How do you cope.?

Deal Score0

Our family had a difficult year financially. we could not get a loan because of our bad credit. we fell behind our mortgage when my husband was laid off. We tried all outlets for help. We landed on a payday loan store. was cleared for a few weeks but then we had to take another loan to help pay for the first loan. anyway, was the first loan was $ 600.00 to 791.00% and the second for $ 2,000.00 at a rate of 290.00% from my weekly payment $ 210.00. with a total of only $ 22.00 principal.the loan would be 1 year. my question is a friend of my situation and is determined, it will help me pay my bills 5200.00 with all current and pay loans.all they ask is reciepts and a plan reimbursement of $ 220.00 per month for 2 years at 0% interest.should I do and do not risk their friendship if something goes wrong or if I am and how I thank you, it was sent from above Her . i. Thank you.

6 Comments
  1. Reply
    medbillsassist
    May 3, 2011 at 11:43 pm

    Your friend is an angel. Do I need to say more??

  2. Reply
    Randi
    May 4, 2011 at 12:41 am

    That was very nice of her! If you don’t feel comfortable then thank her and let her know that you don’t want business to interfere with your friendship. They may be unhappy with you if you cant make payments. HOWEVER they may be more understanding if you can’t make a payment or are late more than the loan company and you’ll have to pay late fees and what not. It’s only $ 10 more than the company. Personally I would be grateful for the friend and go ahead and take her up on her offer and do everything in my power to work harder to get her money to her. Even harder than I would to get it to the company.

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  3. Reply
    robert w
    May 4, 2011 at 1:39 am

    normally i would say no.
    however take her offer and make good on it fast.

    visit dave ramsey.com to get some serious help on going forward.
    read ’48 days to work u love’ d.miller
    to see ways of income flow out of ur holes.

  4. Reply
    cansportsgroup2
    May 4, 2011 at 2:27 am

    Get rich, like me.

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  5. Reply
    Diana M
    May 4, 2011 at 3:27 am

    its income tax season, why dont you just use your refund? plus they have those rebate checks comin up that should help alot!

  6. Reply
    Paul
    May 4, 2011 at 3:38 am

    If she’s fully aware of the circumstances then she is probably aware of the financial risk. Assuming you do pay it all back she’ll still have lost money on the loan as she could have earned interest on it had she left it in the bank so I’d be inclined to think she’s doing this purely out of friendship to help you out.

    The offer is probably too good to refuse but I’d be inclined to talk with her and express your concerns about what might happen to the friendship if you’re unable to make payment for some reason. She’ll at least have to think about the risk before handing over the money and if she’s still inclined to do so then it probably demonstrates she values the friendship higher than the money.

    As for thanking her, there’s no greater reward than the satisfaction of seeing her friend get out of the mire. I have friends I’d do the same for – some friends are worth more than any amount of money!

    You could work out how much interest she’s going to lose and make a couple of extra payments at the end to cover her loss or do something special and personal like cook her dinner or make her something. I’d be inclined not to spend money on a gift – wouldn’t be much of a treat when you are, effectively, buying it with the money she’s lending you to sort your problems out!

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