Apr 15

Is taking out a pay day loan my only option?

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I need a very fast $1500 and I don’t know the best solution.

I live in Los Angeles and work a full time job and have another part time job on the side. However, even with that, money is still very tight. Under normal circumstances, I am able to make ends meet every month, but I rarely have much of anything left over.
However, the last few months have been filled with a string of family financial problems.
My parents are close to foreclosing on their house and the my dad was laid off. Consequently, I have had to help my parents pay their mortgage and bills. It is deeply saddening to see them in that state and has been horribly embarrassing for my parents to have to ask me for money.

All in all, I make about 2100/month, including tips. I pay about 950 in rent and utilities and 75 for students loans. Then there’s insurance, food, and some expensive prescriptions thrown in.

However, because I have had to give my parents a substantial chunk of money each of the last few months (and pay my brothers rent when he couldn’t, last month), i have been left with just barely enough for rent this month.

I don’t have any credit cards or a car. After college I had a hard time paying students loans and they went into default. However, they gave me a one time opportunity to pay my way out of default and clear my record. I did that and am back in good standing. However, this is still on my credit history (something that I have filed a claim about).

Due to my own stupidity, I am facing a very big need for $1500 ASAP. This morning when I went to the DMV to apply for my CA license (from Nevada), I found out that I have an outstanding ticket from more than a year ago. I want to kick myself.

Basically, I need to have a license that is valid (and warrant free) because my full time job requires me to run errands on a daily basis…and because I would like to avoid jail time! I called the courthouse and if I pay the ticket amounting to around $1500. it will be done with and I can get my California license and be legal and move on.

However, I just don’t have it. I don’t have anything even close to it. Nor do my friends or family members. If I owned anything that was of any value, I would sell it.

I can’t come up with a fast solution. I have read lot’s of horror stories about payday loans and 90 day installment loans and the last thing that I want to do is get back in over my head and spiral back in default. It was a terrible feeling.

Is there any other reasonable solution? And if taking a payday loan is the only answer, how do I avoid shady practices?

Lastly, in order to compare payday loan’s, it appears that I have to fill out the forms with my info on their websites. Is this something that the credit bureau’s see? I don’t want to negatively impact my credit score by simply “applying” online to see quotes.

Thank you for taking the time to read this long post!

Best,

K

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Mar 03

How high can my credit score climb if I have only credit cards in my credit history?

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My current credit score is 745 and I’ve built it solely by using credit cards and paying on time (but never had any loans). Somebody told me that the abscence of installement-paid loan will prevent my score from climbing much higher. Is it true? Should I take some consumer loan to boost my credit score since I am planning to apply for a mortgage in the near future?
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Dec 08

If i’m a student and unemployed, what should I report as my income on a credit card application?

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Can I report money made from scholarships
or loans????????????????????
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Mar 01

Home mortgage: Making down payment using credit card offer?

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History: This person applied for home mortgage loan 7 months ago. At that time he did not have any liabilities/loans and had funds in his bank account too.

Bank went through loan approval process and approved this person for several types of loans (80/20, 80/15/5, etc) after looking into salary, bank statements, etc. This person went ahead and signed a contract with builder to build a new house.

Things have changed and now this person does not have money to make even 5% down and still wants to proceed with home purchse since there are enough credit card balance transfer offers he can use to make 5% or even 20% down without a problem.

I guess my question is would bank have any issues with down payment using credit card balance transfer? Is there a possibility bank would know this person ows money to a credit card company (if not timed properly since they are going to run a credit report again)? Has anybody done it before? any legal issues with this approach?

Thanks!
QAData

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Feb 04

What kind of credit cards Jesus used and do American Express was alredy invented by then ?I know he used to?

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own his own business and did school in the jewish temple .
How much it was a semester in the jewish temple then ?
Did they made loans or it was to be paid by cash only or credit cards or some kind of mortgage ?
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Nov 19

Is having credit card debt okay as long as you can pay it off?

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I have about $5 grand of credit card debt now which can be brought down to 0, in less than a year, depending on how much I really want to pay it off. However, is carrying large amounts of debt (even if you CAN pay it off) bad? I don’t see how. Isn’t that the entire BUSINESS of credit cards anyways?

To allow you to buy now and pay later? Don’t they make money off of interest percentages? I don’t see how this is bad for your total credit score, as long as you keep paying the monthly minimum or more.

Also, lets say you DO have a $5G balance on one card, with an APR of lets say 13%. guess what? That means that every month you’re ONLY going to accumulate $50 worth of interest. and compared to 5 grand, that’s nothing. and if you keep making payments, and slash that in half, the interest will be lower, as it’s calculated on the balance you have.

SO, I don’t see how credit cards are evil and how this system is god awful, if we pay interest on other loans as well, car/school.
and you don’t hear people complaining about those as being evil, they just accept it. :eye roll:

I think credit cards are fine as long as you have the right card, and it doesn’t have an extremely high interest rate.

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Apr 12

Question about loans?

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I want to take out a $1,000 loan to fix my car. I have good credit for a 19 year old with one credit card but compared to everyone out there it’s on the lower side because of the short credit history and such. So the interest rate 20%. Minimum payment is $50 and it’s a two year loan. I plan to pay $200 per month. If I pay $200 per month how will my loan decrease. I don’t understand the whole interest thing. Cause if I’m at $1,000 and I get 20% interest and a $200 payment I’m in the same spot. So could someone explain what my balance would be each month. (For example month one 1,000 month two 800 month three 600 but with interest calculated in there.) Thanks! =)
Ummm if you can’t answer my QUESTION then don’t answer at all… Is it that hard to read? You read my question and then post an answer that doesn’t answer my question? Unless you are answering my question don’t post an answer. Thanks.
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