So, I've amassed quite a hefty school loan bill. Decided to call one of those numbers that they advertise on the radio. Turns up to be a company called Apple Debt Care. They say they can reduce my monthly payments significantly, but I'm just leery about putting my info out there like that. I don't know how reputable the company is, and there isn't a bunch of info out there on the company. Anyone know or heard of this company?
It takes all kinds to make up a world, son. -My pops
4. "THIS is the answer^^^^^" In response to Reply # 1
if you have multiple lenders/loan servicers for federal loans, studentloans.gov will automatically pull them from the national student loan data system. More efficient than calling Sallie Mae, Great Lakes and Nelnet.
16. "payday loans are somewhat defensible" In response to Reply # 12
They provide "credit" to those locked out of traditional credit markets and can mean the difference between lights on and off for a poor family. The payday loan cycle is a viscious one, but it's REALLY no different than credit card debt. Right now someone making the minimum payment on their 19% apr CapitalOne visa is turning their nose up at their cousin/neighbor who hits the paday spot on the first and firteenth
20. "i mean they are a last last LAST resort" In response to Reply # 16
i mean...like...im trying to think of a situation where its ok & yeah...when the lights abt to get shut off or you may be evicted...ok THEN thats when you go
but thats just a bandaid on cancer type situation. because they'll charge you an arm & a leg on that loan & if you didnt have it before why would you have that and more in a month or whenever it comes due
21. "#ACTUALLY" In response to Reply # 20 Thu Dec-11-14 12:57 PM by John Forte
Full disclosure: my worst job ever was managing a payday/title loan place.
Title loans are the debil. No defense at all. Straight up predatory.
The payday loan charged a flat rate of 15%. You come in and borrow 200. Write us a check for 230. On your payday, come in and give us 230 and we give your check back. Don't pay us and we'll try to deposit that check every week until it clears. No matter how long it takes, you only pay back 15% more than you borrowed.
Some people cam in every payday; pay a loan, borrow a new one. It was sad, but honestly no different than people carrying a balance on their credit cards.
29. "It's only technically 300% apr" In response to Reply # 28
it doesn't actually accrue. Pay it one day later, you pay 15% of the amount you borrowed. Pay it 15 years later, it's still only 15% of what you borrow.
We're conditioned to think of all loans in terms of APR. This is more like an Islamic (no riba) mortgage. Sharia forbids the charging or paying of interest so banks have structured mortgages with fixed fees as apposed to accruing interest. Payday loans are actually more like that. The amount you owe never goes up, regardless of the passage of time.
32. "it is hugely different from a 19% capital one joint. capital one " In response to Reply # 16
don't autodraft your bank account.
and the paydays, when you are talking about multiple (whihc is how it usually ends up) instead of a one time thing ends up being hundreds or thousands of percent, effectively.
a true one time shot, sure, it's prolly less than the bounce fees.
but it is never really one time. once you get in, they hit you with, you can take another one... and before long the payday becomes the check cashing spot but they taking you for 30 or 50 bucks every pay check.
that shit is abhorrent. and should be illegal, but they keep springing back up like zombies.
========================================= I'm an advocate for working smarter, not harder. If you just focus on working hard you end up making someone else rich and not having much to show for it. (c) mad
========================================= I'm an advocate for working smarter, not harder. If you just focus on working hard you end up making someone else rich and not having much to show for it. (c) mad
17. "It's all been said, but..." In response to Reply # 0
Future reference, student loan debt (at least federal, not sure about private) is among the easiest to work with. As long as you keep a dialog going with them, they tend to be very malleable with the payment terms. I don't understand why more people don't just call them and work with them.
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