pay day loans

[momof2furbies]

So thankful I came across this website This is our second time filing ch.7 and I am about a month away from being discharged (Hopefully!). Anyway, have a quick question. We are in DIRE need of a vehicle repair for my expedition, what happens if we do a payday loan and try to repay in 4 pay periods? Do they run a credit check or what? I do not know where else to turn for the cash right now since my husband's OT was cut severely throughout the summer. TIA!

[BKParalegal]

Payday loans are like heroin and I wouldn't get started on it. The interest they charge is usury at best. Lastly, you are a perfect credit risk in their eyes, because you can't file BK again for 8 years. I would try to figure out any other way then doing a payday loan.

[RedLight]

It sounds like there is more of an underlying problem if this is your second time going bk7. I think some of your problems may arise in the use of payday loans. YOU SHOULD NEVER USE THESE SERVICES. Have you been using payday advances in the past? Do you have a budget? It sounds like you are dependant on your husbands OT to make through each month. If so, what are you able to do without to where you are not relying on the OT. That money should go straight into savings.

However, that being said, we have all made poor choices, and hence, we are here. Also, I don't know if they check your credit or not. I would imagine that most people that use their services already have below average credit so it wouldn't do much good. I know some places want the title to your car so if you don't repay, they will repo the car.

Someone on here may know a little more about those services. But, please do not use them.

[Cali]

RedLight - why would a person have to have a problem because they had to file twice? There is a possibility that something happen to make them have to do it again, maybe medical bills or lost of job. But you assume they have a problem. Would you also say you have a problem because you have to file BK?

The OP wasn't here to be judged by the many times they filed or anything else for that matter. The OP asked a question about payday loans.

[momof2furbies]

Um, actually no, we have Never used a Payday loan service, nor would I ever risk my vehicles or their titles with Car title loans, but thank you very much. This is our second time, yes, not by choice of course, but medical issues with my husband having pnuemonia and being hospitalized late last year if you must know. The first time we did just dig ourselves into debt way to far and I was expecting our second child and losing my income. Back to the question.... I was just wondering if anyone had experience with this, our stimulus check would have really come in handy right now if we hadn't needed it to file for atty fees.

[momof2furbies]

Thank you Cali Yes, I would ASSUME we are all here for the same reason????

[Cali]

Mom - Is it possible to sell something to get the money?

I don't have experience with payday loans, so I can't help you with your question.

I do wish you good luck though.

[momof2furbies]

Unfortunately, we sold off a lot of stuff last year when we started feeling the pinch. We thought about getting rid of my husband's car, but are we allowed to do this before receiving the discharge papers?

[BassBoy]

If you're asking about selling your husband's car, then no. I wouldn't sell anything while your BK is still open. You could create an asset for the Trustee to take from you.

I agree with the others that you should avoid the payday loans. I've never used their services, nor would I, because the interest rates are outrageous. I saw one commercial that had that quick flash, in small print at the end of the commercial and the interest rate was 396%. You'd never pay that off.

It's difficult when auto repairs come up in the middle of a BK because, #1: We're already broke, and #2: we can't get/use a credit card for this type of emergency. It kinda sucks and I'm sorry you have to deal with that right now. I do hope you make it over this road bump.

[justmoved]

i'm using a payday loan right now

i had to provide my most recent paycheck stub and 4 references. i was able to borrow $500 for 2 weeks, for a fee of $75. they did not run a credit check, it's more of a system similar to telechek.

[JRScott]

While in bankruptcy you are not allowed to take on new debt without the Trustees approval, this includes pay day loans.

[momof2furbies]

Justmoved - Is your bankruptcy still opened? I am in Va too.

[RedLight]

Would you also say you have a problem because you have to file BK?

Absolutely...I would say anyone that has to file for bk has or had some sort of problem. And, the only way to fix those problems is to recognize them and stop them. Being in the process of being discharged and taking on new debt in the form of a payday loan is a recipe for disaster. As stated later, a better thought is...what can I sell or do to raise money instead of paying 900% interest.

[Cali]

I filed a year after having my high 5 figure job sent overseas. There was no way I could move my family there because my hubby is military and we are station here.

I never in my life until this year, missed a payment, not paid my CC's in full each month and always had an emergency fund.

Absolutely...I would say anyone that has to file for bk has or had some sort of problem. And, the only way to fix those problems is to recognize them and stop them. Being in the process of being discharged and taking on new debt in the form of a payday loan is a recipe for disaster. As stated later, a better thought is...what can I sell or do to raise money instead of paying 900% interest.

[AngelinaCatHub]

Hi Cali, you were missed, yesterday.

OK, I pawned my wedding ring as we had an emergency until my SS comes. It is quite old and has a diamond so was a good asset for pawn. I never used a Pawn shop before however I want to get it out ASAP as the interest is outragious. I miss the ring.

'Hub