You might not need a fast cash payday loan. It could be the wrong
kind of loan for you. There are other solutions depending on your
financial status. Let's run through some alternatives:
Look at payday loans like a TiVo or VCR. You want to watch Burn
Notice but you have other obligations on Thursday night. So you time
shift. Do your stuff on Thursday night and watch your program at a
later date. Hence, you might not have the money now for a chance to go
out with friends but you will at your next payday or the end of the
month or after your mileage check or whatever. So you have to decide
if it's worth the extra money for a payday loan to go out now and
pay later. Or you didn't want to miss an event with your family so
now your face bounced checks or nsf (non sufficient funds) bank
charges. And they aren't cheap. Some banks are charging $45.00 and
still bouncing the checks! These cash flow problems, hopefully
temporary, are a fit for a payday advance loan. Sometimes you have
to have several balls in the air at the same time.
Say you have a ton of high interest debts: student loans, car
payments, credit card debt (ouch!), debts you just can't get rid of.
Even payday loans online won't take care of these problems. Now if
you have equity in your house maybe a home equity loan will give you
some relief but home loans are hard to get now. Lenders don't want
sub prime customers so they make loans only to people who don't need
them (this is a joke but with a lot of reality). Second mortgages
are tough in today's economy.
If you don't have a credit score of 625 and nothing bad on your
credit and a good debt to income ratio forget home equity loans.
So you've bottomed out, payday loans all over the place, collection
calls, over-the-limit credit cards past due, foreclosures and
repossessions, late charges added on to your rent payments - wow
robbing Peter to pay Paul isn't working. Maybe it's time to consider
debt settlement. Usually debt settlement is a way to keep from going
bankrupt. Bankruptcy is expensive. Although you can do it yourself,
it's time consuming. Bankruptcy laws are all over the place. One
federal district's laws are different from the next. Student loans
can't be bankrupted out of and some credit cards bills won't fly.
Tax judgments are tricky and bankruptcy can haunt you for literally
years. Here's how debt settlement works. Just because you want to
fade your credit card bills doesn't mean debt settlement is for you.
First off, no creditor is going to go for a debt settlement if you
are making the minimum payments. In all most all cases, the deal
will only work if you stop paying your bills. If the debt settlement
company tells you you don't have to stop paying RUN! Here's how they
work: they call your credit card companies and offer them a reduced
settlement - say 50 cents on the dollar or 25 cents on the dollar.
It might make more sense to the credit card company to take a
settlement deal than to try to sue you or keep up the collection
process. Suing you might force you into bankruptcy so in the
companies think "something is better than nothing". Payday loan lenders
consider debt settlement found money. Bottom line, debt settlement
is merely a forced saving account on your part. Note: Settlement
companies are divided into one: a saving account that you can't
access and two: companies called "self savers" where you establish
your own saving account that they can draw from but so can you.
Obviously the self savers don't work as well as the other where you
can't tap the money. The settlement companies usually pick-up your
first couple of months payments and a certain percentage thereafter.
There is nothing wrong with debt settlement companies if you
understand what they are doing for you. You can do this process
yourself if you want to spend the time. It's hard to work all day
then attack this after business hours. You can also just stop
paying and "go to ground" so to speak. Change your phone number
and take the heat. Not much anyone can do if you don't have
any assets and like bankruptcy the bad debts eventually fall off your credit
record.
Now you've paid your debts either through credit card payments (yeah
right), settlements, bankruptcy or just riding out the collection
attempts. You can then try credit repair. We're not sure credit
repair really works. They will get any erroneous stuff off your
credit reports but legitimate stuff who knows. If a creditor looks
at your credit reports and sees a bunch of disputes they are going
to deny your request for credit - period.
Secure credit cars are a good way back to human status. Pop some
cash into an account and start charging. It's like a debit
card. Eventually, if you make timely payments, the secure card companies will give you some real
credit.
Let's say you have bad credit and need a car. Most modern new car
dealers have taken their less desirable trade-ins and auction cars
and started separate used car lots away from the main lots. These
are usually "buy here/pay here" deals or "we finance anybody" type
arrangements. The cars are usually bones. High miles and beat to
death. You are better off going and finding a decent car and
financing through an online lender. Sometimes down payments are
financed through payday loans.
Fast Cash Online has
examples of these credit programs and can be accessed from the
buttons on the right hand side.
*No
credit check by the three major credit bureaus.
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