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BETTER CHOICE LOAN

Date: Thu, 03/12/2009 - 16:42

Submitted by newoutlook1
on Thu, 03/12/2009 - 16:42

Posts: 29 Credits: [Donate]

Total Replies: 10


JUST WANTED TO POST ABOUT THE BETTER CHOICE LOAN.I HAD TALKED TO A VERY NICE WOMAN AT THE DEPT OF BANKING IN PA ABOUT MY PAYDAY LOAN SITUATION AND SHE RECCOMMENDED I LOOK INTO THE BETTER CHOICE LOAN OFFERED AT MANY CREDIT UNIONS.IT WAS OFFERED AT MY CREDIT UNION AND I ASKED ABOUT IT AND EXPLAINED MY SITUATION.THEY WERE VERY NICE AND THE LOAN PROGRAM IS PARTIALLY SUBSIDISED BY THE DEPT OF BANKING.I REQUESTED TO BORROW THE FULL AMT WHICH IS $500,THEY TAKE OUT $25 PROCESSING FEE AND THEY HOLD $50 IN A SAVINGS ACCT UNTIL YOU PAY IT OF.TOTAL WITH FINANCE FEE OF 15% IS $512.66.I HAVE TO MAKE 2 PAYMENTS OF 170.89 AND ONE OF 170.88 OVER THE NEXT 3 MONTHS AND THEN I GET THE $50 BACK.THERE IS NO CREDIT CHECK.THEY ASKED FOR 2 REFERENCES AND THEY VERIFY EMPLOYMENT AND THAT WAS EASY BECAUSE I HAVE DIRECT DEPOSIT.SO I RECEIVED $425 THE SAME DAY WHICH I AM USING TO PAY PAYMENTS ON THE 4 PAYDAY LOANS I HAVE PAYMENT PLANS WITH.I HAVE ONE OUTSTANDING I HAVE NOT HEARD FROM SINCE I SENT THE DV LETTER.THEY WERE ALL FROM BEFORE 2/1 IN PA.NOW THEY ARE ILLEGAL UNLESS LICENSED IN PA AND I DON'T THINK ANY ARE.I HAVE ONLY 1 PAYMENT LEFT TO CASHNETUSA!WAHOOOO!THANKS EVERYONE


Hmm, I am concerned with this. If I read correct which hard to do in (all caps), you took out another loan to pay off 4 others? That is not financially smart! Second, you still have to pay back these people. This sounds like a plug for a PDL SCAM! :x I never heard of bank holding deposits and offering this type of loan you are describing!


lrhall41

Submitted by Cool_Abyss on Thu, 03/12/2009 - 16:46

( Posts: 2936 | Credits: )


More information...

The better choice loan does exist in PA.

You can read more here about it.

It seems to be credit union driven. I do not see a scam here.

I think they take a $50 fee to loan you up to $500. You have to make the payments and if you do you get the $50 back.

I think the poster took out the loan to pay off the PDLs.

A loan to pay off loans is never a good idea but I think maybe in this case it was safe?

The ALL CAPS THOUGH DOES MAKE YOU WANT TO RUN FOR THE HILLS AND SCREAM ....STOP YELLING!

please :)


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lrhall41

Submitted by nohiogal on Thu, 03/12/2009 - 18:04

( Posts: 2582 | Credits: )


IT IS NOT A SCAM IT IS ENDORSED BY THE PA DEPT OF BANKING,IT IS TO HELP PEOPLE PAY OFF PAYDAY LOANS WHICH CHARGE A MUCH LARGER FEES.I HAD A PAYDAY LOAN OF $500 THAT CHARGED $150 EVERY 2 WEEKS FOR INTEREST ONLY.THIS LOAN I PAY $12.66 INTEREST FOR 3 MONTHS WHICH ENABLES ME TO PAY OFF THE OTHERS AT A MUCH LOWER INTEREST RATE OVER A PERIOD OF 90 DAYS.


lrhall41

Submitted by on Thu, 03/12/2009 - 18:06

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