Going to a Cash Advance place

@CRSunrise (2964)
United States
December 29, 2008 7:09pm CST
I had to go visit a cash advance place tonight. I needed to do something until my husband gets his unemployment reactivated. I've never worked with place before, so this was a new experience. I just wish I didn't have to go borrow the money, but I'm glad I have that option when I need to.
1 person likes this
13 responses
@mariposaman (2967)
• Canada
30 Dec 08
Please be careful with these places as they eat away at your money and you end up owing them your soul as well as your money. I would hate to see a fellow myLotter sucked in by these people. Credit cards are bad enough, but the cash advance places interest charges and fees are exorbitant and in my opinion should be made illegal.
@CRSunrise (2964)
• United States
30 Dec 08
I know all this. I'm not going into this blind. I'm being very careful with all this.
@tarheel (151)
• United States
30 Dec 08
At least you were able to get a regular Cash Advance. Some plkaces don't offer that option so the alternative is Title Pawns. You put your car up as collateral and they give you a short-term, high interest loan. I really hate it for people that have to use THAT option!
@CRSunrise (2964)
• United States
30 Dec 08
I wouldn't want to do that. Knowing my luck, the first time I'd do that, I'd lose my car. lol
@savak03 (6693)
• United States
30 Dec 08
It is good to be able to get a loan when you need it but you need to be careful with these cash advance places. It isn't hard to get in over your head with them. If you are not careful you will find yourself borrowing money to pay back the previous loan. They can suck you in to a viscous cycle like this. They are after all just legal loan sharks. You can tell by how high the interest is.
@CRSunrise (2964)
• United States
30 Dec 08
I'm doing my absolute best to not let that happen. I hated the fact that I had to do this in the first place, but we have some credit card bills coming up that need to be paid.
@djonghs (560)
• Indonesia
30 Dec 08
I don't think you should involved with such service, It just like using your credit card to it's maximum limit and pay gradually month after month. I the beginning, you will feel happy, but after sometime the interest and the payment that you should paid each month will become more and more heavier. Furthermore, there many plans will need to wait after your loan finished, and it could be trouble some. I'm the still has dept to pay, and it feel like a heavy burden to me. BR.b
@CRSunrise (2964)
• United States
30 Dec 08
I have no problems with this. I am working, and if my husband can get his unemployment reactivated this week, we'll be fine. I wish it were payments, but it's all or nothing. There is one place I could have gone to where I could make payments during the time period I had to pay it back.
@Bebs08 (10685)
• United States
30 Dec 08
Cash advance place? Oh!! this is the first time I heard this. Well, with the present economy and the laid off of employee anywhere is really hurting us. I think most people are struggling specially the average and below average people. Well, good that you have a place to go while waiting for your husband's employment. For me, I am just scared to go for credit because I might not be able to pay it at the scheduled time of payment.
@CRSunrise (2964)
• United States
30 Dec 08
I'm a little scared too.
@hildas (3031)
30 Dec 08
I have never heard of this before. Is this a place where you borrow money at a high interest. I got a small loan years ago that I paid back quickly when I sold my house, so I escaped the high interest. Times are really hard for everyone and I think these places will be booming at the moment. I am sorry you had to go there but I would do myself if I was struggling.I think it is good to be able to go someone though.
@CRSunrise (2964)
• United States
30 Dec 08
Actually, you've described it just right. I'm glad I have this option. I hate having to be "creative" with my finances. It's not fun.
• United States
14 Nov 10
These are hard times, good work is hard to come by. If you are looking for a legitimate payday loan up to $1500 with poor credit scores.......go to http://goo.gl/DMeiD and they will get you the money within 24 hours. Good luck to us all. Beaburt
@taface412 (3175)
• United States
31 Dec 08
This is sad for me to say, but I started using this type of service years ago...somewhere around seven years now. On and off I was able to stop it but would have to go back and start it up again. I became ill after I added up the amount of interest I was throwing at them...I mean really ill. They have the highest interest rate possible for loans. Yes it is nice to know you have that option...but if you are not careful and do not get out of it when you have the opportunity it can become a rut you are stuck in for awhile. The cycle is like this. Usually your first advance is free of interest right...so you only pay back what you borrowed. If you take it out again there is now interest added. If you are on a fixed income or budget then you have now fallen into the cycle of reborrowing just to make ends meet in your household. and when you look at the interest you paid annually to such a place... All I can say is I understand your situation, but my best advice is when everything clears and you can pay it off....do that pay it off and don't fall into the rut. With the interest I've paid I could have paid cash for a nice, newer used car if I hd socked themoney away into an account myself. I plan on clearing mine off this tax season and then never going back. I'll work extra hours, pick up cans..whatever. Wish you all the best in 2009.
@Ithink (10616)
• United States
31 Dec 08
A friend I know has done this, I'm not sure how it works or what the interest is thou. Although we aren't doing good money wise I just wait til the next paycheck and pay what I can on bills. Those places scare me, I already pay enough interest on cards which I'm trying to get paid down.
@cripfemme (7713)
• United States
30 Dec 08
My best advice in this case is don't. Usually, you can get cash advances cheaper from your bank or even your credit cards. Cash advance places are involved in what's called "predatory lending". That means they know they are the lender of last resort for most people and therefore can charge whatever they want. If you have any other option, I suggest you employ that.
@vanonas (950)
• United States
30 Dec 08
Yeah they are convenient for when you really need money, you just have to be FOR SURE you'll be able to pay them back the amount plus like $7.50 for every $50 you borrow. At least that's what the charge is here in Virginia. My boyfriend went to a cash advance place when we first moved here because we were just settling into our jobs. It helped a lot, but I'm glad we don't have to do that anymore even though it was only 3 times.
• Philippines
30 Dec 08
A cash advance place? That's new to my ear. Never heard of such but if it does exist wish we had it here so I can have a cash advance on my own. Money is really hard this days and I am really in need of such.
• United States
30 Dec 08
Your not the only one in this situation!!! I had to borrow money a cpl weeks ago and luckly I had family who helped me out otherwise I too would have gone to a Cash Advance place....Times are tough. I have been out of work for over a yr now and my husbands last day of work is Jan.9th....that makes 2 of us unemployeed....Its scary....Just make sure you pay the loan back on time, so if you EVER have to do it again you will have that option..... Shihtzumama