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Frugalistas Frugalistas

Has anyone used short-term loans before?

Posted by on Mar. 15, 2013 at 5:00 PM
  • 27 Replies

I'm kinda short this month, I was just wondering if it would be better to get a bank loan or just from a payday loan company? If anyone had any experience taking out one, can you please share your experience?

by on Mar. 15, 2013 at 5:00 PM
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Replies (1-10):
viv212
by Member on Mar. 15, 2013 at 5:01 PM
1 mom liked this
No fast cash loans!!! Unless they give you a low interest but the interest I've seen from those companies are like 100% or more.
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cshepard
by Member on Mar. 15, 2013 at 5:03 PM
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I've seen some of those payday loan places offer first time free, I had a friend who used them all the time. Try and see if they have that deal.
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Moki75
by Bronze Member on Mar. 15, 2013 at 5:06 PM
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I would do everything in my power to make it without a payday loan if you could

KateyBrands
by Member on Mar. 15, 2013 at 5:34 PM
1 mom liked this

The only loan I ever got was for $1,000 through my bank to pay for my wedding. I have been paying a little less than $100 a month since July and I hate it, but it is improving hubby's credit. Interest isn't bad either. But I suggest trying not to get a loan unless its an emergency. My sister gets them all the time. She had 3 at once and was still broke. Is there any way for you to make fast cash? Maybe sell something? My hubs wanted to buy a new gun, so instead of taking from savings or household expenses he sold his pool table (and actually tripled his money on it! Lol) hope everything works out for you!!

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beachbeauty
by on Mar. 15, 2013 at 5:43 PM
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Payday loan companies are scams!  Stay far far away.  I agree with Katey, before thinking about a loan, is there anything you can sell?  If not I would go with a bank loan.

NiCo86
by on Mar. 15, 2013 at 8:24 PM
2 moms liked this

 DON'T DO IT!!!!

moogsmom03
by on Mar. 15, 2013 at 8:39 PM
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Do not get a payday loan for any reason!! I worked at a payday loan place 9 years ago and back then they charged $22 for every $100 borrowed in interest. So basically if you borrow $100 for a month, you'd have to pay back $144 at the end of the month. That's almost a 50% interest rate!! And I'm sure the rates are even worse now. Do anything but go to those places, they should be illegal. 

ciao_kitty
by on Mar. 15, 2013 at 9:04 PM
1 mom liked this

I haven't used one personally, but I hear that pay day loans usually charge crazy high fees and interest. I remember aloong time ago there was an investigation of some type in California (I can't remember the specifics, but it had something to do with pay day loans and unfair practices) I had one co-worker who used it, but he couldn't ever seem to pay it off, and he was in a viscious loop of constantly borrowing. Good luck. 

KenzieQsMommy
by Heather on Mar. 15, 2013 at 9:43 PM
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I would never do a short term loan. Its a snowball effect and you'll have another bill before you know it.

AllofFive19
by Member on Mar. 15, 2013 at 11:27 PM
1 mom liked this

I had no choice but to take out a short-term loan. We only borrowed 800, but by the time fees were tacked on, it was a little over a thousand dollars. The good news is that they did not charge interest on the payments. All the interest was added the initial bill. They refunded $84.80 when I paid off the loan 13 months early. 

I used a portion of my refund to pay it off.

If you choose to do a paycheck advance, only do it for the amount you need, and whatever you do, only do it once. Otherwise as KenzieQsMommy says, it's a snowball effect.

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