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    #1

    Payday loan?

    Hi, I know I am going to get flamed for this but...We are scheduled to file Friday (ch7). We'll have very little cash for the rest of the month. Husband will be getting bonus at the end of the month. Is it okay to get a payday loan to help make it through the holidays? 100% positive we'll be able to pay it back within 2 weeks. Just not sure if it's allowed right after we file and before 341.

    Don't plan on doing this ever again! Would just like to have something under the tree for the kids and something on the table for dinner. All the money we currently have is going to pay the lawyer.

    Thanks for any advice and please be gentle.
    Tags: None
    #2
    Originally posted by lala View Post
    Hi, I know I am going to get flamed for this but...We are scheduled to file Friday (ch7). We'll have very little cash for the rest of the month. Husband will be getting bonus at the end of the month. Is it okay to get a payday loan to help make it through the holidays? 100% positive we'll be able to pay it back within 2 weeks. Just not sure if it's allowed right after we file and before 341.

    Don't plan on doing this ever again! Would just like to have something under the tree for the kids and something on the table for dinner. All the money we currently have is going to pay the lawyer.

    Thanks for any advice and please be gentle.
    If it's that bad, why not go to a pawn shop instead of a pay-day lender. Pawn a gun or a wedding ring or something. As outrageous as pawnshops are on their interest rates, they're still FAR below what payday lenders charge.
    Pay no attention to anything I post. I graduated last in my class from a fly-by-night law school that no longer exists; I never studied or went to class; and I only post on internet forums when I'm too drunk to crawl away from the computer.

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      #3
      Thank you for your repy. Can I pawn my wedding ring after we file?
      How do pawn shops work. I assume I can buy the ring back within a specific time frame?

      Comment

        #4
        Pay-Day loans is DANGEROUS. I have never heard of a positive outcome on that one. Stay far far away.

        Comment

          #5
          Originally posted by lala View Post
          Thank you for your repy. Can I pawn my wedding ring after we file?
          How do pawn shops work. I assume I can buy the ring back within a specific time frame?
          That's usually the way pawn shops work. 30 days you have to pay your loan or they sell your stuff. Do it before you file tho, not after.

          I never thought I'd hear myself encouraging someone to go to a pawn shop. But bad as they are, they're nothing like payday lenders.
          Pay no attention to anything I post. I graduated last in my class from a fly-by-night law school that no longer exists; I never studied or went to class; and I only post on internet forums when I'm too drunk to crawl away from the computer.

          Comment

            #6
            Yes, please try not to use them! I'm over my head with them right now!! I don't know what I'm going to do!
            Attorney Retained/Paid: 1-4-10
            Online CCC-Completed & Cert Received: 1-8-10
            Filed Chapter 7 1-18-10.
            341 3-10-10 ~~~ Last Day to Object: 5-10-10

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              #7
              Payday loans got me deep into debt. Do not do it.
              Filed 11-19-09
              341 12-30-09
              8 payments down 52 to go

              Comment

                #8
                Most attorneys will not file your BK until they are paid in full. If need be, hold off your filing date a bit longer. It may be possible to hold off the creditors a couple weeks longer.

                That is much more realistic that even considering the loan sharks at payday loans. Do anything you have to to NOT fall into their grips.
                8-07-09-filed Chapter 7
                11-18-09-DISCHARGED!!

                Life is not what challenges you face, but how you face those challenges.

                Comment

                  #9
                  Originally posted by NoMoreCards View Post
                  Most attorneys will not file your BK until they are paid in full.
                  That's sad, but true. If you file bk for someone while they owe you fees, you become one of their creditors. Their debt to you is discharged just like everyone else's is. I've tried it a dozen times and not once have I been paid. I figured I'd be doing my own bankruptcy if I kept it up. I try to do some each year for free for the neediest, but no more "buy now, pay later" arrangements.
                  Pay no attention to anything I post. I graduated last in my class from a fly-by-night law school that no longer exists; I never studied or went to class; and I only post on internet forums when I'm too drunk to crawl away from the computer.

                  Comment

                    #10
                    Originally posted by MSbklawyer View Post
                    That's sad, but true. If you file bk for someone while they owe you fees, you become one of their creditors. Their debt to you is discharged just like everyone else's is. I've tried it a dozen times and not once have I been paid. I figured I'd be doing my own bankruptcy if I kept it up. I try to do some each year for free for the neediest, but no more "buy now, pay later" arrangements.
                    Just good business sense. And I am sure those truly in need are very grateful.

                    You seem to be the cream of the crop among attorneys.

                    11-20-09-- Filed Chapter 7
                    12-23-09-- 341 Meeting-Early Christmas Gift?
                    3-9-10--Discharged

                    Comment

                      #11
                      Originally posted by DeadManCrawling View Post
                      You seem to be the cream of the crop among attorneys.

                      Well I appreciate that DMC. That's very kind of you. But I assure you, I am the very epitome of 'ordinary'.
                      Pay no attention to anything I post. I graduated last in my class from a fly-by-night law school that no longer exists; I never studied or went to class; and I only post on internet forums when I'm too drunk to crawl away from the computer.

                      Comment

                        #12
                        Originally posted by MSbklawyer View Post
                        That's sad, but true. If you file bk for someone while they owe you fees, you become one of their creditors. Their debt to you is discharged just like everyone else's is. I've tried it a dozen times and not once have I been paid. I figured I'd be doing my own bankruptcy if I kept it up. I try to do some each year for free for the neediest, but no more "buy now, pay later" arrangements.
                        It is clearly with good reason that attorneys do not file without complete payment upfront. However, I have to say that doing some freebies each year for those that truly need it is clearly going above and beyond.
                        8-07-09-filed Chapter 7
                        11-18-09-DISCHARGED!!

                        Life is not what challenges you face, but how you face those challenges.

                        Comment

                          #13
                          Payday loans can be a TERRIBLE cycle to get caught up in. They figured into my BK as well. I would recommend peace of mind and something small under the tree, than stress and a lot of gifts.
                          341 September 2, 2009 (5 minutes)
                          Last day to object: November 2, 2009
                          Discharged: November 3, 2009
                          Closed: December 2, 2009! I'm done!!!!

                          Comment

                            #14
                            Better to delay the filing instead...time to get out of that endless cycle.
                            19% dividend

                            Comment

                              #15
                              I have used payday loans before when I was in a pinch and needed money to get my vehicle fixed. I have used them two different times. The problem is it took me almost 4-5 months to get them out of my pocket each time. So, you scrape now or you scrape later. If possible, avoid them. In addition, pray that nothing bad happens during the time you have the loans where you would need more money.. It can be a bad cycle

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