Forums
I live in Iowa and I just found this website. WOW! I am physically sick because of all the payday loans that I have. I am trying to pay them but like many of you all I can afford is the fee. I just had a baby and now I cannot even afford the fees. I have read so many things here. Where do I start first. I have payments due in 2 weeks.
Are your lenders licensed in your state? How much did you borrow from them? If they are not licensed, then you owe them nothing more than the principal. No interest, no fees. In this case it would be better for you to close down your old bank account and open a new one to stop debiting money from your account. But if the lenders are licensed in your state, then you owe them the principal as well as the interest. In this case you may try to negotiate with your lenders and set up a payment arrangement with them. Keep in mind that legal lenders can sue you because of nonpayment of debt.
Payday loan lending is legal in Iowa. Now that you can't even afford the fees, you can have a talk with the lenders in order to look for an alternative repayment plan.