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Posted: Mon Oct 22, 2007 9:43 am Subject: Payday Loan Repayment Question

I was under the impression that there was no getting around payday loans. I have one payday loan (store front) and I know the check will be deposited to my account. Reading from this forum, do I have other options? Sorry to ask such an ignorant question!

Thanks,
Stacy

Posted: Mon Oct 22, 2007 10:00 am Subject:

Hi Stacy. Welcome to the forum. Smile

You have not asked an ignorant question. What state do you live in? The best thing to do with a storefront is to contact them before your due date and try to make arrangements for a payment plan, if you are not able to pay it out. If they refuse the plan, then maybe you could contact their district manager or corporate office. Ask to speak with a manager when you contact them. It is kind of hit and miss with storefronts. Some managers are very nice and will help you, but others are...well...you know what they are. Wink

Some will also want to deposit the check before they make arrangements. It doesn't make any sense to me, but that is how they work things. I think it is because if they accept ANY money towards the check then it becomes null and they can never legally cash it. Anyway, call and see if they will work with you. Smile

StacyS · Posted: Mon Oct 22, 2007 10:49 am Subject:

The total amount of the loan is $688, including interest. I live in Ohio. It is due the 25th...hopefully I can go there today and they'll let me work something out. How embarrassing!

Posted: Mon Oct 22, 2007 10:51 am Subject:

Stacy, please dont be embarrassed. We have all been thru it, and some have been thru it much worse. Just do what you need to do

Posted: Mon Oct 22, 2007 7:09 pm Subject: reply

eleroo, I'm not sure about what you're saying about a storefront taking payments and then it becomes null and they can never legally cash it. A legal storefront can start taking payments, but if you defualt, they can (and have the right by law) to take further action. That's why it's always stressed that if a storefront does agree to take payments, to stick with the payment plan so that further action is not taken.

Posted: Mon Oct 22, 2007 7:14 pm Subject:

Hi Cannr. I got that info from my state dept. of consumer affairs. And, maybe I didn't say it quite right. Embarassed

What I meant was that if they take any money on the account then they can't cash the check because of payment arrangements being made. If you default on the payment then they can cash the checks. The state dept. said that if they choose to not send the check through before accepting even $1 on the account, then they can't turn around and immediately cash it. They have to honor the arrangement without cashing the check and then give it to you when you make your last payment. However, if you default, then yes, they can send it through. Sorry for the confusion. Smile

Posted: Mon Oct 22, 2007 7:18 pm Subject: reply

No problem, eleroo! That's why I was asking! I was just confused! I know it's so hard to type what you're trying to say. I type and I'm like "Am I making any sense here?" LOL!

Posted: Tue Oct 23, 2007 6:47 am Subject:

It is hard to type my thoughts sometimes (I have a warped mind!!! Smile

) Sometimes I know exactly what I am trying to say, but just can't put it into words to make sense!!! Especially when I am tired or haven't slept very well, which was the case yesterday. Work is kicking my butt right now! Smile