I posted a previous message on this.Are the rules the same for loans I did over the web?I have 2 payday loans I did-one in utah and one in delaware.They take direct payment from my checking.Can I put a stop payment on these,the same as a postdated check?One of the payday places I have been rolling over for 7 months.Original loan was for $400.0088.00 in fees.So far has cost me-88*7=$616.00 and I still owe the $488.00.I told them I could not pay and they said I could do installments.I told them,why didnt they tell me that before,I could have had this paid off by now.So my original $400.00 loan will cost me over $1000.00 by the time I am through.If anyone wants to know about payday loans,just have them contact me.They should be outlawed.
Yes, payday loan places do exploit people. However, it's also mostly our own fault for taking the terms in the first place. I'd rather a payday loan place exists for the true emergency than have them all banned. (I remember a time once when I didn't even qualify for a payday loan) What people need to do is be realistic. Don't take the loan if you won't be able to repay within the terms. Most of debt problems result from denial. If you'll be unnable to make the payment when your paycheck clears in 2 weeks, that's probably going to be worse than whatever immediate need you're facing right now. (You'd do better not making that CC payment than defaulting on a payday loan.) When things are bad, prioritize, but NEVER, NEVER take a payday loan unless you know 1000% that you can pay it back. Otherwise you'll be so screwed.
