What are the various repayment plan?

Hi dusgraff187

One thing I wish to tell you at this point before you think anything is "Never Get Tempted over anything". When such companies offer help to you readily, it is obvious that they want something for that service in return. You never know taking that obligation will end up with some unpredictable expenses. If you really want to sign in for such services, then I will ask you to look in for some reputed companies listed in the BBB and see if any complaint has been filed against that company. It's a competitive market and after all, you have to have the best deal, Isn't it?

Always look for the foundation of that company and see if it's genuine or not.

Taking the other side, if you want to get your bills paid, then you can do that by consolidating your debts. It will ease your life by making different bills consolidated into one amount and then you can pay that amount from your monthly income slowly and steadily. Signing in for debt consolidation will reduce your monthly payments and you will have lower interest rates comparatively.

Give a thought and do let me know what you think

Waiting to hear from you

Roxette

[quote=dusgraff187]I keep getting e-mails from companies that want to give you free money in your account next day..."100% no hassle" well, I was wondering is this a wise idea to go with... they're giving me 500 to 1000 dollars to help pay bills or for emergencies. What is usually the repayment plan for these institutions? and if they are even real... i don't know.[/quote]

First I must start off by saying that money is never free. So right from the start, you have to keep your guard up and be suspicious. There is most likely strings attached to this money. Details that would be in the fine print which they are hoping that you will not read.

These details would probably include interest rate manipulation where they charge a low or no introductory interest and then hit you with a high interest rate a few months into the life of your loan. This is probably how they rationalized the free money. It is free for now but you will pay through your eyeballs in a few months time.

I suggest that if you are not in a serious financial dilemma, you should not even consult with companies such as these that try to lure you to consolidate your bills with a loan. because essentially, they are making you repay a loan with another loan. And this consolidation loan would more than likely be a longterm loan and a longterm albatross around your neck. So I would suggest that you ignore these advertisements.

But if you do decide to engage one of these companies, you should research these companies first and foremost. You can do this at the better business bureau website. From there you will be able to determine if these companies are reputable or not.

Hi dusgraff187
Welcome to forums.
What i feel is that you should not go in for a payday loan in order to payoff the emergency bills. In fact if you take a payday loan then it is equal to falling in a debt trap.

Quote:

take it from me payday loans are not the waY TO GO AT ALL I SPENT 3000 DOLLARS OF MY 3500 TAX RETURN TO GET OUT OF MINE AFTER PAYING 500 A MONTH FOR 9 MONTHS JUST IN INTEREST FEES NEVER AGAIN

Flowerbear

I am happy that you have learnt to avoid payday loans in the near future. No matter, how bad the personal financial condition may be, but these payday loans should never be invited in the house. They solve the problem at the beginning but their consequences are irreparable.

My message to the community is that payday loans tend to be a support during crisis but they further hurt the person making the daily life more crucial.

Roxette

[quote=flowerbear101197]take it from me payday loans are not the waY TO GO AT ALL I SPENT 3000 DOLLARS OF MY 3500 TAX RETURN TO GET OUT OF MINE AFTER PAYING 500 A MONTH FOR 9 MONTHS JUST IN INTEREST FEES NEVER AGAIN[/quote]

Thank goodness that you have been able to release yourself from the grips of these payday loans. You are luck because many people are having tremendous difficulty finding a way to pay off these payday loans.



Payday loans are commonly referred to as costly cash. They are short-term, high-rate loans that go by a variety of names: payday loans, cash advance loans, check advance loans, post-dated check loans or deferred deposit check loans.



So, recognize these alternative names. So, when you see them you should know that you should avoid them.



Under the Truth in Lending Act, the cost of such loans must be disclosed. I believe that if more people actually took a look at all of the fees and the finance charges, they will think twice before they obtain a payday loan.


There are a few alternatives that people should consider compared to a payday loan:



If you are having trouble paying for basic amenities, one should look at making a realistic budget for daily items.



Also, build up your savings so you wont have to rely on payday loans in order to take care of emergencies.

In other words, good old-fashioned fiscal responsibility is the best way to fall into the payday loan trap.

Budgeting is the best route to take; that's what I've had to do and things are going a lot better. It can be frustrating...for example, I won't step foot in a mall--I dont want to tempt myself or torture myself by seeing things I can't buy.
If you go grocery shopping, buy store-brands, instead of name brands. Also, if you can get a small job on the side, that really helps. I took up babysitting and pet sitting and I get a lot of requests :-)

I too believe that there is no substitute for budgeting :) .

Never use pay day loans. It is the Kiss of Death! Alot of us in the forums are dealing with the effects.

Man, I wish I had found this forum before delving into 7 payday loans....

Payday loans can make a person completely paralyzed. I have learnt it and will never ever involve in it once again in my entire lifetime. That's it!!

Really to tell you the truth I wouldn't fall for those scams and something that is free isn't always free!They tell you that there are no hidden costs but then when you pull up your bank statement it is hidden costs!So I wouldn't trust it if I were you stay away from things that say they are free!

Well, when I ran into the payday loans, I embraced the thought that I could get money right away and pay them back in installments...but then I realized, sadly, that they masked the high interest fees, the late fees, this fee and that fee...i was over my head in fees before i knew it.

In short, I knew the money wasn't free..but i guess when you're at the bottom of the barrel, food is just more important.

I know what you mean!! Then you get into a position of how am I gonna pay this all back. I wish I would have done something else besides this. It has been nothing but a headache. But you live and you learn!!!

Yeah i'm with you with that one Rhonda because if I just wouldv'e got a part-time job or something I wouldv'e never been in this perdicament that I am in now I am scared to answer my phone with these collection agencys calling me wondering if I am gonna make a payment it is so ironic how things sounds so good and then come back and bite you were it hurts!

I am still not in a financially stable position, but I have learned to not be afraid of the phones anymore. What is the worse that they can say to me when I ask for a payment arrangement? No. Now that I have gained more knowledge of what the collection agencies can and cannot do, I dont fear.

does any one know if i can get a debt consoladation loan without owning a house or colateral?

daniel,

Frankly speaking, it's tough.

But why are you looking for another loan? It might take you in profound debt! Moreover, if you ultimately put some of your assets as collateral, chances are you might lose it.

IMHO, don't go for debt consolidation loan. Try debt consolidation program. It does not require any collateral at all. See the benefits of debt consolidation program here-

http://www.debtconsolidationcare.com/benefits.html

You can avail free consultation by entering your contact information in the sign up form provided with this site. Hope it helps.