Payday loan assistance with another payday loan?
I currently have four payday loans with four different shops and have to work 12 hours 6 days a week to manage interest and fees, and pay other bills. I am in a dare need of some form of payday loan assistance. I am not sure what to do, have been looking at a few options. Trying to get a consolidation loan in my bank turned out to be impossible. I asked my relatives for assistance, but almost everyone I approached has their own payday loan issues. I even went to my local church which is small and they could not offer any assistance. Now I am thinking to sell my Nissan Titan I bought brand new three years ago, and it is the last thing I want to do.
We see many emails similar to this one with folks asking advise on payday loan consolidation or payday loan settlement or both. The times are not getting any better, that is for sure. With all the talk about improving economy, we should be getting far fewer emails like this. Not only job situation is getting worse, the wages are getting smaller. How about a bail out for masses, not banks, Mr. President and distinguished Congressmen and Women? Buy you are left to your own devices and can only count on two people - you and yourself. I have recently stumbled across another form of payday loan assistance. That is with another payday loan, no less and I will share this information with you. Of course, it is not for everyone and there are many voices against the very notion of using such an approach.
There is a new program called GoodMoney which is basically an almost nonprofit collaboration between Goodwill and Prospera Credit Union. Operated out of a Goodwill thrift stores, this is a low cost payday loan program for all practical purpose, designed however, to provide assistance to the borrowers who are struggling to repay high fee/interest payday loans. While you still pay finance charge, which is simply puny by payday industry standards, such a loan will consolidate all your other payday debts at annual interest rate under 20%. Compare that to 300% or even 500% in annual interest charged by cash advance shops, and you realize that this is a rather sweet deal.
GoodMoney payday loan assistance goes even further, as it encourages payday loan borrowers not only to consolidate their debts in one lower-interest term loan, but also to use other credit union services like automatic savings to help accumulate some cash reserves. And if you are unable to repay a loan after rolling it over twice, then you can get an interest-free loan by attending a free credit counseling session with a nonprofit service. GoodMoney.
Tue May 25, 2010 08:05PM | Copyright: www.bad-credit-advisor.com | More in Payday Loan | Comments (0)
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