Help with Payday Loans
Date: Mon, 03/24/2008 - 19:02
My husband & I have several payday loans.
CashnetUSA - Was 1100 - Just paid in full
Paydayone- (mine) Bal - 675 Paid 1235.88
Paydayone -(his) bal - 700 Paid 470.69
Thinkcash - Do they even matter?
I was thinking about getting a loan from cashcall to pay off the thinkcash and then just pay a monthly payment but it looks like that is a bad idea.
NO! PLEASE do not get a loan with CashCall! Do you realize the
NO! PLEASE do not get a loan with CashCall! Do you realize the interest they charge? They are nothing but a glorified payday loan, but backed by a bank, and with much worse interest rates.
Sorry to be so harsh, but CashCall is a HORRIBLE company to get involved with. Once you're in, you never get out. A $2500 loan can very easily end up costing you $4000 or more.
If you can tell us what state you live in, we can help you out.
And yes, ThinkCash counts, but they are not a payday loan - they are an installment loan - they are legal, backed by a bank, and cannot be treated like a payday loan.
I just want to echo what SUEBEEHONEY70 said about Cashcall. It
I just want to echo what SUEBEEHONEY70 said about Cashcall. It may seem like a quick fix now, but it is almost guaranteed that you will find yourself in worse financial trouble if you take out a loan with Cashcall. A couple of years ago, I took out a loan with them fo $2500, and the apr was 79%! After about a year, I was lucky enough to pay it off in full. However, I was dumb enough to take out ANOTHER loan from them when I was in a pinch and drowning in payday loans to pay off payday loans. As it is $5000, I won't be able to pay that one off in full anytime soon. Also, their monthly payments were so difficult to keep up with, that I ended up taking out payday loans to keep up with Cashcall payments- and before you know it- I was back in the terrible cyle of PDLs again! So now I have Cashcall AND tons of payday loans.
While not GREAT, Thinkcash is a legal PDL company and backed by a bank, so your first focus should be getting rid of the other two loans somehow, first. At least Thinkcash gives you the option to log in to an easy to navigate website, and you have complete control over being able to pay down your loan or off in full if you want. Most other PDLs make it totally complicated and impossible to pay down to lower your interest ( they want faxes, phone calls, and time restraints ) so you usually get stuck paying a bunch of rollovers instead.
Amaranth - hope you don't mind, but I edited your post to highli
Amaranth - hope you don't mind, but I edited your post to highlight the apr rate on CashCall loans, so it will stand out to others. Anything we can do to keep people away from this legal loan-shark is a good thing.
Reply
Thank you for the information about cashcall.
I am in Texas. I have posted the PDL I have below.
CashnetUSA - Was 1100 - Just paid in full
Paydayone- (mine) Bal - 675 Paid 1235.88
Paydayone -(his) bal - 700 Paid 470.69
