Blueeyedgirly asked:
I owe the interest at minimum on a stupid payday loan I took out. I hate these kind of loans but I had an emergency and no where to go for money! Now I can’t pay the minimum off on payday! I wont have enough money. Is there a grace period on these or will they just deposit the check and overdraft my checking account??
Payday Loan
I owe the interest at minimum on a stupid payday loan I took out. I hate these kind of loans but I had an emergency and no where to go for money! Now I can’t pay the minimum off on payday! I wont have enough money. Is there a grace period on these or will they just deposit the check and overdraft my checking account??
Payday Loan
December 17th, 2008 at 8:50 pm
They will deposit the check. There is never an emergency that is so bad a payday loan is the answer. These are predatory lendors who lock you into a cycle of borrowing.
Never do it.
December 18th, 2008 at 10:43 am
I’d start by calling them up and letting them know exactly when you’ll have enough money in your account for the check to clear. Do NOT go to another payday loan source to cover the shortfall. Unless someone is holding a gun to your head, you should never do business with them.
December 21st, 2008 at 10:14 am
yes they will… but if your bank offers overdraft protection you might be better off paying the overdraft fees to your bank instead of trying to strike a deal with the Payday Loan Shark… the only thing they will offer is to extend your payment terms for even more money in interest payments… until one day you will owe them 5 times of what you borrowed… get it done and over with and pay them off.
December 22nd, 2008 at 10:30 pm
Look at the longer term. If you have a postive income stream, you possibly need to take hard look at your budget and cut expenses.
Go in for free credit counseling at nfcc.org or cccsinc.org. You may be able to find $100 in additional money through budget cuts every month.
December 23rd, 2008 at 1:18 pm
Usually you can speak to them and they will hold off on depositing the check. However, the interest will be more expensive the next time. You can put off the payment until your next payday, but it will be more expensive.
December 26th, 2008 at 12:32 pm
Get professional help right away!
No grace period. They do not care. The payday loan companies will keep resubmitting it over and over to get their payment to go through. They might even split the payment in half and submit it twice so there is a better chance of it going through.
Your bank makes a lot of money off you. They will let the first ones go through so you become in the negative. Charge fees for each. Then not let you close your account until you are back in the positive. Then the payday loan companies will pull another payment and it starts all over again.
There are several company’s that can help. I used Destination Debt Solutions and they have taken care of all the creditor calls, are working out arrangements right away, and are saving me a fortune!
December 29th, 2008 at 10:01 am
Blueeyedgirly, Go to where you bank and discuss a payday loan loan with them. In emergencies, often a bank is more understanding than you might think they are.
Sometimes the Salvation Army will pull through as well,if you have one in your area.
Take time to look into your community for support, but some people don’t have all the options that come with an understanding community.