Sometimes I sit and reflect on where we are today. This time five years ago, Dan and I were living in Pittsburgh and were near broke. We barely had enough money for his $470/month efficiency apartment (that’s almost $500 a MONTH for one large bedroom, medium sized kitchen/eating area and a bathroom!), electricity, internet and phone (to save money we had canceled our cable account about six months prior). By December our utilities were about to be shut off, so we packed things up, moved back home to our families and spent a few months regrouping before we set out again to live on our own.
One disadvantage to us living in Pittsburgh was that the cost of living was so much higher. Our mortgage payment is less than what we paid for that dinky little efficiency, and we now have an entire three bedroom HOUSE.
Of course, we haven’t gotten where we our today – owners of a home and two vehicles at the ages of 24 (me) and 26 (Dan) easily. There have definitely been some bumps in the road, and times in the past where either his family or mine helped us out of a financial bind. There were also two or three occasions where we used a payday loan to get a hold of cash fast. One instance was when a prior vehicle of ours broke down (it needed a new alternator). Another was for an unexpected bill. And another was to cover bounced check fees (not fun).
I will admit that payday loans were always quite appealing because of how fast you received the money you borrowed. The downside to them is that they were very strict in repayment options. Basically, your only option is to pay back the entire amount on your next payday (which you could schedule up to three weeks away), plus interest. With the cash loans we used, that interest amounted to $20 for every $100 borrowed, or approximately 5%. That’s pretty steep when you consider that a $300 loan would cost closer to $400 to pay back!
ThinkCash (thinkcash.com) works a little differently. First and foremost, their loan rates go much higher than the average payday loan company ($250 – $2500; most payday loans cap at $500 or $1000). Secondly, their interest rates are more reasonable. They even offer installment loans, so you can pay back the amount you borrow (plus any applicable interest) in reasonable weekly or bi-weekly installment payments. I checked out their website and went through most of the loan application process (basically, all but the final submission, as I don’t need a loan at this time!), and was pleased to find that everything seems straightforward. Loan approval is based on a combination of your credit score, your monthly income and ThinkCash being able to verify your income (by contacting your employer).
I will be the first to admit that the economy sucks right now and we ARE feeling some of that suckiness. And if we got in a bind and couldn’t turn to family or friends to help us, we would probably consider ThinkCash. After all, installment payments and interest are much better than risking losing your home, your car, having utilities turned off, or dealing with a slew of other financial or legal problems.
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My name is Jenn, and I'm 27 years old. I'm happily married to my best friend and soulmate, Daniel. Together we have a six year old daughter named 
Name: Alyssa
Name: Ryan
