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Need help with payday loans

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angelaallum
Guest
Subject: 4 payday loans that im having trouble paying
 
 Posted on Sun Jul 06, 2008 2:23 am  
i angela have 4 payday loans right now and there is no way that i can keep paying on them. my house bills are all late because these loans cost me so much per month. i owe 1,600 total. i need a loan to pay these off asap. if i dont keep paying them then they cash my check that i had to write them. my bank account then would be in trouble and so would i. help me please. angela
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 2524



3614 Magic Points
 
 Posted on Sun Jul 06, 2008 6:07 am  
Angela,

First off know that your are not the first person in this boat, nor will you be the last unfortunately.

You should register on here then you conversations will pay you real money, so register before you type another word.

You will need to let us know what state you are from? How much you borrowed? and how musch you think that you have paid off already? After getting this information you will be providing.

Hope to hear from you aganin
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
scott

scott

Joined: 28 Jun 2006
scott's page
Posts: 163



4471 Magic Points
 
 Posted on Mon Jul 07, 2008 5:45 am  
Hi angela
It is always essential that you pay your pay day loans back on time else it may be reported to the credit reporting agencies and they will reflect it in your credit report which in turn will lower your credit score. Moreover these pay day loans comes with high rates of interest. I think you should try for a debt consolidation loan to pay off your pay day loans.
_________________
SCOTT

Social security, bank account, and credit card numbers aren't just data. In the wrong hands they can wipe out someone's life savings, wreck their credit and cause financial ruin.
 
CMBV22

CMBV22

Joined: 08 May 2008
CMBV22's page
Posts: 373



3902 Magic Points
 
 Posted on Mon Jul 07, 2008 6:09 am  
in the event that you cannot obtain a consolidation loan call the pdl companies and try to work out a payment arrangement with them. just be careful not to put all of your cash in the account they pull payment out of so you dont get cleaned out. also get your agreement in writing
_________________
****************************
Free sample letters,
info on paying off payday loans,
and quick credit repair tips.
Pesonalized credit repair advice in the forum:

www.homecreditrepair.net

http://homecreditrepair.hqforums.net/
 
anthony

anthony

Joined: 31 Jul 2006
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Posts: 381



9616 Magic Points
 
 Posted on Mon Jul 07, 2008 7:35 am  
Actually debt consolidation loans mostly comes with interest rates lower than that of pay day loans and where you can combine all the four payday loans into a single loan account. This will also will also be easier for you to manage. Moreover, if you still don't get a debt consolidation loan, then as said by CMBV, you can ask your creditor for a repayment plan, and agree for one that you can afford to pay.
_________________
Anthony..

A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible.
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 2524



3614 Magic Points
 
 Posted on Mon Jul 07, 2008 3:42 pm  
Payday loans are very high interest rates, avoid them and go with consolidation if at all possible.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
Justin

Justin

Joined: 17 Jul 2006
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Posts: 232



6571 Magic Points
 
 Posted on Tue Jul 08, 2008 7:28 am  
I agree with goodnatured. Payday loans actually cost you too much of interest, which in turn effects your disposable income. So it is always better to try for debt consolidation loans which clubs all your existing loans into a single loan account and that too at a much lower payment than the total payment of all individual pay day loans.
_________________
Best Wishes
Justin
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 2524



3614 Magic Points
 
 Posted on Wed Jul 09, 2008 2:57 am  
I have burned and learned on this one, I was in a payday loan mess for a while. Things are better now that I have gotten my finances in order and gotten away from the pay day loans, it was not easy, but I did it.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
Guest







 
 Posted on Thu Jul 10, 2008 12:21 pm  
Hi angelaallum
Pay back your payday loans by using a debt consolidation loan and try not to take any payday loans further. This is because with payday loans you pay not only high rate of interest, but if you fail to pay back the loan on time, you land up much higher payments taking you to a debt trap.
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 2524



3614 Magic Points
 
 Posted on Thu Jul 10, 2008 3:18 pm  
It can be a viscious circle, you end up paying back much more than what you have borrowed, try to get out of the trap as soon as possible and then pinch those pennies if you have to not to get into a situation again. Goodluck with this, I hope you can stay on track and not get involved with the payday loan companies.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
scott

scott

Joined: 28 Jun 2006
scott's page
Posts: 163



4471 Magic Points
 
 Posted on Fri Jul 11, 2008 8:56 am  
Yes, actually what happens is that since payday loan comes with high interest rates most people cannot keep track of the payment if some other unforeseen expenses arises before the payment date for the pay day loan. Even one missed payment will attract more interest rates and other charges thereby increasing the repayment amount. So as goodnatured pointed out, pay day loans mostly result in vicious circle and it becomes very difficult to get out of it. Therefore I would also prefer to go for a debt consolidation loan and pay back the pay day loan first.
_________________
SCOTT

Social security, bank account, and credit card numbers aren't just data. In the wrong hands they can wipe out someone's life savings, wreck their credit and cause financial ruin.
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 2524



3614 Magic Points
 
 Posted on Fri Jul 11, 2008 9:12 pm  
A consolidation loan would be the way to go and get the payday loans paid off, then stay away from them altogether.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
erb1953



Joined: 31 Dec 2007
erb1953's page
Posts: 552



1000 Magic Points
 
 Posted on Sat Jul 12, 2008 2:21 am  
oh boy, another victim of the payday loan industries, these companies sure are making a killing off the fees and intrest on these loans. I hope you get out of this mess soon.
 
CMBV22

CMBV22

Joined: 08 May 2008
CMBV22's page
Posts: 373



3902 Magic Points
 
 Posted on Sun Jul 13, 2008 1:51 am  
if you cannot get a consolidation loan make a budget and pay off your secured debt first followed by your highest intrest rate accounts. You should try to make payment agreements with your DCs to try to prevent further collections. Also, be sure to start a savings account to try and prevent the need for PDLs in the future
_________________
****************************
Free sample letters,
info on paying off payday loans,
and quick credit repair tips.
Pesonalized credit repair advice in the forum:

www.homecreditrepair.net

http://homecreditrepair.hqforums.net/
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 2524



3614 Magic Points
 
 Posted on Sun Jul 13, 2008 2:21 am  
yes definately, once you get on your feet, start an emergency plan, that way you will not have to ever do the payday loan thing again.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
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