Q&A: Does anyone know of a payday advance/ online place where I can get a small fast loan?
Question by miss_tink_21: Does anyone know of a payday advance/ online place where I can get a small fast loan?
I need a small loan.
And I need to be able to pay it off in small increments.
Does anyone know anywhere where this might be possible?
Best answer:
Answer by CatDad
Payday loans are never paid off in small increments.
Typical payday loan: You write them a check for $ 350 and postdate it 2 weeks in advance. They give you $ 300 and cash the check in 2 weeks.
With online payday loans, you give them your bank routing and checking #’s and in 2 weeks they debit your checking account, whether the money is there or not.
Know better? Leave your own answer in the comments!
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There is nowhere that will let you pay off a small loan in increments. A payday loan must be paid in full + interest on your next payday
And if you are looking online 99.99% of the time you are going to be scammed. Except for prosper.com and lendingtree.com there are not many other legitimate online lenders. Most lenders require you to go in person to fill out a loan application and present proof of collateral and/or copies of your pay stubs
If you need a small loan either borrow from friends and family and give them a written repayment plan. Or sell things you don’t need for cash on Craigslist. Or pawn items at a pawn shop then buy them back when you have the money
Payday loans are not installment loans and failure to pay in full at the next pay period as agreed results in not only bad check fees from your bank and the lender but additional loan fees. No one loans $ 300 on installment except relatives and soon to be forgotten friends.