Wedding Finance: Short On Cash. Payday Loan?
DIYer Elizabeth writes in:
I’m a full-time student and my FI just got back to work after being unemployed for 4 1/2 months. We have a big (for us) payment coming up for our reception venue. We won’t have the money for it on the due date but will have it when FI gets his paycheck about a week later. We’ve seen ads for pay day loans and are thinking about doing that so we can get the cash in on time. FI thinks its risky. What do you think?
DIY Bride Reponds:
Your FI is right.The ubiquitous payday loan ads make it sound so easy and harmless, don’t they? “Just bring in your pay stub and some ID and we’ll give you CASH!” While they do deliver on the promise of easy cash, they are far from harmless. These loans are generally very short-term (days, not months) and the interest rates can range anywhere from 300% to over 1,000%. [source]
Though it may be difficult to muster up the courage, contact your venue ASAP and explain your situation. Ask, very politely, if you can get an extension on your due date. Most will be understanding and willing to work with you – within reason – to extend the date. You may have to pay a late fee but that’s going to be nothing compared to the 300% you’d pay with a loan company.
Good luck!
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Great advice for a bride in a bind. Especially in tough times, it is likely you are not the only bride that this has happened to. Venues are prepared for the best and the worst, no request is out of the question these days. Good luck!
Great advice for a bride in a bind. Especially in tough times, it is likely you are not the only bride that this has happened to. Venues are prepared for the best and the worst, no request is out of the question these days. Good luck!
These companies are so sleazy. They got put out of business a few years ago in North Carolina but I heard they just found another form to take to circumvent the law.
These companies are so sleazy. They got put out of business a few years ago in North Carolina but I heard they just found another form to take to circumvent the law.
Never take a loan to pay for any wedding expenses. if you must, take a part time job to cover costs.
Never take a loan to pay for any wedding expenses. if you must, take a part time job to cover costs.