Can a payday loan company cash a cheque after being returned NSF?
Question by : Can a payday loan company cash a cheque after being returned NSF?
I am interested in finding out if a Payday Loan company can cash a cheque after it has been returned by the bank as NSF. They cheque was for $ 500.00 and it was cashed at $ 100.00 increments 5 times a day, resulting in 5 NSF fees per day!
Best answer:
Answer by Ezebert T
A returned check can be resubmitted more than once. My father has a small business and from time to time gets checks from customers that bounce. The bank always sends him a letter with a note that the check can be resubmitted x number of times for payment. Until now, I hadn’t heard of a check being cashed in increments like that.
Give your answer to this question below!
Q&A: Bank loan or debt consolidation program for credit card payoff?
Question by honhill: Bank loan or debt consolidation program for credit card payoff?
Due to a family tragedy, my husband and I are currently in $ 26,000 of credit card debt. All of the payments are current and the cards are paid on time with the accounts still open (we are not still charging, though). We are looking to seriously pay this down before the interest eats us alive. My husband wants to take out a bank loan and pay the cards off that way, but I am wondering about the debt consolidation programs you hear about (I know some of those are scams and some are real). Any advice or experience?
Best answer:
Answer by dakeen forx
If a person has accumulated a large amount of credit card debt due to multiple credit cards, the need for a proper counseling for credit card debt consolidation can’t be understated. Credit card debt consolidation counseling helps a person get vital insights into the facts that can help him get control over the credit card debt.
Credit card debt consolidation counselors are experts with a good knowledge of debt management, budgeting and behavioral patterns of credit card holders. These services are vital for those struggling to manage their credit card debts. Also called credit counseling or debt counseling the credit card debt consolidation counseling brings immediate relief to a credit card holder.
A person seeking credit counseling can get it from two types of organizations. The professional or commercial organizations, and the non-profit organizations. As depicted by its name or categorization, the commercial organizations charge money for their credit counseling sessions and consolidation help on the other hand the non-profit organizations offer free of charge services. Just because the non-profit organizations are free, it doesn’t undermine their quality of service. The persons associated with such organizations are thorough experts and have lived the trauma of being under credit card debt themselves and hence bring their vital experience to the credit card holder.
What do you think? Answer below!
Categories: Loan Questions Tags: consolidation, Credit, Debt, loan, payoff
Can I take out a school loan from a bank with a co-signer if I haven’t paid off a pay day loan?
Question by GG87: Can I take out a school loan from a bank with a co-signer if I haven’t paid off a pay day loan?
I am preparing to go back to school in the spring and will be applying for a school loan through a bank with a co-signer. I have a delinquent pay day loan that I haven’t paid off yet and has been sent to a collections agency. I need to know if this in any way will hinder my chances of receiving my school loan.
Best answer:
Answer by Shania
Student loans are meant to help students who are unable to bear their educational expenses. Student loans are different in different countries in the way they are devised, but then the common types of student loans available are the undergraduate loans, college student loans, private student loans and federal family educational loans.
Student loan repayments are not made until the student completes his graduation. This facility helps him to concentrate on his studies and earn some little amount of money while he is studying, but repayment has to start once he finishes his education.
Give your answer to this question below!
What would happen if I stop payment on a large payday cash advance check?
Question by Ang: What would happen if I stop payment on a large payday cash advance check?
Would they let me just pay them back in smaller payments? Or would I get in some kind of trouble?
1. I have not stopped payment yet, it’s due to come thru the bank Monday, do you think I can call them beforehand and set smallest payment up?
2. My check will not bounce, my bank will cash it and i will go negative a grand.
3. This is a store lender, check-smart, not internet lender.
Best answer:
Answer by Answer Guru
Well here’s something I just pulled up: “If the account is short on funds to cover the check, the borrower may now face a bounced check fee from their bank in addition to the costs of the loan, and the loan may incur additional fees and/or an increased interest rate as a result of the failure to pay”. That sounds serious, unless you know your going to have doubled that check in like 3 months, I would just pay and get it over with.
Give your answer to this question below!
What will happen to unsecured personal loan if i file bankruptcy? Will it stay or disappear?
Question by Pozko: What will happen to unsecured personal loan if i file bankruptcy? Will it stay or disappear?
I am not sure if i file for bankruptcy or not? I have about 20,000$ credit cards debts, and i have also 20,000 unsecured personal loan.
Best answer:
Answer by sfuller94
To be a candidate for Bankruptcy, your debts need to exceed your assets by a certain amount. It varies with each state. But, just because you declare bankruptcy, does not mean your debts disappear.
The courts can mandate a payment plan that you must follow. Remember that bankruptcy may stop the bill collectors from calling but it’s not without cost. A bankruptcy will stay on your credit for around 10 years.
What do you think? Answer below!
Categories: Loan Questions Tags: Bankruptcy, disapear, file, happen, loan, Personal, stay, unsercured
How many bank accounts and credit cards should I have?
Question by Pepper: How many bank accounts and credit cards should I have?
I am currently a college student with 2 checking accounts (Wamu- 3 years & BOA- 1 year) and 1 credit card (Citi- 1 year). I have always met the requirements for my checking accounts and paid all my credit card bills on time. As for loans, I do have about $ 10,000 of student loans in debt. I was wondering if it is okay for me to get another credit card. Also, many say that having a lot of credit cards are bad for you. What is the reccomendation of how many bank accounts and credit cards should I have so that my credits would not go down? Thanks in advance!
Best answer:
Answer by Smoovy Loco
It’s not uncommon to have multiple bank accounts with different banks, from my past and current experience, I primarily do all my business with one bank if possible. I’m going to list the types of accounts that you should have in order to prepare yourself financially:
1. Checking account- This is the primary tool to not only monitor your finances, but to pay all your bills on time.
2. Savings account- This should be used as a primary reserve that should be used in the event of emergencies and as a backup reserve to your checking account.
3. Traditional/Roth IRA- This should be your primary retirement account. Anytime that you have a 401K,402g, or 403b plan, and plan to switch employers, this would be the account to move or “rollover” your retirement savings to.
Now as for credit cards, You should have 2 major credit cards and 1 department store card. Some people have more credit cards, but actually fewer cards established for a longer time, should be all that’s necessary. The longer you establish credit by making payments on time and managing your available credit responsibly, the credit limit can and usually is increased to where that will be all you need. Some people have multiple credit cards for whatever reason, but the 2 most important things to remember when using them is to pay on time and manage your available credit.
Add your own answer in the comments!
Q&A: What is the merit of cash until payday?
Question by Raji: What is the merit of cash until payday?
I want to know about the need of cash until payday. What are the advantages?
Best answer:
Answer by Foe
With the help of cash until payday you can fulfill some unexpected expense in time. The unexpected expense like unexpected medical bill, sudden shopping expense, and credit card dues can be easily solved by cash until payday.
Using loans until payday, you can benefit amount varying from £100 to £1500 for the flexible term period of 14 to 31 days. If you require some more days to repay the amount contact your lender and extend it according to your requirements.
What do you think? Answer below!
Categories: Loan Questions Tags: cash, merit, Payday, Until
How does a secure bank loan work?
Question by tampabay5400: How does a secure bank loan work?
What do you do, what do you gain from doing a secure bank loan?
Best answer:
Answer by Smart1
It’s a loan with something as collateral. Sometimes cash, sometimes a car, house, or land.
Example:
I have $ 1,000 in my savings account that I don’t want to spend, but I need to buy school books which total $ 500. I can ask the bank for a secured loan on my savings account. They will then freeze the $ 500 and extend the loan. Once the loan is paid off, they will unfreeze the funds.
It will most likeley cost you some fees to apply and some interest, but secured loans have much lower interest rates and build your credit.
They are benefitial because you can keep your money in savings. They are also helpful for people with bad credit or no credit. When you pay on time, it increases your credit score.
Most of the time though, people use secured loans to buy houses/real estate, cars, or to get business loans.
If you use something besides cash, If you can’t pay, the bank will seize the property and sell it to try to get enough to pay the balance of the loan. If it is not worth enough, you will still owe the difference. If it sells for more that what you owe, the bank will usually pay you the difference.
Add your own answer in the comments!
Categories: Loan Questions Tags: bank, loan, secure, work
What will happen if someone does not repay an unsecured loan?
Question by Sharon B: What will happen if someone does not repay an unsecured loan?
I borrowed $ 13,000 from a finance company, after about a year of repaying the loan I had noticed less than $ 100.00 actually went towards the loan I payed about $ 2,736 for a year,I had asked them to help me with the payment and the interest rate they told me their was nothing they could do so I stopped my bank draft by closing my bank account now I`m worried they might try to seize my property can you give me some answers.
Best answer:
Answer by David M
They are about to turn your life into hell. They will sue you, most likely win a judgment against you and will attack your bank accounts and garnish your wages. And oh yeah, your credit rating will be shot making it next to impossible to get credit cards, loans or to rent an apartment or get a cell phone. Your best bet is to try to work with them and pay off this debt.
Give your answer to this question below!