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Posted: Mon Apr 14, 2008 8:21 pm Subject: Need Help Please

Hi, I am new to the group and need some help. I took out a payday loan in the amount of $250. The total that payday one is charging me is $293. I was under the impression I could make payments, but I found out this weekend I cannot. I called in and also emailed to make arrangements. I was told they would extend my payment until 4/22. I won't have $293 and have told them I will have insufficient funds in my account. I am very scared and would like to know if there is a way I can work something out with them. Thank you. I live in California[/i]

Posted: Mon Apr 14, 2008 9:50 pm Subject:

Hello Amanda. Welcome to the forums ^_^ I hope we can help you as best we can, and help ease your problems.

The reason why PayDay One is charging you the full amount is because PayDay One is one of the few licensed online lenders. As a fellow Californian, I can tell you that California law does NOT allow rollovers, which is why you have to pay $293 now instead of 3-4 payments of $93 every two weeks before you can start paying down your principal. Being licensed, they have to follow the laws of your state.

As far as I know, they are not members of the CFSA, though, so you are not necessarily entitled to an extended payment plan. However, their online faqs state that they may be able to create a flexible repayment time-table with you to help you pay off the loan.

Someone else here might have some different advice for you, but in the meantime, I would try calling them again, explaining the situation again, and maybe speaking to someone different or higher up.

Good luck to you ^_^ I hope this somehow gets resolved!