Why the name “i am unbank”? A few years ago, I was labeled unbankable. I did not have a credit card, ATM card nor checking account. No banks were willing to let me open an account because as I had a bad credit history before. I cannot deposit my money into the bank and I cannot even cash my pay check. I can only cash my limited pay check at the check cashing service at Main Street, which robs me of $15 off my pay. And when I need emergency cash, no banks wanted to lend me the few extra dollars.
That was the rock bottom of my life. My pay check was only enough to pay for my living expenses and each time I have a financial crisis, I have to borrow money from either my parents or a friend. I could not reach out my hand too often and I tried to get a simple loan from several banks but each one said no to me. So naturally I walk into the corner payday loan shop and took out my first loan to tide over my crisis of not able to pay the rent on my apartment. I wish I could say I was able to pay back my first loan and the interest rates immediately on the next payday. However it was not possible for me cos I had other financial commitments too and it seemed I could delay paying back the principal for the loan. I wish I could have thought better and cut back on other spending and then settled the loan first. I did managed to pay off the loan with all the fees eventually but it took me about a few months.
I did not stop there and I did took on a few more loans each time i was short of cash. But I got smarter and was much more careful with the repayments and managed to tide over all my cash needs without paying several times over the loan. I managed to think about money as something that could either break my life or make my life better. So I started to save up a rainy fund. It was not easy. I managed to save only a very small portion of my pay and it was not enough.
The second part of my journey saw me starting to make another stream of income and let me save up a decent rainy fund and eventually let me set up my online business. The journey to make an alternate stream of income took me a while but it was worth it and i did not have to rely on payday loans anymore and i could finally save up money not just to tide over short term cash needs, i finally had cash to enjoy myself and to even go on holidays.
This is not a miracle nor a over-night make money online dream. I think anyone can do this just by becoming smarter with their money. I took out payday loans just to tide over basic needs and I do not see it as something wrong, it was just what i had to do to survive but we have to be careful about how to use such loans. Pay it back as soon as possible and do not deal with unreliable lenders. I created this site just to share some simple information so that more unbankable people can become better and survive their life and hopefully make it better.
Disclosure: As a disclosure, some of the companies that appear on this site will pay me a referral fee if you choose to use their services. I am not recommending that you use their services but I am sharing my opinions on them and should you wish to use their services via this website, I am thankful. Send me an email at email@example.com to let me know and I will also share more information on how to create your own income streams.