payday loan problems

Which state are you in?

I am asking because in many states payday loans are illegal. It is possible that many of these companies are not authorized to do pdls in your state.

Hi Luvdatitans,

I wonder how you had managed so many payday loans at a time! You must have been in serious problem that made you took so many payday loans. I understand how much you are in financial troubles now.

In this situation, you can consolidate all your payday loans by applying for a debt consolidation loan. By taking a debt consolidation loan, all your debts will get consolidated into a single debt and it will be affordable to you to pay them off at installments.

Please dear god, anyone who reads this DO NOT get a payday loan!! What seems to be a good way to get out of a jam just makes the jam all the more difficult to get out of. I don't care if the payday loan place is legit or has a good track record. DON'T GET ONE!

Quite true Lee, that's the right thing to say about payday loans. Indeed why go for debt to get out of financial trouble and then again land up in more troubles.

Larry, debtconsolidationcare.com is not a company that deals with consolidating debts. It is another forum much like this, that gives advice and info to help people get out of debt.

I know of 2 companies that consolidate payday loans, and a number of members of the debtconsolidationcare.com forum have used them.

Langehorne Law and T&C (Town & Country Acceptance Corp.)

Langehornelaw.com should provide the info on how their program works. If contact info is needed for T&C, let me know.

Payday lending is a viscious circle that never ends, the forum discussed above is an awesome tool with folks that have been there and survived, you will get some real good advice and guidance there and be well on your way to be free of these predatory lenders if you listen to what they have to say. I have been there, not a pretty picture, but they are real people helping each other and they will help you. Go there and get the help you need. Goodluck, and breath easier knowing that you will be in good hands.

i'm in the same sitation, i've had my bank account cleaned out by these clowns with no end in sight.

But couldn't you trace them hannabe? I mean what's the bank saying?

I thought we had no pay day loan in our town but I was wrong. I saw a hand made bill board for it today.I was thinking "oh, what a shame they need to close those places down".What they are doing is plain out robbery. Hope anyone who is thinking of doing this reads these posts on here first and saves themselves a lot of grief.Maybe the original poster does not have credit enough to consolidate their loans . I'm think they don't or they would have done that before doing the payday loan thing.

Yes they charge outrageous intrest, but sometimes they seem like the only option, you get caught up in the payday loan trap that never ends. You are better off paying them off and staying the heck a way from them.

You think bill collectors are bad, you should see how these idiots act when you don't pay on time, they are a bigger trip.

I hear this alot. I have read that once you take a loan from them it never gets paid. What do they do charge alot of interest or what. Just wondering why I hear these nightmare stories.

Fireyone, they do get paid but they are high intrest for example, if you borrow $300, you would pay $90 x 4 pays, then you start paying down the debt, which would be $50 plus $90, until the loan is paid in full, Usually takes about 8 paychecks to pay off one loan. So it does get paid off, you just end up paying quite a bit of money to get rid of it.

Payday loans are very high intrest and can get you into a trap that it is hard to get out of, it is best to stay away from them if it is at all possible, I have read on the debt forum about people that have got caught in a viscious circle, they have them accessing their bank accounts and causing them overdrafts and clearing out their account, it is definately means that these are something that you can afford to stay away from.

The intrest rates are really high and the fees that go along with them are outrageous too, you end up paying three times what you have borrowed, I know sometimes people feel they have no other choice and sometimes depending on the situation, this maybe true.

I could see where one could get themselves into this very easily these days with the rising costs of everything, needing a few dollars to get to the next payday is sometimes pretty rough.

If someone is contemplating taking out one of these loans they should onl borrow what they absolutely have too and pay it off in the following payday to make sure that they are not wrapped with all the crazy fees that go along with it.

They act as if they are doing you a favor by only collecting the $90 service fee while your principle never goes down until you start your $50 paydowns after the fourth $90 fee is collector. This is no matter what the loan amount is or how long you keep it out. I was reading through some of the debt forum posts, I can not believe how much they actually rack people for a $300 or $400 loan. I guess people get into desperate situations and have to take the loans out or feel they have no other choice but to do it. I hope that once people do this and then pay it all back that a lesson is learned to try and manage money a little better and make it from pay check to pay check.