Anyone ever got a Payroll advance?
 

just wanted to know out of curiousity. how many of you guys ever done payroll advance? How much do they usually charge for interest. And do i need a checking account to do it? How does the process go? Just in need of money to pay off some debt. haha ;D

Re: Anyone ever got a Payroll advance?
 

It's the dumbest thing you can do. They charge a lot, and will only put you in more debt. Wait until your paycheck comes.

Re: Anyone ever got a Payroll advance?
 

don't take a loan to pay off a debt. You will only dig yourself deeper in a hole

Re: Anyone ever got a Payroll advance?
 

What if it is urgent like monthly rent? ;)

Re: Anyone ever got a Payroll advance?
 

well sometimes you gotta do what you gotta do. However, before doing one of those bullshit high interest deals, maybe try to look into somethign else first. I guess I really can't say to much, since I do not know your personal situation

Re: Anyone ever got a Payroll advance?
 

Those payment advances will kill you.

I would just ask your super if you can slide on the rent. Or pay what you have now and then the rest on Payday. offer to pay at least some so you don't become a total deadbeat. You also usually have a certain amount of time after rent is due to pay it with a fine. A fine would be better than being in debt to somone else.

Re: Anyone ever got a Payroll advance?
 

you need to buy a home first then every couple years refinance and take out equity to pay off debt, guys its so simple

Re: Anyone ever got a Payroll advance?
 

i thought you borrow againts your eqity???

Re: Anyone ever got a Payroll advance?
 

nope

say you got financed for a 200 000 dollar house in 2003, now that house is appraised at 230 000 dollars, that extra 30 000 dollars is the equity, it is basically just money that came about due to area growth, economic growth, etc... so now you just refinance for how much ever you owe on that original 200 000 dollars and that extra 30 000 comes out and goes to you. You can put that 30k into home improvements, pay off bills, etc. this is just an example.

Re: Anyone ever got a Payroll advance?
 

^ that is borrowing from the equity. the worth that your house gains as you own it is referred to as equity.

Re: Anyone ever got a Payroll advance?
 

do you have a credit card? you can take it to most any bank and get a cash adavance. i did it once cause i needed money really bad. they charged me like 5$ to get like 60$ fronted. Or you can go to the pawn shop, you can have them give you a loan while they hold soemthing for collateral, you pay a little bit more when you buy it back but they hold it till a certain date before they put it on the floor.

Re: Anyone ever got a Payroll advance?
 

payday loans r very bad!!! all they are is a legal form of loan sharking. interest is through the frigin roof. but if ya have to then you have to.
wait, just ----- your self out. you get laid and paid. and best part is, is there is no payback.... O0

Re: Anyone ever got a Payroll advance?
 

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yes, i know thats what i am saying, but in theory, your not really paying it back. On average a person stays in a home no longer then 3-5 years. (in washington anyway) so your basically getting that money out and not having to borrow it, your getting it because after those three to five years you sell your home and get your money back dood.

I work for a mortgage company.

Re: Anyone ever got a Payroll advance?
 

i am not understanding how that 30K just pops out of no where, its not like you are sellign your house

Re: Anyone ever got a Payroll advance?
 

your selling your house to yourself for more money than you bought it for. and since you dont have to pay out the accual 230k the house is worth you have 30k extra.. but your also loosing all the equity that youve built. but if you have like 15k in credit card debt at 25% or whatever its worth it to refinance and thow your overhead that you made off your house onto it so your only paying 6-8% interest.

Re: Anyone ever got a Payroll advance?
 

so you could take that extra 30K and pay off soem of teh principle on teh original 200K??

Re: Anyone ever got a Payroll advance?
 

so wait, you buy the house, wait a year, its worth X more, and then you re sell it to yourself, and the difference of what you bought it for the first time compare to what you sold it to yourself for, is how much you get paid?

Re: Anyone ever got a Payroll advance?
 

whatevers left from paying off your previous morgage is what you get. and its not realy getting paid its more like buying your house for more than you paid for it because your ass put yourself in to much debt and need a good way out.

Re: Anyone ever got a Payroll advance?
 

do not do it dude. the interest is somewhere around 500%. heres how you do it though. you go there, write them a check for your next payday. then when your next payday comes they cash the check and your done.

now the flip side to it. if you live paycheck to paycheck (which it sounds) come payday, when they take that money back...guess what your doing...taking out another payday loan.

if wont be able to get the maximum they allow either. if you need $500- and there maximum is $500 your screwed. you can prolly get about $350- until you prove yourself.

trust me...(I seem to know a little about this) its not worth it. see if you can find someone to front you the money...or ask your landloard if you can give them a little inconvience money or something. the payday loan is not the thing to do. but like someone else said...you gotta do what you gotta do. it just a trap though.

Re: Anyone ever got a Payroll advance?
 

you cant do it like every year though. usually you can do it as frequently as every two years if you just keep getting financed for a 2 year fixed arm. then after that 2 years refinance again and take your equity.

RAWR - well put!`

Re: Anyone ever got a Payroll advance?
 

perhaps you should get your priorities straight?? id be a little more conserned with a roof over my head, than dumping money into my civic. just a thought...

Re: Anyone ever got a Payroll advance?
 

i agree with hotrex. there will allways be deals on parts, cars, etc etc. so take care of your priority's. it was a very hard lesson for me to learn. ::)