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I am stuck in the Payday Loan cycle and don’t know how to get out of this trap. I live in California and have 9 payday loans. I know that all my payday lenders are licensed here. Recently I have lost my job. So I can’t afford to pay back the full debts. I have tried to settle the debts with the lenders but they are not ready to settle. All wants the full payments. In this situation what can I do? I can’t sleep at night properly. Please give me some advice.
In this situation what can I do?
Welcome to the forums!!!
As all of your lenders are licensed, so you are liable for both the principal and interest. In this case you may try to explain your lenders about your financial condition. Your lenders can sue you because of non-payment of debt. You may get professional help. Otherwise try to get help from your friends and family members.