Anyone have any experience with payday loan companies?I have a couple of loans I took out to pay Dr. and Meds.I am on ssdi.This month I do not have enough left to pay them.I would like to be able to pay them off with installments,but they want their money like now.Do I have any options on this or will they just be turned in to collections?One of them is for $400.00 and I have already paid over $500.00 in rollover fees.And I still owe the $400.00.HELP!
Do a search for "payday loans" in the search function. Also here is a link that might help you. http://consumers.creditnet.com/stra...d.php?s=&threadid=55779&highlight=payday+loan Good Luck. I got messed up with a place like this a year ago and it killed me.
WOULDN'T YOU DO BETTER (INTEREST WISE) WITH A CASH ADVANCE ON A CREDIT CARD EVEN IF IT IS 19.99%????? Compared to the 50%-200% you are NOW paying...
If I had a credit card,I would not have used a payday loan company.I was just wondering what the process would be if I do not pay on time.Do I stop payment on checks or let them bounce?If I stop payment is this fraud?Can I just send them a partial payment and see what happens?
I have a good friend who works at a payday loan place. (In Missouri). She has told me that if you use a payday loan place, and write a check for the loan, if you do not pay, you can not be prosecuted for a bad check. The "theory" behind this is that when the payday loan place accepted the check they knew it was not good. She said that if you place a stop pay on the checks, the worst that will happen is they will be turned over to a collection agency. Many people are better off going this route. Once you have put a stop payment on them and they go to collections, the unreasonable interest rate is stopped. You can then make arrangements with the collection agency to pay them off before they are put on your credit reports. I do not know this to be fact - but putting a stop payment on them would seem the best route to go. Payday loan places are not in business of working with you. They make millions off of those who get stuck in a situation where they REALLY feel they have no other alternatives and the payday loan seems to be a "quick fix" - for the moment.
