Low-Income Users Rely on Speedy Loans
12 posts across 3 communities in the last 90 days; 67% from r/povertyfinance.
“I have a substantial wage garnishment impacting me from an unpaid ICU stay years ago that I got sued for last summer, which will resolve in about two months if I keep working as many hours as I am now. I cant get enough for a retainer for bankruptcy attorney to pause it but I’ve…”
“Finally time. Many like to get paid early. Sure, it's mostly a gimmick, but for some, the timing really does help. For example, getting paid late Wednesday / early Thursday for a Friday payday allows extra time to pay bills before the weekend. Also, billing portals generally…”
“Right because we are living during a time where it's notoriously easy to pay your bills on top of everything else. Again must be a really fun life for you with this side hustle of being an internet bully that you have going.”
Multiple users in the povertyfinance subreddit are discussing and utilizing speedy cash loans to cover immediate expenses like rent, indicating a reliance on short-term borrowing solutions.
SOURCES (23)
“Finally time. Many like to get paid early. Sure, it's mostly a gimmick, but for some, the timing really does help. For example, getting paid late Wednesday / early Thursday for a Friday payday allows extra time to pay bills before the weekend. Also, billing…”
“Right because we are living during a time where it's notoriously easy to pay your bills on top of everything else. Again must be a really fun life for you with this side hustle of being an internet bully that you have going.”
“plus most landlords charge like a 3% processing fee just to use a card anyway eating the late fee is definitely cheaper.”
In dire need of 175$ man, getting paid this Thursday, worth a shot i guess
“No, it’s very much a useless comment. Needs $500 by Friday, that’s the post, that’s the request.”
Your best bet is begging and borrowing from friends and family.
“Anyone know the best payday loan companies? Need to borrow £50 till Thursday ideally submitted by /u/PlantainNo7873 [link] [comments]”
“For the last four months, including August, I've been using Instacash from moneylion to pay my rent in addition to my paychecks. And it's been significant, as I always pay them back. But currently, I owe instacash $271, and am paying them back slowly with Uber Eats earnings. So I'm hoping come September, when I get paid on the 2nd (in addition to August 19th), I can pay my rent in full with no borrowing from moneylion! Slowly getting there! submitted by /u/Budget-Mechanic”
“My rent was due on the 1st, but I have until the 5th to pay it before I get charged a late fee. I will probably be able to pay my rent, which is $850, around 7 pm on the 5th. My rent portal is currently $950 though, as a couple of my housemates are behind on their water payments, on average $33 each. So if I pay rent before they pay their water, it'll be $100 left for the balance after my payment goes through. My landlord is really reasonable, and I've never seen a late fee added to the”
“They may be living paycheck to paycheck, however the only "early pay" is the first check, then the next check is at the same interval. Example: If you get paid every Friday (every 7 days) and early pay gets it to you on Wednesday, you are now getting it every Wednesday (still every 7 days). The only benefit is the first check because you got it two days earlier. If it helps some people cool, however I agree it is sort of a marketing gimmick.”
“I legit saw someone getting a BNPL 3 month plan to pay a SPLIT PAY RENT APP the dude got a 3 month loan to pay his 1 month loan to pay his rent”
Yay for making rent and paying down your balance so much!
“I have a substantial wage garnishment impacting me from an unpaid ICU stay years ago that I got sued for last summer, which will resolve in about two months if I keep working as many hours as I am now. I cant get enough for a retainer for bankruptcy attorney to pause it but I’ve been applying for grants non stop. Once it’s settled, I’ll have the extra income to get ahead. For now, I have no car and my only real income add would be donating plasma.”
“You can get a loan on Reddit. There are many subreddits for lending. Examples include but are not limited to [ r/borrow ]( r/borrow ), [ r/borrownew ]( r/borrownew ) and [ r/loanhelp ]( r/loanhelp )[_]( r/loanhelp )”
“I think it's that they don't go out Monday or Tuesday so it's fine if they're broke then. If they get paid Friday, they might not have money available Friday.”
“What will the loan cost you compared to the late fee for paying rent next week”
“Me too I get paid next Friday. I decided it was better to pay some interest than pay my rent a week late so I did it on the 1'st”
“I’d literally be able to pay it off completely next week without any troubles”
“I just did this if you can pay it off quickly and be fine next month its alright”
“Would I be stupid to take out a speedy cash loan to pay my rent after accidentally misjudging when I get paid. I got a new job that pays me super well and they said we get paid every week. I thought that meant I’d get paid for my work at the end of the week. Nope that means I won’t get paid for my work until NEXT week. I need to pay my rent and so I was going to take out a speedy cash loan and pay it back when I get paid next week because I’ll have enough money. Am I stupid? I was finally making”