I was wondering if anyone knew about how payday loans affect your credit. A couple of years ago, I dececided to apply for a payday loan online. At the time, I thought it was pretty harmless, until my fianancial situation snowballed out of control and all of the sudden, I have 7 payday loans out at a time. I've gotten a couple of them paid off, but it's gotten to the point where all I'm doing is paying the extremely high interest rates of these loans and only paying the minimum amount on my credit cards. I just closed my checking account so the loans I do have left won't take any money from my account. I have every intention of paying these off, but I know they are going to start calling my job asking when I can pay them and I just can't afford to right now. Is there any type of program out there that can help me get out of this jam? My credit is not exactly the best. Getting these payday loans was the worst thing I could of done, and now I feel like I have to file bankrupt just to have a clean slate. I live in Minnesota. Please help!
You could work out a deal with them unlikely though maybe your family could help i don't know how deep your in.But if its deep and no hope maybe consider bk without my info its hard to advise.
I have 4 payday loans currently that I need to pay off totaling about $2,000, and now I get news from my fiancee that he will be laid off from his job January 5th. We just bought a new house in the summer, and right now my thought process is to make sure our main bills are being paid. I'm not a dead beat that just does not want to pay the payday loans off, but I don't want to lose my house paying these loans off either. As far as having family I can get a loan from....I have none. They usually come to me for a loan. Where would I be able to find out if there are payday loan laws for my state?
Check if your state's laws are online, or contact the state Attorney General's office. I'm not trying to be mean, and this is not directed specifically at you, but if you had seven payday loans outstanding, you had no business buying a house. A large part of the problems we're in today are because of people buying homes they can't afford. Before you buy a house, you should have savings for emergencies like medical problems, job loss, or major problems in the house.
At the time when we bought the house, I did not have 7 payday loans out. At that time we were doing fine. I was in the middle of trying to pay off the ones that I did have out. We wouldn't of bought the house if we thought we couldn't afford it. We did put some work into the house. But a couple of months after we moved in is when both our jobs cut back on overtime, then for my fiancee cut his hours from 40 to 32 a week, which finally is leading to him being laid off in a couple of weeks. I know that part of the problem with the economy right now is people who were buying houses they could not afford, but you also have to look at the lending companies and banks that approved the loans for these people. They have ALOT to do with this problem too! Sometimes it's hard to save money for emergencies. Not everyone is in a situation to where they can do that. But I want to be a person who saves their money. Like I said before, I'm not a deadbeat that does not want to pay my bills. I just want find help for this issue w/the payday loans. I think once I have that problem resolved, we will be ok even if my fiancee is laid off. I will check online for my states laws on this.
