Looking for advice on how to get rid of these Payday Loans!

Hi,

My name is Meagan. I currently have two payday loans. One is $1000 with $150 paid in interest twice a month. The other is an original amount of $750, but the interest on it is killer...they put the loan out for 24 months and I think I pay back almost $2400 if I let it go that far. I have been advised to close my account and stop the ACH (both are internet based) and that no fees can occur (according to my state attorney general) and go into payoff negotiation from there. I live in Idaho and I am wondering if anyone out there has done somethings similar to this and what happened. Did it work out ok for you? Any advice please. These are costing me $500 a month and I cannot afford it. Any advice is helpful. Thank you!

Hi Meagan, I moved this to the payday loan forum so more people will see it.

Thanks!

Idaho requires Internet based pdl's to be licensed by your state.

We need to know:
Names of pdl companies.
Internet or store front.
Amount borrowed.
Amount paid back.
We already know you reside in Idaho, which is where I am moving to, so, I need to become familiar with the state laws regarding ipdl's! Reading the laws, they don't look very stringent.

This sounds more like an installment loan, if so, the payday loan laws would not apply to it.

Are you sure you understood this correctly?

One of them is with CashNetUSA for $1000 I pay $150 in interest and this one has been around for over a year I am ashamed to say...

The other one is with ThinkCash. This on is for $750 and I don't know what interest I have paid on it already.

I honestly don't know what to do!

I can tell you that CashNetUSA is legal, you will need to make some type of payment arrangements with them or they will take you to court. Sorry, I wish I had better news for you about them. It's an unfortunate situation. I am wondering what laws they are governed by if not the payday loan laws though, there must be some type of interest rate they must follow. I may have to do some research with the consumer laws of Idaho. Do you happen to know what they are listed as on your loan papers? Does it state they provided you an installment loan?

I'm afraid that Thinkcash is also legal, I wonder if they are listed as a CSO (Credit Service Organization), because if they are that means the interest rate they are charging you is 100% legal. I haven't heard anyone else mention that Idaho has CSO's, but I figured sooner or later the other states would catch wind of it and begin loaning as CSO's. CRAP! I wish I had better news for you. Perhaps someone else may have some info for you, keep checking back. Meanwhile, if you could re-read your loan papers to see how they have listed their self?

Think Cash is First Bank of Delaware and they are legal in every state.

Well I figured they were both legal...I went to them because I thought I could trust them =) So bascially the best thing to do is try and pay them off...it doesn't seem like I have any other options?

Well, I'm sure there are other options, but it depends on how much you value your credit rating. Perhaps if you speak with them about a possible payment reduction they might help you. Keep checking back, someone else may have more suggestions.

My credit at this point is trash. So right now I really don't care about it. I just started an aggressive plan to get out of cc debt. This all started with my husband being in an accident...and they cannot add my payday loans unless they are in collections. They are current and have never been in defalt...but with paying $500 a month in interest it leave me with a home operating budget (food, gas, etc) of $290 and we are a family of 5. I do not have a victim mentality and I want to do the ethical thing...I just know I have paid these over and over again... I'm thinking putting my energy into spreading the word about these horrible loans may bring me the outcome I desire! I will keep watching and reading this board and directing others too it. Thank you for what you do!!!