Should I take out a loan from another place or keep re doing cash advance?

So, after my so called boy friend decided to not pay my electric bill and allow my children and myself to be without it for 3 days, I called it quits with him. He left me in a tough financial situation. I have a payday cash advance loan that was due yesterday. My children's big brother paid our electric bill and got it back on but, it is due again in 2 weeks. If it is not paid in full $174.00 I will have to pay that plus $280.00 before it will be restored again. My car payment is also due the same day. The cash advance was due yesterday but they have me an extra week. I have been busting my behindvtryingbto build my credit. I do not need to lose my car. I am thinking about taking out a loan and paying it off with my income tax return. Or should I just stay stuck on this cash advance cycle and lose everything I have worked so hard for?

Updates:
I was in a bad state of mind when I googled a question and found this page. I was slightly suicidal and some of you are just enough to make someone feel really worthless. Think about that before you up and be an ass for no reason to a person you don't even know.

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Most Helpful Guy

  • You're in a crappy situation, some of it because of your own choices, and some because of his. While you cannot do anything to change the choices he makes, it sounds like your decisions are screwing up your life as well.

    My first point of advice is, STOP USING PAYDAY CASH ADVANCES. I swear you need a punch in the face for using it. It makes absolutely no logical sense for anyone to use this service. For a $200 loan, you end up getting service fees of anywhere from $20-50/month. Hello? That is 10-25% of your loan amount in 1 month. If you use that service every month, that comes out to 120-300% interest rate annually. You're better off racking up that on a credit card with 29% annual interest rate, although that isn't much better. Although Payday cash advances didn't make you poor, it's KEEPING you poor.

    Second point of advice. If you cannot pay for electricity, why on earth do you have a car, which needs fuel, maintenance and insurance? The cost of owning a car usually comes at about $8-10 per day, excluding the value of the car. Unless it costs more than $300/month for your local transit, you might have to bite the bullet and ditch the car.

    Local trips can be done with a bicycle. It may not be convenient, but I would think your child deserves a better life than wondering where the next meal is coming from, or whether the lights will be on that day. Loans from family and friends may seem attractive because they usually don't charge you interest, but bad because the person borrowing rarely pays back and will create strains on the relationship with family or friends. Better to be seen as untrustworthy by the bank, than by your family.

    Lastly, although there are daily life stresses from money and your kids, never lose sight of the long term. All your efforts now are in vain, if you don't have a long-term plan to get out of the hole you're in.

    Education and a roadmap to a better paying job? Family help for childcare? If you've accrued a lot of debt from bank/credit card loans, I'd even suggest you declare bankruptcy which is actually not as bad as people think.

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    • What part of he was paying the car payment did you not understand? We went to the lot together. Picked our a car and he agreed to make the payment. Duh

Most Helpful Girl

  • Cash advance loans are always way more of a rip off than anything else. Make an appointment with your bank and talk to a loans officer and get their advice on how to consolidate your debts. You probably don't even need much. You don't even need to agree to anything, just go talk to someone about options.

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Have an opinion?

What Guys Said 6

  • If you can borrow from friends or family to pay of the cash advance then pay them back in installments. If nothing else don't pay the cash advance and file for bankruptcy

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    • I don't have any family and sadly my friends have all either screwed him or stay away because they hate the way he treated me. I read on line about csfa it supposedly some law type deal to where the place has to allow me to re pay in installments but all cash advances aren't part of that. I am trying to find out if the one I used is. Thanks though!

    • Here's the deal. Courts are reasonable. If you don't have the money then you don't have it. They can't make you produce it. If the cash advance wants to take you to court let them but you still don't have it. The court will rule in their favor because of contractual things but again they can't make you magically produce money you don't have. There are hardship laws that you can try but the fees to file that aren't worth it. I'm the most irresponsible person you've ever heard about. In your wildest dreams you have no idea the experience I have in not paying and getting away with it. I've been called a pro by collection agencies. I recommend you close your bank accounts and deal only in cash. That way they can't take your money if or when they win in court. They will do everything they can including lie to you to scare you. A cash advance is an unsecured loan. Even if you had to list something like a TV for collateral all you have to do is say you don't have it anymore.

    • Don't feel sorry for them. You've already paid back way more than you were advanced because of their outrageous interest. In some ways I consider them predators. It's really really hard to collect a debt and in a lot of ways it's a stareing contest. Message me if you want to know more

  • Don't take out loans, you end up paying a lot more than the initial sum and it is a vicious downwards cycle.

    Sell the car because you can clearly not afford it at the moment.

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  • Well what I follow in life never take or give loans

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  • your childrens big brother? wtf? lol you mean your son?

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    • She is talking about the "Big Brothers" organization where guys socialize with kids without a father present as a role model, etc.

    • Lol lol lol no I mean their fathers son who does not belong to me. Is it still funny?

  • take a bone

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  • best get to working and selling ish you own on craigslist to cover those bills, those payday loan/cash advance places make you pay way more in interest and really mess your credit up.

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    • I do work just don't make enough to pay for everything that is due all at the same time. He was paying stuff and told me he had when he didn't. So now I'm stuck with it all.

    • get rid of stuff and start from square 1, it sucks but its way better than everything crashing down on you in a couple months

What Girls Said 1

  • Call your electric company and see if they know of any emergency assistance programs.

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    • I did. One only does it in Jan and Feb. And the other was a church who said they are out of funds.

    • That's so frustrating. I'm so sorry you're in such a difficult position :c

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