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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.
*Lenders typically will not perform credit checks with the three major credit reporting bureaus: Experian, Equifax or Trans Union. FYI: credit checks or consumer reports may be obtained by some payday lenders.