Best online payday loans

payday

How to Get Out of Payday Loan Hell – Credit Info Center Blog

October 31st, 2008 &middot, 46 Comments &middot, PayDay Loans

by Kristy Welsh

It’s bad enough getting into apayday loan in the very first place. But even more joy is involved if you are incapable to pay back your payday loan. Most companies keep piling up interest and late fees, making it harsh to repay the loan. A reader recently wrote of her practice paying back a horrendous payday loandebt. It was very inspirational, a true example of being an pushy, informed consumer. She avoided all add-on late fees and was able to pay it off. It pays to read (and also not to do payday loans in the very first place).

I got involved in a payday loan and it looked like I would never get out of it. Until then, I was going to proceed to keep paying all these extra fees. I commenced reading the terms and conditions of the contract that I signed. It specifically said in the terms that if I defaulted on the loan, that it would go into arbitration after 60 days. Now if you pay on the loan bi-weekly, that means you have Four paychecks to pay it off. Not just that but if you stopped paying on the loan, it is ILLEGAL for them to proceed adding the ballooned interest unless you sign another contract agreeing to it.

With this skill, I STOPPED paying my loan. I then sent them a letter stating that I refused to pay their interest anymore since I was no longer able to keep up with it financially. I told them that I would be making payments to them every Two weeks until the loan was paid. I also included a Cease and Desist clause in there since I was making a payment plan which was satisfactory to my situation. Then every week I made sure to send a payment in the form of a Cashier’s Check until it was paid. I never heard a word from them and the loan was paid in utter without a single phone call. At the end I did receive a letter from them thanking me for paying the account in total and that was it. never paid a penny more in interest or anything.

So if anyone is stuck in a never ending student loan and wants an out to the nightmare, You can send them a letter using the information at the bottom of this post. Just make sure you look at and clearly understand the terms of your loan.

The magic letter:

At this time I also request that all communications Cease and Desist in regards to this debt. This is a notice that any phone calls from employees or registered agents of PLS to my place of employment, home phone, and references are to stop. My schedule makes it unlikely to be available to receive phone calls during normal business hours. Be advised that any phone calls received in regards to this debt, will be recorded and by doing so after receiving this letter will be considered an acknowledgment of their agreement to being recorded.

Your cooperation is appreciated as I look forward to lodging this debt as quickly as possible.

Do anyone else have payday loan practices they want to share?

46 Comments so far &darr,

one way to aviod this is to not borrow more than you can pay back in a brief amount of time. i hate how everyone blames the payday lenders for this, when the inerest fees, and paydown options are, by law, explained to the customer before even receiving the loan. and the customer was ok with it then, but now that its time to pay it back, they want to complain?

Thank you so much for this information! I have been in fairly the predicament bondage for the past few months and I had no idea how to get them to abandon calling me other than the wrong ways: i.e, debt consolidation, payday loans, etc. I’d hate to get into that mess. Thanks again!

The majority of people that use and love the payday loan industry don’t think of it as hell. They think of it as a excellent option to get a shorterm loan right away when the need arises. For the few that do get caught in the cycle your information is very helpful. Thank you.

This is excellent information! It’s always good to know as much as possible about payday loans.

Payday loans are a fine souloution for brief term lending, if you are in a truss, and need money for groceries, gas, home, or auto repairs. Most locations are open later then banks. You can even get one in the privacy of your own home and get one online. They are cheaper than the overdraft fees at the banks. They are convenient and confidential.

Truly – payday loans not hell?? 435% interest? Right. Hopefully they will be outlawed in this country soon.

i feel that payday loans are not a bad thing at all on the contrary, (if used poperly) are good. thaey help people avoid bank fees and late charges

435% interest is not that high, it sounds high but no one is actually pays interest for a entire year! to illustrate, a 417% interest rate is only 8 dollars per hundred per week. so a 200 dollar loan for two weeks will only cost you 32 dollars! thats way worth it! and do you realize that millions of people will liberate their jobs if this industry goes out of business?

With the crisis of the economy taking off it is no wonder that more and more people are turning toward payday loans in order to get through from payday to payday.

Pay day Loans are illegal in some states. If you live in one of those states and they have given you a payday loan you can stop paying. They have no legal remedy as the loan was illegal in the very first place.

However, the usefulness of such payday loans very depends on the applicant needs. For a person in emergency who expect can payback in due date, such loans may help. The condition of loan lender is significant too. Very high interests are a drawback, but some companies are more customer oriented and even accept bad credit persons.

&128577; what states are payday loans illegal? why are their so many payday loans now online? what agencies are governing these sites?

I presently have Four payday loans! and I dont know how to get out of them, aside from all my other bills, I dont have any more money, and I dont want to go get another loan. What can I do, and why dont they make it tighter for people to get a payday loan. HELP!

My bro is in the same situation Lupe, I keep telling him to avoid it but in his situation, he does not truly have any choice.

I agree with the comment about not borrowing more than you can pay back in a brief amount of time, you might not be able to pay your bills off at one time, but it would be better than going into default with your payday loan, thus hindering payment of all your bills. Don’t spend more than you make, don’t borrow more than you can pay back according, and don’t make a habit out of borrowing money to pay back other borrowed money. Take it from a very youthful, hardworking college graduate who is doing it all by himself.

WHOEVER WROTE PAYDAY LOANS ARE Good THE MAJORITY OF PEOPLE LOVE THEM ARE OBVIOUSLY WORKING THERE

PAYDAY LOANS KEEP POOR PEOPLE POORER AND THE Fresh LAWS YOU NEVER PAY IT DOWN. THEY WILL EVEN LIE TO YOUR FACE Telling IT’S Lighter TO PAY OFF IN SIX MONTHS ALL THE TIME A Puny AMOUNT OF YOUR PAYMENTS GOINNG TO THE PRINCIPAL. THE PEOPLE TREAT YOU LIKE SCUM AND ACT LIKE THEY ARE THE ONES DOING YOU A FAVOR INSTEAD WE ARE SUPPORTING THEM BORROW FROM FAMILY RUN IF YOU SEE A PAYDAY LOAN PLACE

I am trapped. I was called off work several days due to low patient census. I had to borrow to cover my bills. Then when my next payday came my check went to paying payday loans, thus I had to reloan to pay my bills. I am not talking credit card bills rather rent, car payment, utilities and such. I feel like I will never get out of this.

most payday loan companies will NOT tell you this but when your loan is due and you cant afford to pay it back and you think the only thing you can do is re loan&8230,.well no that isn’t the only thing you can do&8230,tell the payday loan company that you need to set up a payment plan and they will break the amount you owe into Four -6 payments and that starts the NEXT time you get paid.IT’S THE LAW THEY HAVE TO LET YOU SET UP A PAYMENT PLAN.

state i live in pdloans are illegal, but one just across state line was glad to loan to me now bad situation on ss cant pay .legally can they make me pay . wont put on payments .help

payday loans are superb, and they help in emergencies, but I should not have to pay 1000.00 dollars for a 200 dollar loan, and then be told that the only way that I can pay it back is through direct debit. I had a problem and was incapable to pay the loan back on the day specified. I called them and said that I could wire the money wester union or quick collect. I was told that the interest would proceed to accrue, and that the only way to pay them back was through my bank account. I am very Appreciative for this information. A way out.

without a doubt payday loans are a dual edged sword.most folks that resort to them have no savings and/or are poor credit risk.so these are the lenders of last resort.you have to be very sure that you will be able to pay back the amount borrowed.i would hazard to guess that if you suck it with these lenders of last resort where will one go after the next emergency pops up?use these loans with extreme caution and only as a last resort.sadly,as the economy proceeds to deteriorate and more folks lose their jobs,these payday lenders will be a necessary evil.hopefully,microlending will take hold in this country.

Please email me this magic letter! Thanks,

It’s the text at the bottom of the post.

Does anyone know about auto registration loans ? my wifey got one for 1700.00 and now we are paying 375.00 a month fot 17 months its ridiculous! that comes out to 6850.00 i dont want to pay that much please help..

My loan is with PLS so do I to send this magic letter to PLS’s corporate office or do I send it to the store front where I actually make payments?

I would send a copy to both, that way all of your bases are covered.

what if they are debitting your checking account bi-weekly? how do you stop that?

My question is the same as Amy C’s &8230, if they have the capability to continute to hit your bank account, what can you do? Do you have to close out that account prior to doing this?

You might have to close your account. It depends on the agreement you signed. If you do close the account and you agreed to pay back out of the account, you might be in breach of contract by closing the account. We need more details.

I have two of these payday loans out now. I eventually determined to stop paying them today and know that in the next few days, I will hear from them. What do I need to switch in your letter to fit my needs? The two I was using are Check into Cash and Ace Cash Express.

Yes I have the same guestion as Amy C ans Raquel yes my is a online pd loan and conrract is affixed to my checking acct. Can comtact them to switch this in order to use the magic letter?

I use payday loans from time to time as I have poor credit. The problem isn’t (for the most part) the lenders, rather it is the iresponsible deeds of the individual. Yes, the interest rate is very steep however it is nowhere as bad as paying a $30+ overdraft fee or a 10% late fee on a large utility bill or rent payment. If you can’t pay it back don’t borrow it. Also, Comunication is the key. The lender I use has two programs in place to help if stuff happens, because we all know it does. If you liberate your job they will cease interest charges upon receiving proof and you can pay it back in puny payments. Also if you are incapable to pay it back they add a single 30 dollar finance charge and break up the payments due over 6 months and again cease interest. Find a good lender and communicate with them. and above all use responsibly. You wouldn’t borrow money from a friend if you couldn’t pay it back so why would you borrow from a lender and expect that there wouldn’t be consiquences.

Does this apply to tribal companies too?

I’m sure the same principals could be applied to them.

I am in payday loan hell and have no one to blame but myself. But instead of going homeless I am going to close my checking account. I intend to pay the loans because I did take them out but I do need some money to live on. I’m panicked and don’t know what else to do. I am printing the letter to send to them

I just got this loan a week ago, and didn’t think that it would go through. I fully intend on paying it back but the interest rate is like 1000% and they are going to take $150 out of my account every two weeks. I sent a letter similar to yours to them and it reads as goes after:

I have requested another copy of my loan agreement but I have yet to see it in my mailbox. Please instantly e-mail a finish copy of the agreement to *************. I need to re-read this in prep for what I am sure is going to be an already atrocious situation.

Don’t get me wrong, I intend to pay the total $650 back, but the ballooned interest is highway robbery. I simply turn down to fall prey to what I would compare to slightly better than organized criminal loan shark tactics. I am presently going through some financial difficulties and fear that I must amend the amount to be re-paid on my current contract. Payments will be made regularly until the debt is paid in total. As a reminder, the debt will be paid before any collection attempts can be made by your agents. Any attempts to place negative information on my credit report before that time will be met with legal remedies. I have already authorized $225 to be applied towards the balance of the debt as an act of “good will” that I intend to please this debt.

At this time I also request that telephone communications Cease and Desist in regards to this debt, unless it is from my own person. This is a notice that any phone calls from employees or registered agents of Cashdirect Express or Delaware CDe to my place of employment, home phone, and references are to stop. My schedule makes it unlikely to be available to receive phone calls during your normal business hours. Be advised that any phone calls received in regards to this debt, will be recorded and by doing so after receiving this letter will be considered an acknowledgment of their agreement to being recorded.

Your cooperation is appreciated as I look forward to lodging this debt as quickly as possible.

You think this might work?

I have a payday loan also, i plan on paying what i owe. this was done over the phone and the terms of the loan where not discussed they just approved me. i called to see how many more payments, the boy told me 40 more for 300! i only took out 2600 for loan. how do i get out of it.

Is this the exact format to use when sending a letter like this

October 31st, 2008 &middot, 46 Comments &middot, PayDay Loans

by Kristy Welsh

It’s bad enough getting into apayday loan in the very first place. But even more joy is involved if you are incapable to pay back your payday loan. Most companies keep piling up interest and late fees, making it rough to repay the loan. A reader recently wrote of her practice paying back a horrendous payday loandebt. It was very inspirational, a true example of being an pushy, informed consumer. She avoided all add-on late fees and was able to pay it off. It pays to read (and also not to do payday loans in the very first place).

I got involved in a payday loan and it looked like I would never get out of it. Until then, I was going to proceed to keep paying all these extra fees. I embarked reading the terms and conditions of the contract that I signed. It specifically said in the terms that if I defaulted on the loan, that it would go into arbitration after 60 days. Now if you pay on the loan bi-weekly, that means you have Four paychecks to pay it off. Not just that but if you stopped paying on the loan, it is ILLEGAL for them to proceed adding the ballooned interest unless you sign another contract agreeing to it.

With this skill, I STOPPED paying my loan. I then sent them a letter stating that I refused to pay their interest anymore since I was no longer able to keep up with it financially. I told them that I would be making payments to them every Two weeks until the loan was paid. I also included a Cease and Desist clause in there since I was making a payment plan which was satisfactory to my situation. Then every week I made sure to send a payment in the form of a Cashier’s Check until it was paid. I never heard a word from them and the loan was paid in total without a single phone call. At the end I did receive a letter from them thanking me for paying the account in utter and that was it. never paid a penny more in interest or anything.

So if anyone is stuck in a never ending student loan and wants an out to the nightmare, You can send them a letter using the information at the bottom of this post. Just make sure you look at and clearly understand the terms of your loan.

The magic letter:

At this time I also request that all communications Cease and Desist in regards to this debt. This is a notice that any phone calls from employees or registered agents of PLS to my place of employment, home phone, and references are to stop. My schedule makes it unlikely to be available to receive phone calls during normal business hours. Be advised that any phone calls received in regards to this debt, will be recorded and by doing so after receiving this letter will be considered an acknowledgment of their agreement to being recorded.

Your cooperation is appreciated as I look forward to lodging this debt as quickly as possible.

Do anyone else have payday loan practices they want to share?

46 Comments so far &darr,

one way to aviod this is to not borrow more than you can pay back in a brief amount of time. i hate how everyone blames the payday lenders for this, when the inerest fees, and paydown options are, by law, explained to the customer before even receiving the loan. and the customer was ok with it then, but now that its time to pay it back, they want to complain?

Thank you so much for this information! I have been in fairly the predicament bondage for the past few months and I had no idea how to get them to abandon calling me other than the wrong ways: i.e, debt consolidation, payday loans, etc. I’d hate to get into that mess. Thanks again!

The majority of people that use and love the payday loan industry don’t think of it as hell. They think of it as a fine option to get a shorterm loan right away when the need arises. For the few that do get caught in the cycle your information is very helpful. Thank you.

This is excellent information! It’s always good to know as much as possible about payday loans.

Payday loans are a excellent souloution for brief term lending, if you are in a tie, and need money for groceries, gas, home, or auto repairs. Most locations are open later then banks. You can even get one in the privacy of your own home and get one online. They are cheaper than the overdraft fees at the banks. They are convenient and confidential.

Indeed – payday loans not hell?? 435% interest? Right. Hopefully they will be outlawed in this country soon.

i feel that payday loans are not a bad thing at all on the contrary, (if used poperly) are good. thaey help people avoid bank fees and late charges

435% interest is not that high, it sounds high but no one is actually pays interest for a entire year! to illustrate, a 417% interest rate is only 8 dollars per hundred per week. so a 200 dollar loan for two weeks will only cost you 32 dollars! thats way worth it! and do you realize that millions of people will liberate their jobs if this industry goes out of business?

With the crisis of the economy taking off it is no wonder that more and more people are turning toward payday loans in order to get through from payday to payday.

Pay day Loans are illegal in some states. If you live in one of those states and they have given you a payday loan you can stop paying. They have no legal remedy as the loan was illegal in the very first place.

However, the usefulness of such payday loans very depends on the applicant needs. For a person in emergency who expect can payback in due date, such loans may help. The condition of loan lender is significant too. Very high interests are a drawback, but some companies are more customer oriented and even accept bad credit persons.

&128577; what states are payday loans illegal? why are their so many payday loans now online? what agencies are governing these sites?

I presently have Four payday loans! and I dont know how to get out of them, aside from all my other bills, I dont have any more money, and I dont want to go get another loan. What can I do, and why dont they make it tighter for people to get a payday loan. HELP!

My bro is in the same situation Lupe, I keep telling him to avoid it but in his situation, he does not truly have any choice.

I agree with the comment about not borrowing more than you can pay back in a brief amount of time, you might not be able to pay your bills off at one time, but it would be better than going into default with your payday loan, thus hindering payment of all your bills. Don’t spend more than you make, don’t borrow more than you can pay back according, and don’t make a habit out of borrowing money to pay back other borrowed money. Take it from a very youthfull, hardworking college graduate who is doing it all by himself.

WHOEVER WROTE PAYDAY LOANS ARE Good THE MAJORITY OF PEOPLE LOVE THEM ARE OBVIOUSLY WORKING THERE

PAYDAY LOANS KEEP POOR PEOPLE POORER AND THE Fresh LAWS YOU NEVER PAY IT DOWN. THEY WILL EVEN LIE TO YOUR FACE Telling IT’S Lighter TO PAY OFF IN SIX MONTHS ALL THE TIME A Petite AMOUNT OF YOUR PAYMENTS GOINNG TO THE PRINCIPAL. THE PEOPLE TREAT YOU LIKE SCUM AND ACT LIKE THEY ARE THE ONES DOING YOU A FAVOR INSTEAD WE ARE SUPPORTING THEM BORROW FROM FAMILY RUN IF YOU SEE A PAYDAY LOAN PLACE

I am trapped. I was called off work several days due to low patient census. I had to borrow to cover my bills. Then when my next payday came my check went to paying payday loans, thus I had to reloan to pay my bills. I am not talking credit card bills rather rent, car payment, utilities and such. I feel like I will never get out of this.

most payday loan companies will NOT tell you this but when your loan is due and you cant afford to pay it back and you think the only thing you can do is re loan&8230,.well no that isn’t the only thing you can do&8230,tell the payday loan company that you need to set up a payment plan and they will break the amount you owe into Four -6 payments and that starts the NEXT time you get paid.IT’S THE LAW THEY HAVE TO LET YOU SET UP A PAYMENT PLAN.

state i live in pdloans are illegal, but one just across state line was glad to loan to me now bad situation on ss cant pay .legally can they make me pay . wont put on payments .help

payday loans are superb, and they help in emergencies, but I should not have to pay 1000.00 dollars for a 200 dollar loan, and then be told that the only way that I can pay it back is through direct debit. I had a problem and was incapable to pay the loan back on the day specified. I called them and said that I could wire the money wester union or quick collect. I was told that the interest would proceed to accrue, and that the only way to pay them back was through my bank account. I am very Grateful for this information. A way out.

without a doubt payday loans are a dual edged sword.most folks that resort to them have no savings and/or are poor credit risk.so these are the lenders of last resort.you have to be very sure that you will be able to pay back the amount borrowed.i would hazard to guess that if you deepthroat it with these lenders of last resort where will one go after the next emergency pops up?use these loans with extreme caution and only as a last resort.sadly,as the economy proceeds to deteriorate and more folks lose their jobs,these payday lenders will be a necessary evil.hopefully,microlending will take hold in this country.

Please email me this magic letter! Thanks,

It’s the text at the bottom of the post.

Does anyone know about auto registration loans ? my wifey got one for 1700.00 and now we are paying 375.00 a month fot 17 months its ridiculous! that comes out to 6850.00 i dont want to pay that much please help..

My loan is with PLS so do I to send this magic letter to PLS’s corporate office or do I send it to the store front where I actually make payments?

I would send a copy to both, that way all of your bases are covered.

what if they are debitting your checking account bi-weekly? how do you stop that?

My question is the same as Amy C’s &8230, if they have the capability to continute to hit your bank account, what can you do? Do you have to close out that account prior to doing this?

You might have to close your account. It depends on the agreement you signed. If you do close the account and you agreed to pay back out of the account, you might be in breach of contract by closing the account. We need more details.

I have two of these payday loans out now. I ultimately determined to stop paying them today and know that in the next few days, I will hear from them. What do I need to switch in your letter to fit my needs? The two I was using are Check into Cash and Ace Cash Express.

Yes I have the same guestion as Amy C ans Raquel yes my is a online pd loan and conrract is fastened to my checking acct. Can comtact them to switch this in order to use the magic letter?

I use payday loans from time to time as I have poor credit. The problem isn’t (for the most part) the lenders, rather it is the iresponsible deeds of the individual. Yes, the interest rate is very steep however it is nowhere as bad as paying a $30+ overdraft fee or a 10% late fee on a large utility bill or rent payment. If you can’t pay it back don’t borrow it. Also, Comunication is the key. The lender I use has two programs in place to help if stuff happens, because we all know it does. If you liberate your job they will cease interest charges upon receiving proof and you can pay it back in petite payments. Also if you are incapable to pay it back they add a single 30 dollar finance charge and break up the payments due over 6 months and again cease interest. Find a good lender and communicate with them. and above all use responsibly. You wouldn’t borrow money from a friend if you couldn’t pay it back so why would you borrow from a lender and expect that there wouldn’t be consiquences.

Does this apply to tribal companies too?

I’m sure the same principals could be applied to them.

I am in payday loan hell and have no one to blame but myself. But instead of going homeless I am going to close my checking account. I intend to pay the loans because I did take them out but I do need some money to live on. I’m funked and don’t know what else to do. I am printing the letter to send to them

I just got this loan a week ago, and didn’t think that it would go through. I fully intend on paying it back but the interest rate is like 1000% and they are going to take $150 out of my account every two weeks. I sent a letter similar to yours to them and it reads as goes after:

I have requested another copy of my loan agreement but I have yet to see it in my mailbox. Please instantaneously e-mail a finish copy of the agreement to *************. I need to re-read this in prep for what I am sure is going to be an already atrocious situation.

Don’t get me wrong, I intend to pay the total $650 back, but the ballooned interest is highway robbery. I simply deny to fall prey to what I would compare to slightly better than organized criminal loan shark tactics. I am presently going through some financial difficulties and fear that I must amend the amount to be re-paid on my current contract. Payments will be made regularly until the debt is paid in total. As a reminder, the debt will be paid before any collection attempts can be made by your agents. Any attempts to place negative information on my credit report before that time will be met with legal remedies. I have already authorized $225 to be applied towards the balance of the debt as an act of “good will” that I intend to please this debt.

At this time I also request that telephone communications Cease and Desist in regards to this debt, unless it is from my own person. This is a notice that any phone calls from employees or registered agents of Cashdirect Express or Delaware CDe to my place of employment, home phone, and references are to stop. My schedule makes it unlikely to be available to receive phone calls during your normal business hours. Be advised that any phone calls received in regards to this debt, will be recorded and by doing so after receiving this letter will be considered an acknowledgment of their agreement to being recorded.

Your cooperation is appreciated as I look forward to lodging this debt as quickly as possible.

You think this might work?

I have a payday loan also, i plan on paying what i owe. this was done over the phone and the terms of the loan where not discussed they just approved me. i called to see how many more payments, the boy told me 40 more for 300! i only took out 2600 for loan. how do i get out of it.

Is this the exact format to use when sending a letter like this

Related movie: Payday Loans UK For Bad Credit



Leave a Reply

Your email address will not be published. Required fields are marked *