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Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 10097
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Need the money to pay some over due traffic ticket so I can

Customer Question

Need the money to pay some over due traffic ticket so I can regain my driving right so I can drive my self to and from work will pay wall ever interest rate no matter what. If you can help please.
Submitted: 1 year ago.
Category: Finance
Expert:  Lane replied 1 year ago.

Hi,

...

I would look at at consumer finance places (Citi Loan, etc) ...

...

Here's an example of a Louisiana Consumer finance company:

http://republicfinance.com/public/Default.aspx

....

Second best (and ONLY do this if you have to ... and be VERY careful to keep the loans on a short term basis is to use your car title for a title pawn loan (BUT BE AWARE that THESE PLACES APR ends up being in the 100s sometimes because of the continuous or daily compounding.

...

Again if you have the discipline to only do this for a month or so and then pay it off... it's better than nothing ... BUT VERY high effective interest rates.

Examples include... https://www.1800loanstore.com/around/louisiana/

...

And the the VERY worst - Payday Loans.

See this from the COnsu er Financial Protection Bureau: (Why? because these ARE the worst):

LA

Louisiana State Information

Legal Status: Legal

Citation:
La. Rev. Stat. Ann. §§ 9:3578.1 et seq.

Loan Terms:
Maximum Loan Amount: $350
Loan Term: 60 days or less
Maximum Finance Rate and Fees: 16.75% of face-value of check, not to exceed $45; + $10 documentation fee (After default: months 1-12: 36% per year; months 13 and beyond: 18% per year)
Finance Charge for 14-day $100 loan: $30
APR for 14-day $100 loan: 780%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot renew or rollover but licensee may accept partial payment of 25% of amount advanced plus fees and enter into new loan)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: One NSF fee of actual bank charge (if disclosed) + the greater of $25 or 5% of check (if disclosed); Court Costs; Reasonable Attorney's Fees
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Louisiana Office of Financial Institutions
Address: P.O. Box 94095 Baton Rouge LA 70804
Phone:(###) ###-####
Fax:(###) ###-####br />Regulator Websit

....

All this is to say ... be careful ... you said at any rate ... but SO many get into this and end up losing everything.

HOWEVER, IF YOU HAVE THE DISCIPLINE TO KEEP THE LOAN VERY SHORT TERM ... IT CAN SERVE A PURPOSE ... GET YOU OVER A SHORT PERIOD WHERE YOU JUST DON'T HAVE ANY OTHER OPTIONS.

...

More preferable? Use home equity or some other financing that's reasonable ... and tied to an APPRECIATING asset.

...

MOST favorable? ... Catch the bus, use ride-share, save up some money, ... (a LITTLE tougher path) but you'll always come out ahead.

...

Lane

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If this HAS helped, your positive rating … (by clicking or touching the stars or smileys on your screen) … would be appreciatesdThat’s how we’re credited for the work here.

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