Yes....i know they are predatory. The plan is the pay it off in a month, not over time. Yes, the interest rate is crazy....but...again....one month. My wife wants to do it to get out of a crunch we are in. I'm still hesitant.
Why not just get out of the crunch with a credit card if youre going to pay it off in a month? No charges will incur in a one month billing cycle.
If you're current on all your outstanding debts and bills there's very likely a Citi or Capital One card with your name on it. You could also swallow your pride and either ask a relative to open one with you as an approved user, or add you as a user to an existing card. The only reason payday and title loans exist is for people who can't use banks or credit cards. Those are the only people "desperate" enough to use those types of loans because there are options abound for anyone with current bills and credit. You could even try online peer-to-peer lending, I believe even Reddit has some weird subreddit with direct lending posters.
If it's only for a month, then make sure there's no prepay penalty. I don't think it's a good idea either, but your circumstances are best known by you, so if you move forward, good luck.
Yeah, these are decent and can repay early with no penalty. Also in case something happens you don't have to worry about getting hit with 100% APR or something stupid (I think they're under like 4%and you can set terms). Also nice since there's no penalty (other than retirement, but if one month loan probably won't matter). Of course easier option CC and repay early... Or personal loan from credit union. Never ever do a title loan from ad... If you **** up on that first payment or they won't let you re-pay early... You probably would have been raked over the coals less just driving your car into the lake and get the insurance money, hahaha (not serious but... ****ing a do those title places rob you). The only loan like that, that's worth a **** would be home equity loan from your bank, but that's probably not the customer base car title/payday places are looking for.
There are some other factors. Credit Card is not an option at the moment. The title loan would actually allow us to close out a huge financial burden now. Once that burden is done...there is a financial "refund" that will actually very nice within the next month or so. Even if I have to pay $500-$1000 now...the benefit could be 10-20 times that for us. I just hate dealing with these type of people.
If the pay back to yourself is 10~20 times the loans Then there is no downside. . . just do it I will admit . . . I am skeptical of such claims because it sounds too good to be true How many people have taken loans from FRankie the Loan Shark because they JUST KNEW they would make 10 times that and pay him back easily only to end up with broken knee caps . . . . . QUESTION: Do you have over draft protection on an account? It might be better to go 500$ negative on your account with a 35$ fee attached than the 500$ for the loan and over 75$ fees or more . . .. . . At the end of the day . . .Simply DO THE MATH . . . . . If the 10~20 times increase is a SURE THING . . . . Go for it Their is little reason not too . . . .. but if it is iffy . . .. you rolling the dice Rocket River
In what universe and under what circumstances is this possible? Forget about the title loan, you need to share more about this "investment opportunity"
It is not a investment opportunity. We will just be refunded money (quite a bit...most likely) once a long term debt is paid off. Timing is the issue. We just need to pay off the debt before end of the month.
This sounds accusatory, but initially you seemed to indicate you were in financial constraints, now it sounds like you want to take advantage of some kind of extra bonus for paying something off before you have to. If it's possible to pay off this other debt later while still staying current, I would recommend you let that play out and do nothing here.
