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I live in south dakota and have gotten in over my head with payday loans. I was able to keep up with my payments but it was very slow to pay off - but I just found out I lost my job and I have no way of paying my rent, food, and paying these off. How to approach each of them to make payment arrangements that they will accept? Should I put on stop payments in the meantime?
Put on stop payments in the meantime
What are the names of the pdl companies? Are your lenders licensed in your state? If not, then you are required to pay back them the principal amount only. But if they are licensed, then you are liable to pay back both the principal and interest. In this case you may try to negotiate with your licensed lenders and set up a payment arrangement with them.
Hi Guest,
You will first be required to find out if the payday loans are at all legal and licensed in your state. Only if you find out that these loans are licensed, will you be required to pay these off along with the interest. However, if these are not legal, you will be required to pay down only the principal. As for the legal and the licensed ones, you can consolidate these.