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Payday loans?

So, I have a week and a half till my next payday, NO money but I still need food and gas SO badly for the time being. I'm thinking that a cash advance is my only option (nothing available from friends or fam), but I'm really uneasy about their fees and the shadiness associated with the companies. I'm only needing $100-$150...anyone w experience in this they'd like to share?

Answer Question

Asked by nappeal at 12:10 PM on Aug. 4, 2010 in Money & Work

Level 14 (1,369 Credits)
Answers (8)
  • Run away..... run away fast.... Do you realize they charge something like 837% interest? In the State of Ohio they have been banished and if they did manage to stay in business I think the law makes them limit the interest that can be charged. Be VERY VERY careful if that is the path you choose. They make their money because once they suck you in, you end up needing to keep borrowing from them.... they are sharks...

    Answer by WoodWitch at 12:17 PM on Aug. 4, 2010

  • I agree with WoodWitch. I have been in some bad situations as far as money and I have miraculously not had to resort to this. I have used the roadside assistance to bring me gas before cause I didn't have money to get any and I have lived of Ramen noodles and bread for up to a week. I have even sold stuff on craigslist for 5-10 dollars...just enough to get by.

    Answer by ashisamom at 12:27 PM on Aug. 4, 2010

  • DON'T DO IT... unless your kids will starve. Ihave done this before and the fees are ridiculous. In most cases, they will ask for access to your bank account and when your loan period is up, they will automatically withdraw the money from your account. Or, you can get an extension, but this comes with extra fees. I borrowed $200 once and it ended up costing me about $400 when it was all over.

    Answer by lvaughn26 at 12:42 PM on Aug. 4, 2010

  • Yup, I know the fees are crazy...I think one place wants $20 for $150, which is something like 5xx% apr. I literally don't even have ramen noodles; I even called a few food banks around here, but they're only open for like 2 hours on certain days of the week, and I just can't afford any time off :( I do not have food, and def nothing that could last me a week and a half w 2 kids

    Comment by nappeal (original poster) at 2:47 PM on Aug. 4, 2010

  • Yes, I've heard that, too, about the sky high interest rates. Is there anything you can do until pay day to avoid going to one of these places? Can you take money out of savings? Use a credit card? Carpool to save gas?

    Answer by HotMama330 at 3:07 PM on Aug. 4, 2010

  • How about a massive garage sale? Or if you can sell plasma? Here in Utah you can make about $55 a week doing that. $55 can go a long way if you really watch what you are doing.

    Maybe you could babysit for a friend or clean a home on your day off? Even mowing a lawn could help.

    Could you get a friend or family member to go to the food bank for you? I'm not sure how the food bank works.
    What about a local church?

    The problem with payday loans (as I"m sure you probably know) is that people actually need an addition $100 or $200 not $100 or $200 a week early. So if you get that money now (generally speaking) you'll probably be short next time and feel the need to borrow again. Which, like you said gives you an insane APR. I would try some other options first. If you have to get a pay day loan, definitely come up with a plan to make a little extra money in the next pay period.

    Answer by Erica_Smerica at 4:18 PM on Aug. 4, 2010

  • There's just about literally nothing I can do; no credit cards, bad credit, no friends who need sitting and I'm preg so donating anything is out of the question. I just feel sorta out of control about this.

    Comment by nappeal (original poster) at 5:57 PM on Aug. 4, 2010

  • Call your local women's shelter. They might be able to help - at least with food, maybe transportation.

    Answer by MommaofH2 at 10:29 PM on Aug. 4, 2010

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