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Losing my whole wage packet to Payday Loans. : UKPersonalFinance

Main Post: Losing my whole wage packet to Payday Loans. : UKPersonalFinance

Forum: r/UKPersonalFinance

The true cost of payday loans

Main Post: The true cost of payday loans

Top Comment:

The bombardment of annoying radio advertising by Moola is enough to make me hate them and this just reinforces how disgusting they all are, right up there with the Home Direct shopping truck.

Forum: r/newzealand

Considering a payday loan

Main Post:

I have to pay $600 by tomorrow and I don’t have it. I don’t have the best credit, but I will be able to pay off the $600 I borrow within a week. I keep seeing how people are against payday loans, so I want to know if in this scenario, I should go for it

Update: I opted not to get one, thanks for your advice! I had a friend lend me the money. It was for school, I was gonna get kicked out of the program if I did t pay and I’ve already been delayed like crazy so I was not willing to let that happen

Top Comment: Just because you can pay off a payday loan within a week doesn’t mean they will let you. And if you do, it will be with enormous prepay penalties. It’s why they are scams to begin with.

Forum: r/Debt

Best payday loan apps?

Main Post:

I’m looking for the payday loan app to help me cover a small unexpected expense this week. I’m trying to avoid traditional payday loans because of their insane interest rates so I’d prefer apps with low fees and no credit checks.

I’ve heard of apps like Dave, Brigit, and Earnin but I’m not sure which is best for a small amount (around $100–$150). I get paid biweekly and my income is steady so I’ll be able to pay it back without any issues.

Are there any other apps you’d recommend that are reliable and don’t charge crazy fees? Also if you’ve used these apps I’d love to hear about your experience with their approval process and repayment terms.

Top Comment: In my experience Brigit and Empower have the lowest fees, I’d start with them. Dave and Earnin have a bit higher fees but nothing too bad. MoneyLion will offer the most with the highest fees.

Forum: r/CRedit

Never paid back payday loan. It’s been 2.5 years.

Main Post:

(Texas) Still in my 20s. A few years ago in 2021 got in a bad situation and took out a payday loan from a company in Texas. I was able to make the first few payments, but after that I lost my job and couldn’t make the payments at all.

They started contacting me and I told them I lost my job and that I couldn’t make the payments. Then I had to put all stop payment on them with my bank. They would call and eventually the calls stopped. I remember I did see an email maybe 1.5 years ago that they sold the debt, but never got a call, mail, or emails to the company they sold the debt to. I have moved 3 times since taking out the loan so that could also be why I never got mail. Fast forward to now it’s been almost 3 years and I have not heard back from them or debt collectors.

So I’m asking, what should I do? I now have a stable job, credit score of 713 and want to keep it that way. I don’t think I have the old email from the debt collector to call them and do not have any accounts in collections.

For those messaging: the original company has already sold the debt. I’m not incurring late fees with the place I took the loan out with.

When I saw the email that it was sold, it was actually for the original amount of the loan. I’m not sure what happened to that email, but if I knew where it was I’d try to make it right... that’s exactly why I’m asking. lol stop calling me a thief lol I told I could make the payments and lost my job. They stopped charging me. The stop payment was placed just in case they tried.

Top Comment: It sounds like you got away with it.

Forum: r/CRedit

whats the best payday loans for bad credit?

Main Post:

I'm 31 and going through a tough time after my divorce. I'm trying to manage everything on my own including custody of the baby. But, my credit isn't great (basically dog shit atm), which makes it tough to get any help. I'm looking for advice on finding a loan that's accessible even with bad credit.

Can anyone recommend reliable payday loan service? I need something that won't make the process even more stressful or add to my financial bs to my plate.

Top Comment: I apologize, but I am unable to suggest any particular payday loan companies. Payday loans can be incredibly costly and challenging to repay, especially if you have low credit, because they frequently have very high interest rates and costs. Generally speaking, it's preferable to check into other options like borrowing from friends or family, contacting neighborhood associations for support, or researching government help programs. Speak with a financial counselor if you're having financial difficulties; they may provide you with aid and guidance that is specific to your circumstances.

Forum: r/CRedit

Wife took out a bunch of payday loans

Main Post:

I lost my job about 5 years ago which put us in a touch financial position. I was out of work for about 3 months and in order to pay our rent/utilities, my wife took out a couple of payday loans from a bunch of sketchy loan websites without my knowledge.

Half of my wife's paycheck is automatically coming out to pay off these Neverending loan payments. We have been paying them off for FIVE YEARS and they haven't really gone down at all...it's like they have us trapped in an infinite loop of payments where by the next time we make a payment, the interest has brought it back up to where it was before we made a payment.

Every year around tax time we make the plan to use our taxes to pay off a huge bulk to hopefully put a dent in it but something always happens that takes precedent over the loans, the past two years our car has broken down right around tax time for example.

We are currently waiting on taxes, and once again, were planning on using it to take care of these loans but the apartments we live at put a notice on the door that they are not renewing our lease so we have to move out by the end of next month, so it's looking like tax money will have to go towards moving into a new apartment.

We owe about $2500 on one loan and about $1500 on the other, both are on autopay and take about half my wife's paycheck every 2 weeks. Where she should be getting a $1400 check every 2 weeks, she is only getting about 500-600 of that. I make $945 every two weeks.

If it weren't for these loans we'd be living pretty comfortable, but because of them we have really been struggling the past few years. I could really use some advice on how to handle the situation. We have a 2 year old, so this non renewal notice is really throwing me into a panic that we won't be able to afford another place when we are stuck paying these loans for the rest of our life...there has to be SOMETHING we can do. If it were up to me, I'd just stop paying them and let them send me to collections...after 5 years of paying them off I'd say they are more than paid back in full (although I'm sure they'd disagree).

More than willing to answer any additional questions anyone might have and thank you to anyone who is willing to throw a little advice my way.

Top Comment: Is your credit good enough to get a personal loan from a bank or other type of lending institution? If it is then you can get a loan from them which will have a sane interest rate, pay off the payday loans, and then pay back the personal loan. https://www.forbes.com/advisor/personal-loans/best-personal-loans/

Forum: r/Debt

ELI5: What's a payday loan and why is it hated

Main Post:

I know what loans are but what makes them so much worse?

Edit: thank you everyone for Answering! I think I got it now 🙂

Top Comment: Payday loans are easy to apply for and get approved for as long as you have a reliable paycheck. People hate them because they're super predatory with a system designed to keep you dependent. Example: you borrow $500 until your next paycheck. Then you have to pay back $575 because of interest. Which then leaves you having to borrow again to get through the next two weeks, the cycle continues, etc. They're predatory because they're marketed towards people with credit too low to access traditional lending with reasonable interest rates. And then they abuse that power by spiking the rates which make it impossible to get out of the cycle. My credit score is 720 - I have access to loans at 8% interest. Someone who's credit score is 520, doesn't so when they're short on money all they can do is turn to payday loans that charge 120% interest. And they're stuck in that loop with no way to get ahead.

Forum: r/explainlikeimfive

Seeking some Advice on Payday Loans

Main Post:

Hi everyone,

I’m hesitant but decided to reach out for some advice and resources. I’m a single mom working full-time as a nurse, but even working full time, I’m struggling to make things work this month.

I’m considering a payday loan to help bridge the gap, just want anyone’s personal experience or recommendations on somewhere that’s legit I know everyone will say it’s the worst idea but i just need something temporary

Additionally, if anyone has information on local food banks or community resources in Alberta, I would greatly appreciate it.

Thank you in advance for any advice or resources you can offer.

I truly appreciate it from the bottom of my heart ❤️

Top Comment: As someone who got stuck on that debt treadmill in my younger years, it’s not worth it. I had too much pride to ask for help and not enough sense to just ask to defer bills for a month to get ahead. If you don’t have the money this month, how likely is it for you to have the money PLUS 20% in 2 weeks at pay time? If you are unable to get a loan from a friend, try the bank. If neither works, call the people where you need to pay and let them know the situation. People are a lot more willing to work with you than you would think. Deferring and delaying payments or making a small ‘good faith’ one instead.

Forum: r/PersonalFinanceCanada

How do I dig myself out of the payday loan hole?

Main Post:

I’m in California, I’m working my first full time job pulling down 35k a year, and I’ve really screwed myself. I have about 4-5 grand in payday loans that I can’t pay, about 2 grand in credit cards, and my primary checking is sitting at -800 dollars.

I moved my direct deposit to one of those app-based checking accounts so that I can pay rent at least when I get paid, but I don’t see how I’m going to get myself out of this hole. I’ve considered debt consolidation, but my credit score is around a 660, and no one is willing to lend me the amount I would need to pay the payday loans off. What other options do I have for starting to try and fix this mess?

I’m concerned that I’m basically unable to pay for both my loan payments and rent/food given my budget (rent is 1100), and that the crazy interest on the loans will just keep ballooning out of control.

Any advice?

Top Comment: https://www.experian.com/blogs/ask-experian/how-do-i-get-out-of-payday-loan-debt/ Either an Extended Payment Plan if they're required by law in your state (this will NOT be advertised by the payday loan lender) or a Debt Management Plan. I typically refer people to Debt Management Plans for CC debt and personal loans though the payday loan places tend to be sketchy and won't accept the DMP terms. Otherwise you're looking at defaulting.

Forum: r/Debt