opinions appreciated
Date: Sat, 01/08/2011 - 11:11
The only negative marks on my credit report is an over credit limit SECURED credit card I got a few months ago before I lost my job and couldn't make payments, I've recently moved from Michigan to Nevada and now have a full time job, before I had the job payday loans seemed to be the only choice I had to get by, and now I'm stuck being in an never ending cycle of debt, unable to pay bills, ect.
Is there a lender that would be understanding to this situation, if If I could secure a 2000 credit line, I'd easily be able to pay it off within/less than 6 months, and that would pay off the credit card (only thing urking my credit report) and all my payday loans. and I wouldn't have to deal with ungodly 500%APRs
Any advice of what others would do in my situation, or maybe a lender who might be understanding of my situation?
You should never borrow from Peter to pay Paul. Why don't you ma
You should never borrow from Peter to pay Paul. Why don't you make payment arrangements with these pdl's? FYI, most online payday lenders are illegal.
I don't feel I have much of a choice. What would you reccomend I
I don't feel I have much of a choice. What would you reccomend I do? Sure, the internet PDL is illeagle., so I only owe principle not any fees or interest correct? what about the other 800-900+fees I owe, Am I just going to have to say xxxx it and not buy groceries/pay my bills for a month or two to get out of debt? Should I get a relative to maybe co-sign on a lign of credit from my bank?
What state are you in? How much in default are you with the stor
What state are you in? How much in default are you with the store front lenders? Were there checks written as collateral?
OK, so, you were in Nevada when you were issued the store front
OK, so, you were in Nevada when you were issued the store front loans, I am assuming. According to Nevada law, criminal action is prohibited unless the borrower acted with criminal intent, usually that means if there were never any intentions to pay these loans back. One of the ways they may use as proof 'there was criminal intent' might be if the customer closed their account immediately after obtaining the loans. I do know that Nevada's payday loan laws are extremely lax, and the interest rate is not capped. So I can see where you are coming from with wanting to obtain a loan to pay these off.
Obtaining an unsecured loan is very difficult unless you have pristine credit. You might want to look into searching for a credit union (you may need to join first) in your area for lower interest, or a finance company. I believe a finance company will require a co-signer and collateral, maybe both.