Hi guys, i'm looking for some advice.
I'm extremely disappointed in myself as I never thought I would be in this situation but here we are..
I'm only 20 and i'm struggling financially a lot right now. I live away from family for university, and my loan barely covers my rent. I have rent to pay for next month but don't get student loan until october, amongst other things like phone bill. I've exhausted every avenue, no one will hire me even though I have good experience, i've sold the things I don't need, and can't ask for any more help from my family. As a student i've used up my student overdraft too so I can't get it extended with my bank :(
I swore I would never ever look into pay day loans but now it looks like my only option. I have so many expenses coming up this month and i'm terrified because I can't pay them and I don't know what to do. Has anyone tried these short term/pay day loans??
Very bad idea really, regardless of what they say, its almost impossible to escape once you take that step. But you're in a really horrible position. Without some source of steady income your position is unsustainable for the length of time it takes to get a degree.
Not really sure if there is an acceptable answer.
Quote from: rwOnnaDesuKa on August 27, 2016, 07:45:50 AM
Very bad idea really, regardless of what they say, its almost impossible to escape once you take that step. But you're in a really horrible position. Without some source of steady income your position is unsustainable for the length of time it takes to get a degree.
Not really sure if there is an acceptable answer.
I had a job this year but had to leave because of the way I was treated, i'm really hoping I can find another for this academic year. I only have one year of university left so I don't want to leave now when i'm so close to graduating :(
thanks!
Hi, Confetti
I'm sorry I can't offer any comfort, but I also do believe it best to avoid loan sharks.
From what I've seen payday loans are only viable when:
- It's certain that you will get a lump of cash that will cover the entire loan at the end of the month, and have some left over, or
- It's absolutely guaranteed that you will get enough monthly to cover the loan AND cover all expenses until the loan is paid off.
While it's true that owing a single entity makes for less work where payments are concerned, I believe that's more than offset by the fact that when things go wrong loan sharks usually collect more aggressively than phone companies, landlords, credit card companies and other creditors. I do have a friend who continued to borrow from two places in alternating months until the loan was paid. It was hard and very stressful.
Been there, done that. Payday loans can be used, but keep in mind they are ONLY for immediate NEEDS.
If there are no other options, the first question you should ask is, "Can I pay this off next payday?"
Sure, you might be able to, but will you be almost broke again? How will you make ends meet that payday? Will you have to take out another loan?
If any of that is true (or you're worried about your discipline to live on $0 for two weeks), then a payday loan is not for you.
A suggestion to help long-term, instead of feeling bad for being in this position, is to review your budget and bank statement to see how you're spending your money. When I was on a tight budget (which always seemed to get tighter, even as pay raises happened), I did this and found I had a $70/paycheck "leak" which wasn't accounted for on the budget...fast food is a killer, both for money and health. There were other "leaks" as well, and if money is tight it's best to get a wrench on the drains.
Hope this helps, good luck!
Pay day loans are almost a legal form of slavery because the interest is off the scale. I have heard that the interest rate on payday loans can reach 300% a year so unless you are absolutely sure you will not extend the loan, they are best avoided. I would suggest you see if your school can suggest other options that you won't soon regret.
Do not do it Girl, you will jepardise everything, talk to your parents, I'm sure they will help you if you are so badly stuck you are considering a pay day loan.
They are vermin, praying on the needy.
Pay day loans interest can run up to 1100% in some places. Worst idea you could make. You would become a slave trying to pay it back. Call you family and ask before you go down that lane.
Heather
Don't go there, these money grabbing reptiles infest every main street in the UK, they even sponsor the local football club.Interest rates are extortionate.
Quote from: Confetti on August 27, 2016, 07:37:37 AM
Hi guys, i'm looking for some advice.
I'm extremely disappointed in myself as I never thought I would be in this situation but here we are..
I'm only 20 and i'm struggling financially a lot right now. I live away from family for university, and my loan barely covers my rent. I have rent to pay for next month but don't get student loan until october, amongst other things like phone bill. I've exhausted every avenue, no one will hire me even though I have good experience, i've sold the things I don't need, and can't ask for any more help from my family. As a student i've used up my student overdraft too so I can't get it extended with my bank :(
I swore I would never ever look into pay day loans but now it looks like my only option. I have so many expenses coming up this month and i'm terrified because I can't pay them and I don't know what to do. Has anyone tried these short term/pay day loans??
If no one will hire you, a payday loan should be out of the question. How are you living now? If you want to use your student loan to pay back the loan sharks, they'll want that within a couple weeks. October would be too far away for them. There has to be another option you do not see yet.
The payday loans, as others have noted, are a really bad deal.
Check with the Office of Student Financial Aid at your college. There are often short term loans available to help until your regular student loan comes through. They are often interest-free, except for an origination fee, something like $30. It's a far, far better deal than the loan sharks offer.
I'm sorry for your problems hun but there are a couple places you may find employment bliss. Like Starbucks and Target. I don't know where you go to school but from my big town experience there is one generally within blocks of colleges and universities. Look for places where the employees have tattoos and studs as they tend to be more accepting and these tend to congregate around college campuses. Also places like the airport which are operated by government entities like the Port of Seattle at Seatac airport where it is against the law to discriminate. It doesn't mean the passengers won't. Is your problem getting a work permit? These are make do jobs until you graduate, cum laude. In Seattle most employers are embracing the $15 an hour wage. Based on your video the other day, you are going to be fine. Make converts of people with your sincerity, honesty, and your beauty.
I would look into other personal loan options. Lending Club and other ones like it are a much better option. I would also second the suggestion to start investigating other avenues for work. Have you applied every where you can get to, for every position that you are not under-qualified for?
Thanks guys and girls, I really can't ask family for money anymore and i've applied to literally everywhere hiring with no luck or no reply! :(
I might try my university but since we are not in term time and the uni year hasnt started im not sure how much luck I will have and might have no choice than to risk a pd loan :(