Pay day loan!?

I am in serious need of a payday loan and am not sure what to do! I babysit monday thru fridays and get paid cash when the parents of the children get paid. The payday advance people told me i need a pay stub to show i get taxes taken out. I need $500 by Tuesday..... can anyone help me, and if i cant get a payday loan is there any other options for getting quick money when in need?!

Pay day loan!?

Don't get a payday loan. These things should be criminal. The amount of interest and financing fees that they charge is astronomical and many people get into very serious debt by taking out other payday loans to pay them off. Most of these interest rates would be 200% or more if you annualized them.

If you get into a cycle of borrowing like this, it could trash your credit rating and make it much harder to obtain lower cost methods of borrowing in the future. (lines of credit, low rate credit cards, lower rate mortgages, etc)

First, really evaluate if you absolutely need this money. Is this for something you want or something you need? Can it absolutely not wait until you have the money available? If this is truly an urgent matter--like medical costs, not a sale at the mall--then pretty much any other method of borrowing is cheaper.

Cash advances on credit cards are also not recommended, but cheaper than payday loans. This method is still more expensive than other types of borrowing because interest rates can be high 18-29%, and unlike purchases, there is NO grace period with cash advances, you pay the daily interest rate for everyday that the funds are not paid back.

If this is a true emergency, talk to someone in your family or who you are close to about your situation and see if they will lend you the money. Let this be a lesson as to why you should always have emergency funds saved for this type of random expense.

Good luck and please think ahead.

Pay day loan!?

Go to a pawn shop.

Pay day loan!?

You should avoid taking out a payday loan at all costs. The interest you pay for taking out the loan is very extreme.

If you get paid by the parents cash and the payday advance people are telling you that they need a check stub then they are more than likely going to deny you a payday loan.

You might want to consider asking the people you work for, for an advance. Explain your situation and ask them if they can pay you in advance what they would have paid you on your paydate.

Depending on what you need the money for their may be other options that will work better in your favor. If you need it for rent and you are low income your local DHS office should be able to assist you. The Salvation Army may be able to assist you also. If it is for something other than this you could look into taking out a loan with a bank or credit union. They may also need proof of income. Which may consist of a verifable documents such as a check stub. Other than that you may have to borrow it from family or friends.

Pay day loan!?

If you take a payday loan, your financial situation will only get worst. Payday places can legally charge you up to 403% APR and their billing periods are every 14 days not 30. I would highly recommend that you stay away from these places. Payday places are only doing a great disservice to the general public.