Loans

hello-

Payday loans are a pain, but I have used them, and recently too. anyway--the one I use Unitedcashloans.com debit from your account (bank) so if you submit bank statements they will show up. Mine was every 2 wks. and the intrest was WAY high. But it helped when I needed it. I am not trying to push it out there as a way to go BC i know its not. Just wanted to let you know! Thanks

[woeisme]

I would avoid this if at all possible. First off, can you even get a payday loan if your BK is filed and presumably on your credit report? Or do they not do credit checks? And then the interest rates and fees are so outrageous! I was once in a situation where I seriously considered a payday loan, but once I figured out how much it was going to cost me (well over 100% interest rate!) I swallowed my pride and asked a friend to let me borrow the money, and when I got paid I immediately paid him back. I'd defintiely try the friends or family route first if at all possible.

[kiarasam06]

Mine is not on my credit report. They didn't do a credit check..thanks God! I just looked at my CR...My intrest on $200 borrowed was CRZY..121%. How they get that number I will never know. they also have it so you can pay intrest only ---at $60/month. but then when you start paying back the loan you have the $60 PLUS the min. monthly payment..min. you could pay was intrest for 2 months....so $240---and thats WITHOUT paying ANY of the loan. Then 60+50=$110 every 2 wks. until you pay it off. Or you could pay it off in full. so it adds up! I wouldn't advice them and I had to use them.

[KMC4]

Thanks for the responses. I think I will try to borrow from friends instead.

[shark]

On the app you fill out it asks if you are involved in BK. If you answer truthfully they will deny the loan. If you lie you are committing fraud......My screen name says it all.... ;)

[biotechsolution]

if you need a payday 'after' filing unfortunately bankruptcy isn't going to help you.
after fiing you should only have to pay your necessary bills so if you're still coming up short a job change or complete lifestyle change is needed.

[soleprop]

well said, biotech (and good to see you posting!)