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guest · Posted: Thu May 22, 2008 9:11 pm Subject: store front employee

I am an employee at a storefront pdl in the state of TN, We are legaly licensed and abide by all the laws of the Dept of financial institutions in our state.
We use the teletrack system to verify that all our customers have no more than 2 loans outstanding for no more than 500.00. that is the law.Our Company charges
30.00 on a 200.00 loan via a check that we hold for 14 days. the customer has a choice to pick up the check for cash or have us deposit it .For every bad check we receive it takes 7 good loans to make up for that one bad one.We are more than glad to work out payment arrangements with customers who don't ignore us after defaulting on the loan.We are a proud member of the BBB and and are complaint free.this post is to inform all of you that there are honest pdl companies operating and are an asset to the community in which they operate.Many of my customers are glad we are in business .Current legislation is trying to make it impossible to stay in business by cutting rates and so forth. Just thought I would give some input from the other side.

Posted: Fri May 23, 2008 4:17 am Subject:

Hello and welcome! Thanks for visiting us, your insight and opinions are always welcome here. If there is anything you feel might be helpful to the community, your comments are welcome. Smile

Posted: Fri May 23, 2008 8:38 am Subject:

Good to hear from someone who is trying to play by the rules.

guest 2 · Posted: Fri May 23, 2008 8:56 am Subject: playing by the rule

I work at a pdl in Tn. also, I have many customers who come and with no other alternative but to use our services. People know what they are getting into when they walk through the door. Our rates are regulated and we even offer insentives for on time payments. We are regulated and do have audits done by the dept. of financial institutions to make sure we follow the laws. We are always willing to work with someone who falls on hard times. The thing is if someone is ignoring our attempts to contact them they are only creating more of a problem. We would rather work out payment plans then to deposit a check that is not going to be honored at the bank and building up unnecessary charges to them. It only takes a phone call and some honesty to work it out. Silence is not golden in this business. We can't help if we don't know the problem.

Posted: Fri May 23, 2008 9:02 am Subject:

I am glad to see someone is abiding by the laws. My experience is that none of the payday companies wanted to make arrangements with me when I defaulted. It was always the same story that.... they need their money in full. I've had people SCREAM at me on the phone.

Posted: Fri May 23, 2008 3:52 pm Subject:

Both guests have made valid points and it is great to see the positives...not all pdl's are evil...is just in the illegal ones that don't abide by the rules is what we are concerned about.

Posted: Fri May 23, 2008 5:15 pm Subject:

Is there current legislation ongoing in this state that caused this post? Just wondering.

Posted: Fri May 23, 2008 5:24 pm Subject:

I appreciate both guests coming on and posting, but I'm sorry, I have yet to see a good payday loan. I have been hurt too much and have known too many people who have been.
But I do agree with definately not ignoring the debt. What they said is very true, as it will NOT go away.

Posted: Fri May 23, 2008 6:32 pm Subject:

I am sorry I have to agree with the majority on this. Even though the guests make valid points in saying that you need to pay the loan, which is the RIGHT thing to do anyway, it isn't that simple. I have had several PDLs and none of them actually agreed to payment terms. They ALL said upfront the full amount was due or at least 3/4 and then the rest the next week. What most of them KNOW, but don't want to ADMIT is that they knew that you did not have the money to begin with, yet they loaned it to you. It becomes a horrid cycle that you can not get out of without some type of alternative solution. But thank you guests. It is really nice to know that there are actually people that have a heart out there.

guest · Posted: Fri May 23, 2008 9:42 pm Subject:

hi cajun,
yes there is legislation in the senate subcommittee at the moment. just like a few other states they are trying to shut down the industry.I have seen from all these posts that internet companies are charging outrageous fees for pdl's and extention fee
s.we loan no more than 200.00 on each check with a fee of no more than 30.00 period.If you are 5.00 overdrawn on your bank account the bank will charge you at least 30.00 on a nsf check. that interest rate is higher than ours.It doesn't benefit us to make a loan to someone who we assume cannot repay us as agreed.I am sure had you been denied these loans when you needed them you would have been upset with the company that denied you,so I feel I am in a no win situation with you . But as I stated earlier , we will work out payment plans for anybody that is making an effort.I would like to thank all of you for the warm welcome

Posted: Fri May 23, 2008 10:18 pm Subject:

Won't it be great to have one law abiding pdl lender in our community Very Happy

Guest, why don't you sign-up with us? Thus we will get the opportunity to hear the story of the otherside too. And you'll also be able to help people in dealing with the predatory pdl lenders. Its sad that there isn't much like you in the business Sad

and most of them give a dern to the laws, causing woes to people. I agree with kscornell, we're yet to see an honest pdl lender.

However, welcome, to the debtcc community Very Happy

Posted: Sat May 24, 2008 9:35 am Subject:

Guest I have never use a pdl service in my life and my available cash on a credit card with a quick balance transfer is cheaper. If what you say is true,then at 15% interest that is comparable to most banks. Per checking accounts,every account I use presently is tied to overdraft protection so no nsfs can happen. I am interested merely from the prospective of your posting here & I am just checking on things to keep our members in a safe area here.

guest · Posted: Sat May 24, 2008 10:39 am Subject:

cajun,the information I posted about current legislation was in response to your question.All other segments of my post was put out there for the forum in general.I apologize if you thought it was directed at you.Hopefully i can continue to give some positive input to your community from the store front pdl's

Posted: Sat May 24, 2008 11:11 am Subject:

No harm done,just realize your business has hurt a lot of people here and our community will monitor just to keep everything in perspective. Do realize when I say your business,it refers to the industry type not your firm. I am sure you can contribute to our site with a inside view & you are welcome to continue. Very Happy

Posted: Sat May 24, 2008 11:15 am Subject:

I am glad to see some pdl employees willing to offer solid, truthful advice on the pdl industry.

Most of us would say ALL pdl's are bad - in the sense that yes, customers may know what they are getting into when they walk through your door, but the problem comes when something happens that causes them not to pay the loan back. The car breaks down, gas prices become impossibly high overnight (like right now), the dog needs to go to the vet, someone in the family gets sick or has to go to the hospital, or some other calamity befalls them. So to pay your loan off, they go to another lender to get another loan. Then they have to take out another to pay THAT loan off...thus starts the endless cycle of payday lending that we speak of every day on here.

At least our new guests are abiding by the laws of their state. We run into HUGE issues with illegal lenders who work through the internet - 99% of them aren't even located in this country, and as such, aren't licensed to lend here. Those are the ones you'll see us go after in a big way.

No personal insult is intended, but we'd like to see the entire industry as a whole shut completely down. Though, as you say, people know what they're getting into when they walk through your door, the situation I described above happens all too often, where the customer can't repay and ends up taking out another loan to avoid getting into trouble with the current lender, and can't get out of the cycle once they're in it. There are still a few states out there with very consumer-UNfriendly PDL laws that don't allow for any repayment plans, allow unlimited loans out at one time, allow for unlimited interest rates, etc.

Posted: Sat May 24, 2008 1:45 pm Subject:

Excellent post, Suebee. In my mind, it's like the tobacco industry. I'm sure there are indeed lawabiding people working in it, but the upshot is that its product kills people in the end. And I appreciate these two employees coming on and I'm glad they are here, but there is NO good PDL place out there. And I speak from bitter, painful experience on this one.
I only had 10 PDL's at one time, but there are many people out there who have more--and some have had even 20 when they come to us. And at that point, your entire check is going to pay fees. And if you want to make payment arrangements, 99 percent of these places won't do it. I know, it happened to me. And this is how this industry makes its money--on the high interest fees they charge.
So I'm sorry, I just can't support this industry. But I do welcome you to the forums.

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