I am so frustrated right now. We didn't have enough money in the bank to pay for rent so now we are hit with a $100 service fee! I hate it!
I don't get paid until tomorrow. Gosh, that $100 could have gone to credit cards. Why am I constantly swimming???
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Hmm... I know this doesn't help since the damage has already been done, but next time: Do you have room on your credit cards? I know that cash advances get bad press, and for good reason, but the fee on an advance may be less than the $100 punishment you got. Then you could just pay it back a few days later when your pay comes in. It's like a payday loan to yourself at credit card cash advance rates (usually the fee is a small percentage.) And depending on where you bank, you can get the cash advance put directly into your checking account.
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ReplyDeleteIn a situation like the one you described it would be best to get a payday loan, that would have saved you the hassle of paying the fee and you would have awhile to pay it back. I doubt the fee would have been anywhere near $100.
ReplyDeletePayday loans cost a lot more than the fee on a cash advance. I've borrowed something like $1,000 at a fee of 3%. That's what.... $30.
ReplyDeleteThere's interest charged right away on the loan, but assuming your credit card rate is, say, 10% APY and you're going to pay back the advance in two weeks, it adds up to being less than the $100 you paid for the rental or mortgage late fee and you avoid the embarrassment and/or bad mark on your record with the rental company. (They're happy to take $100 as a penalty but it's best not to have it in your records that you pay late.)