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Before I get balled out for even looking for a cash advance loan, hear me out. I have a full-time job. It's a small start-up, and they do all their payroll in-house, so I have to document my hours with them and wait for a paper check. Sometimes I'll get it the same day, other times I will have to wait TWO WEEKS or more. It is very inconsistent and not being paid on a predictable schedule is driving me to financial ruin.
Anyway, yesterday was payday for most of us, as well as the day we put our rent checks in the mail. I still have not received my check from my job and probably won't for another week. My rent check cleared because I had some money in the bank, but I also have auto-bill pay and I am days, if not hours away from being overdrafted and charged fees for that.
When I lived in LA, a payday loan was as easy as taking in a few paystubs and other documents, writing a post-dated check, and walking out with cash. But I'm looking around here for something similar and all I'm seeing is that they are illegal in NY. Yes, I know some people get themselves into trouble with them because they take out MORE than they can pay back, or lie about being able to pay the money back at all, but overall it can be a very convenient solution used during emergencies, if you're smart about it. Why completely take away a last resort that some people NEED to use?
So now I am stuck until who-knows-when because my company completely fails at making payroll. I swear that having this job has made me much poorer than I already am. Are there ANY cash advance places in this city?
Got a credit card? Take a cash advance out on it. Or check with your bank to see if they'll extend you a line of credit for overdraft protection. Either way the interest rates are high, but so are payday loan places.
Also cancel auto bill pay for everything that's not essential (that is, that won't leave you homeless or in jail if you're late); better that a few creditors get paid a few days late than you bounce checks all over the place.
If you really want a payday loan, the places exist in NJ; I don't know if they'll deal with NYers though.
You can get a cash advance on-line. I did once to get additional spending money for a trip I won years ago.
Just be very careful of the companies you choose to use because some could enable ID theft. Depending on the company you can either get up to $250 or $500 first time you borrow. Some of them even charge an application fee, stay away from those.
You'll have to give your SSN so you really want to make sure they are legit.
Some companies won't deal with NY residents because of the legalities if the money isn't paid back since it is against NY laws.
I'll try to look up the company I dealt with, I didn't incur any problems thereafter and a matter of fact this particular company allowed you to delay payment for another month if you wanted, of course with an additional fee.
Anyway, yesterday was payday for most of us, as well as the day we put our rent checks in the mail. I still have not received my check from my job and probably won't for another week. My rent check cleared because I had some money in the bank, but I also have auto-bill pay and I am days, if not hours away from being overdrafted and charged fees for that.
I don't know if it's illegal, but it should be with the interest rates they charge.
Since your paychecks are inconsistent I'd stop the auto bill pay for good.
Several years ago I had auto bill pay set up for my cell phone. One month there was a glitch in their billing and I got charged overage for all my nights, weekends, and mobile to mobile calls. The bill was over $600 when it was normally only $46. I called their customer service as soon as I got the bill, they saw the error and credited my bill, but they couldn't stop the system from taking the $600 out of my account. The next bill generated and I had the huge credit on there, two weeks later I got a check in the mail refunding the difference. Moral of the story is to not trust their billing systems and to cancel all auto bill pays.
NYS hasn't "take[n] away" anything, as it never existed here, and should not!
It is just a usurous rip-off of the poor, the ignorant and young idiots.
Have you tried your local Loan Shark?
J,
I agree with you. It's something you could easily get caught up in if you allow yourself. It becomes a domino effect and you're always trying to play catch up. I got caught up for a little while when in my home state after trying to adapt to having a set budget and thank God I unhooked myself from it. I make sure I have money put away for a rainy day and other resources I can use for the unexpected.
Op, I can relate to being in a bind but if you could try to go elsewhere to get money or even a pawn shop go there instead if you can. You've already stated that your paychecks are hit or miss what happens when the loan money you expect to pay back on payday isn't there for another one of your employer's screw-ups? You'll dig yourself deeper in the hole and those places pile on the fees along w/ your bank that will debit your account every time one those places attempt to get the money and some of them I've read from stories on the 'net actually attempted to get funds on a hourly basis.
Oh and another thing, never write a check if you know you don't have the funds available and that includes the rent check. I'd rather deal w/ a late fee from my LL than screw up my bank account also since the late fee is cheaper than a returned check fee. Depending on your LL you'll have either 5 - 10 days without incurring a late fee beyond that if you have an understanding or patient LL you might be able to just explain your situation to them w/o problems.
When there is a crisis, occasionally you don’t have time to sit and wait for a lender to check your credit rating and obtain you a loan. Not to mention, every time your credit score is checked, it puts just a little bit of damage on your credit score. Luckily, you've the choice of no credit check payday loans. Since they're mostly depending on your income, you do not even have to stress about a credit check. You are able to obtain the emergency paid for easily with the pay day loan. I went to >No Credit Check Payday Loans to get help when I needed it.
Last edited by carmiwolf; 12-23-2011 at 01:28 AM..
What you NEED is a two week buffer in your savings acount. That way it is always available to cover your late paychecks til them come in. Do whatever you have to accomplish this as a bare minimum. (Better a 6 month buffer lest your job dries up.)
Absent that, use the overdraft protection, credit card advance, etc to pay your bills. But until you get that savings buffer you will just have to suck up exorbitant fees and interest.
Any kind of "payday loan" operation is one step away from bottowing from Bruno "Bust Your Thumbs" Gambino...give them a wide berth because we humans do SO much better WITH thumbs.
Last but most iimportant: employers demand many things from employees but employees demand only one, to get PAID on F#c*ing time. In my experience, any employer operating the way yours is is one step away from closing their doors. When they do, try not to be owed 10 paychecks because you'll never see them. Send out your resumes tomorrow..
Last edited by Kefir King; 12-23-2011 at 06:09 AM..
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