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Posted: Mon Apr 14, 2008 9:24 am Subject: Looking for help

I, like many needed help in a hurry to keep my electric on and resorted to payday loans. I needed 1200 dollars and took out 4 PDLs for $300 each. I haven't made any payments back yet, and I don't mind repaying them. But, I'm trying to work on a budget I can't find any way I'm going to be able to pay the $360 fee every 2 weeks and pay of the original amounts I've borrowed. What I'm even more worried about is that I'll get in a bind and start adding new loans like I know many have posted here have done.

I'm thinking of closing my checking account so I can stop it before it gets out of hand. Is it too early to do this seeing I haven't made any payments yet? Do some of these companies that say they can work out a program to repay the PDLs at a discount work and can anyone suggest a good one?

Does anyone know where there is a place to get a loan, even at a high rate, that would be better than the PDL loan. I tried American General and credit.com before I took the PDLs and was turned down. I even tried cashcall and was turned down. Any help would be appreciated.

I live in wisconsin and below are the PDLs that I have:

$300 DJR Group, LLC
$300 SandPointCapital
$300 Paragon processing
$300 Clearwater Bay Marketing (on my bank statement this one says GRE 1-10)

Posted: Mon Apr 14, 2008 10:01 am Subject: All are internet loans

All are internet loans by the way

Guest · Posted: Mon Apr 14, 2008 12:47 pm Subject: still looking...

Anyway, did some work and found a loan from firt bank of Delaware that would pay my other loans and put me on installments for 8 bi-weekly payments. The loan is for $1500, and after I have paid back the loan I'll have paid $2600. This is almost 400% interest, but at least after 8 weeks I'll be paid off. Does anyone know of a better way other than closing my bank account?

Posted: Mon Apr 14, 2008 12:55 pm Subject:

I am confused here. You want to take out a loan at 400% interest that woukd come to 2600 to pay off 1200 in pdls?

Posted: Mon Apr 14, 2008 12:59 pm Subject:

None of your loans are licensed to lend in your state. This means all you are obligated to repay is the principle amount borrowed. Close your account asap. Do not take out a loan that you will pay 400% interest for. You can then make arrangements to pay these back at your own pace. They are all illegal loans,

Posted: Mon Apr 14, 2008 1:15 pm Subject:

I can't offer too much advice, since i am new to this and in the middle of this myself but 400% sounds crazy! Might as well stick to the payday loan if you want to put up with that. There are better ways - the people here have helped me so much.

Posted: Mon Apr 14, 2008 1:23 pm Subject:

Thanks! This helps a lot. I agree a 400% loan is crazy, but it was still better than paying the fees for 4 months and still owing the principle. I'll close my account and send each a letter stating I will only repay the principle because they are illegal loans and offer to make a payment plan. I see you have some sample letters so I'll see what you've got.

You guys are the best! Is there anything I can do to help this site?

Posted: Mon Apr 14, 2008 1:25 pm Subject:

Please do not send anything to the pdls before you take care of your account.When that is done and your account Is "safe' we can give you a letter to use.
I am glad that you have registered and are a member of our community. You will be able to help others and lend support.

Posted: Mon Apr 14, 2008 1:57 pm Subject:

..and to further Kash's comments, at first glance I dont think any of your PDL's are legal. I can check.

Posted: Mon Apr 14, 2008 1:59 pm Subject:

Volley, I did check and none are legal. I posted it above. Hopefully I didnt overlook anything

Posted: Mon Apr 14, 2008 2:02 pm Subject:

Posted: Mon Apr 14, 2008 2:04 pm Subject:

With all your knowledge, I wouldnt worry too much about it !!!!!. We need you for the IMPORTANT stuff!!!! Very Happy

Posted: Mon Apr 14, 2008 2:12 pm Subject:

you're too kind Smile

Posted: Mon Apr 14, 2008 2:12 pm Subject:

you are too smart!!!!! Very Happy

Posted: Mon Apr 14, 2008 2:16 pm Subject:

Don't take this the wrong way, but be thankful that Cashcall turned you down. With their payment structure, you would be paying them for the next 7 years unless you could pay it all off in one lump sum.