Q&A: What happens if a cash advance loan goes unpaid?
Question by pretty_girl_tc: What happens if a cash advance loan goes unpaid?
I have a cash advance loan out and don’t have the cash to pay it back. If the post dated check goes through I will be in major debt. I wanted to put a stop payment on my check. What action will the lenders take?
Best answer:
Answer by Tim S
What is predatory? A short term payday loan that charges you a fee of $ 15 to $ 25 per $ 100 loaned for two weeks or a $ 35 NSF and daily overdrafts that can cause more NSF fees from a bank?
You needed a loan that apparently you were were unable to get from your bank and now you want to forgo paying it back by placing a stop payment on the check. You received a service for a fee and stopping the check for false reasons is fraud.
Depending on who you received your loan with, they could cause you a lot of grief. If they are reputable then you should call them to work out a payment plan (not a rollover option). No lending institution wants a loan to default.
Good luck
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Categories: Loan Questions Tags: Advance, cash, loan, unpaid
What factors would prevent me from getting a bank loan?
Question by W C: What factors would prevent me from getting a bank loan?
Would like to know what can prevent me from getting a bank loan. Please advise what I would need or not have. Thank you.
Best answer:
Answer by fitzpimlings
Bad credit, history of late payments, no collateral, lack of a co-signer. These are the major factors.
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Categories: Loan Questions Tags: Bank Loan, Factors, Requirements
If I pay my car loan repayment in advance, will my credit score increase?
Question by Katsutoshi: If I pay my car loan repayment in advance, will my credit score increase?
I’m thinking of buying another car.
1) Should I pay current loan in advance, then get another car after loan is completed.
2) Should I keep to pay current loan on schedule, then get another car before loan is completed.
I guess I can increase my credit score if I pay it in advance. However I also hear that paying in advance can decrease the score. Which is the true?
Best answer:
Answer by tudorjason
No, your score won’t increase if you pay off the car loan early. It isn’t about paying off debt (for secured installment debt anyway), it’s about payment history and not spending too much credit.
You should really only obtain debt if you need it. Do you want to replace the one you just paid in full or do want a second car? If it’s the former and you have money to pay off the loan entirely, I would suggest using the money for other things. Pay off some other debt, improve your education, invest it in an ROTH IRA, or save it because you can never have too much savings.
Because of all this, I think you should just stay on schedule.
And it’s sort of, maybe, true about paying off in advance will decrease your score. All things being equal as they are now on your credit report, if you paid off your car loan in advance, the payment history will fall off your report sooner than it has to and your score will drop because it will lose that history. But by the time your car loan does fall off, your accounts will have aged more replacing that lost history, so your score probably wouldn’t drop.
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Can I notify the credit report agencies in advance of something I want to dispute showing on my report?
Question by Valentine_21477: Can I notify the credit report agencies in advance of something I want to dispute showing on my report?
I stopped payment on check for services not done and the person took it to a cash checking store and got it cashed anyways. My bank said I had the right to stop payment and it’s the check cashing store problem for cashing the check without verifying the check was still valid. The check cashing store said they were going to take me to small claims court for the money. People have been telling me they might also notify the credit reporting agencies. Can I notify the credit report agencies even though it’s not on my report yet? Do I need to notify all three? Thanks in advance!
Best answer:
Answer by OC1999
You can not dispute what is not on your report, so right now that would just be a waste of time. If it does show up on your report you then need to dispute it with the credit reporting agencies. However, it will probably come up as verified by the Check Cashing place. At that time you need to take them to court to have it removed.
Let the Check Cashing store take you to small claims court. They will loose, as your bank said it was their mistake for cashing the check. If they want their money back they need to go after the person who cashed the check.
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What is your opinion on cash advances? & is personal cash advance a trustworthy site?
Question by Me: What is your opinion on cash advances? & is personal cash advance a trustworthy site?
I’m looking to take out a cash advancement here in a few weeks if I get the new job I’m hoping for which would mean I would have to relocate and I don’t have the money for that right now. I’m looking to take out a cash advance loan until I get my first check at the new job. What have your experiences with these types of services been, and do you think it’s a good idea? Thanks.
Best answer:
Answer by NaturesDoctor
No, no, no, no – If you have a credit card you may be able to get a cash advance, you say if you get the new job. It is easier after you have the new job to take out the advance.
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Categories: Loan Questions Tags: Advance, advances, cash, opinion, Personal, site, trustworthy
Is it okay to get a small loan for your first apartment payment?
Question by : Is it okay to get a small loan for your first apartment payment?
Okay I’m trying to move into my first apartment with a roommate. The place we want, wants for the two months payment up front. I waz wondering would it be a dumb idea to take out a small loan to make that first payment.
Best answer:
Answer by Judith
I think that it is always a mistake to take out a loan unless it’s for a house or car. And I think taking out a loan when you will be sharing an apartment with a roommate is a very big mistake. Unless you and the person you are sharing the apartment together with is a very, very good friend. you need to consider that living with someone for a year is a long time and I’ve known too many roommates who turned out not to get along and one leaves the other holding the apartment alone.
Save your money and only then move. Don’t do credit cards. Live within your means and save at least 10% of your take-home pay. I have always had debts until about two or three years ago and, at age 65, am finally debt-free. Because I always had credit cards and loans I was never able to save money and I have nothing to show for all the years I worked. Do not make the same mistake.
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Q&A: should I repay a life insurance loan?
Question by Nightflyer: should I repay a life insurance loan?
I borrowed $ 5000 from a whole life policy several years ago. I get a statement every 6 months saying I owe interest and am encouraged to repay the loan. Should I pay it back or just pay the interest now and then so the loan amount doesn’t become larger than the cash value, causing the policy to be terminated?
Best answer:
Answer by Ginger
Does your family need the total amount of the death benefit? If you don’t pay the loan back, the balance of the loan, plus interest, will be subtracted from the death benefit at the time of your demise, when a claim is made.
If you have plenty of coverage, less the loan and interest balance, then just pay the interest.
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Q&A: Can a payday loan company use my credit card info from a one-time online payment?
Question by indi.babi07: Can a payday loan company use my credit card info from a one-time online payment?
I have a payday loan past due. However, the bank account the payments withdraw from, I no longer use and is therefore empty (and negative from nsf payments due to the loan) If I make a partial payment online, can they use they info to deduct the rest whenever they want? I don’t want them to do that.
Best answer:
Answer by clara
They can but they won’t. If they have you credit card information they can charge you when they want to. However if you call your credit card company they will reverse the payment for you (if you didn’t authorize the payment).
And the credit card won’t be so stupid to let the payday loan to do it. It is like transferring the loan from your payday loan to your credit card. If you are not paying your payday loan, you are not likely to pay for your credit card. so they won’t let the payday loan company to do it
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Categories: Loan Questions Tags: Credit Card, Payday Loans