Payday loans are considered to be short term loans since they are to be paid back in a week or two. Since the background is not as strenuous as it would be at a bank. The idea behind payday loans is that you can take care of the emergencies that pop up before payday. A cash advance payday loan is a short term loan that you need to payback in a week or two. If the time comes and you cannot pay the loan back, you can ask to extend the loan. If you need longer to pay the loan back, there will be additional fines and fees. It can almost double what you initially borrowed.
When would anyone need a cash advance? So that the bills don’t fall behind. Such positions generally develop when a human lives beyond his means or goes wrong to keep up a family budget. It may be hard to get back on tract but these loans can help.
Is it wise to get this loan? It could be a good thing to get a wedding loan (how it works info) if you are in a tight spot. Make sure you can pay off the loan on the agreed upon date. The following are some examples of when a payday loan is a wise choice:
If you think you will bounce a check, you may want to consider getting a payday loans. The tolls of a bounced check might sum up to more than the price of acquiring a payday loan. Acquire payday loans if not bearing for your prompt demand entails serious long-run aftermaths. In case the late fee for not clearing a defrayal will be higher than the price of the payday loan.
You will want to make sure you will be getting the loan for a good purpose. If you look at the fees of the loan are not as bad as the fees you will face if you don’t get the loan. Paying the bills late should not be an option. The lone major aftermath of this loan or liquid cash is the fee implied, which might happen to be a little quantity but may sum up to a big amount if you acquired it with a long term view.
It’s not judicious to acquire these loans to attain an impulsive buying or to acquire a little pocket money or when it’s not essential to acquire one. If you cannot pay the loan off when it is due, you will face heavy fines and fees. Only take a cash advance if you truly need one. Studies have displayed that the number of folks acquiring these loans or liquid cash and the number of parties proposing these loans are rising.
One of the board members would hold checks and give them to his assistant to deposit maybe a couple times a year. The bank (don’t know if it was his or or the company’s) wouldn’t cash anything over six months old, so his assistant would have to ask us to replace the old checks. This happened several times. It would have been easier on all concerned if he had given them to his assistant even once every 3-4 months.
Same company. Our bank paid a check that was about ten years old and had long since been removed from the outstanding check list. We didn’t ask the bank why they honored such an old check simply because it was for less than $20 and we didn’t have time to bother with such a small amount.
At another company, we had a check cashing business try to collect on a check that had a stop payment on it. When we pointed out that the check had “Void After 90 Days” printed on it, they dropped their claim since they had cashed it well after the 90 days.
I used to work for a mortgage company in the Los Angeles area. We made second mortgages. Firsts were going for about 13 – 14% and our seconds were 18 – 21% depending on the borrower’s credit rating.
We had one investor (that’s where we got the money to loan) who would save up all his monthly payment checks (borrowers paid us directly and we dispersed to the investors) until he had the appropriate amount for his next investment. My boss would call this guy and tell him he had a good loan for $xx,xxx dollars and this investor would bring in $xx,xxxx in payment checks (from us) to fund the next loan he was funding. Odd business that was. (I think a lot of investors, and my boss, really would rather foreclose because they’d be second in line to purchase the properties, but that’s another matter.) If the checks were over 6 months old, we’d do some fancy bookkeeping and reissue the funds to him so he could buy the loans. (I’m sure glad I wasn’t responsible for those checkbooks. I did the escrow books, general business books, and payroll. Others did the rental property books and the mortgage payments.)
I loved that job because I regularly got deposits in excess of $100,000 and then got to disperse the funds the next day. I loved balancing my books there.
but it depends on the bank and their policies how long a check is valid. We wrote a check once to a store that never cashed it. It’s a really long story but they didn’t cash it on purpose and then eventually lost the business to someone else. The new owner said it wasn’t in the store and he had no idea what the previous owners did with it. Our bank said the check was valid for cashing for two years maybe longer. It wasn’t a hard rule. If the check came in two years and two weeks they would allow it. If it was two years and 6 months, they wouldn’t. We had to keep that account open for that check to possible clear for two years. After that we closed the account.The person never did try to cash it cause they knew if they did, my husband and father in law would have been able to find out where he was and to sue him to access his account (they owed my FIL a lot of money). But we had to leave the account open just in case. If they had presented the check for cashing and there wasn’t money in the account, it would have bounced and we would have been hit with fees.
(stems from years ago, different landlord, who used to take up to 6 weeks to cash a check….)
Walmart’s limit for MO’s is $1000 at a time, so I’ll just go get the MO twice a month instead of once a month.
Does anyone know if Sam’s Club issues money orders? I ask because the Sam’s Club nearest to us also has a gas station. I’m thinking I could get an MO and fill the cars up with gas at the same time…thereby reducing the risk of spending the gas money for something DH thinks is “essential”
I would cut back if I had a $500 water bill and if I used credit cards and bought unnecessary items I wouldn’t use a credit card nor would I buy those things with cash. I’m tight with buying however I buy. We aren’t in flood or tornado country but we are in earthquake area. I’m willing to have the card in case of disaster. If it costs me nothing and over the course of years I know myself to be frugal, and no one else is on those cards, it’s just a choice I’ve made. Even prospective employers and landlords look at credit ratings these days. Never had a huge salary and never got in debt trouble before or after DR so feel okay with it.
Getting 5% cash back is fine, except when someone spends 40% more on items they weren’t going to buy. How many people go to dinner and overspend? How many go shopping without a budget and overspend? If you spent $100 to get $5 back, you could have spent $90 and save the $10. Responsible people will pay off a credit card each month, but you have to ask yourself, how much of the actual spending was over budget or unnecessary? If your water bill went up to $500, you would probably cut back to a normal amount.
it’s not necessarily about being lazy or complaining. I think it’s a loss of ‘hope’. There are many out there who truly don’t BELIEVE they will ever be without debt, payday loans or payments and they can’t see a way out.
I’ve seen it several times with people who have attended the FPU Classes I’ve facilitated. They come truly believing there is no way out.
In my experience (7 or 8 classes now) 50% of those who come to class without hope, will leave before the 4th class. The other 50 percent gets it, at least to some degree and sticks it out to the end.
fireangel….who joined the group yesterday. Hi Eldred and Sandi!! And of course anyone else who knows me whom I haven’t ‘seen’ yet. 🙂