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Posted: Mon Jul 10, 2006 1:49 pm Subject: Payday Loan, Help I am drowing!

I got in to these payday loans last month have now it is spiraling out of control. I have 6 of them, not only for my finances but I got them to help out my mother who had to leave work to take care of my younger sister who has cancer. Please help with any info to get a loan to pay these off and help me breathe. By the way I have bad credit, so hense the help.

Thanks

Posted: Mon Jul 10, 2006 1:58 pm Subject:

I am very sorry to hear about your problems. At this time, do not take out any other loan to pay the previous debts. You need to concentrate towards your savings and these loans will take off most of the money in interests alone. Perhaps, you can try out a consolidation program. Ask your consultant to get in touch with the loan companies and arrange a suitable payment plan. If you are regular with your payments, they will not add further interests towards the account. You can also contact the lenders directly and make arrangements with them.

What type of loans are these? Are they internet loans or store front lenders? Most of the internet loan companies charge excessive interest rates. You need to review the loan statement and see if the charges are as per your state laws. You have the rights to dispute if excessive charges are added towards the account. Once you find everything arranged properly, make your payment proposals. I hope things improve at your end quickly.

Posted: Mon Jul 10, 2006 1:58 pm Subject:

Did you borrow money from internet lenders or lenders at a place of business?

Posted: Mon Jul 10, 2006 2:02 pm Subject:

These are all internet lenders.

Posted: Mon Jul 10, 2006 2:07 pm Subject:

Many internet lenders out there charge excessive interests and fees that are beyond the state laws. You must verify your statement before sending the payments. Many lenders have sent the refunds to the consumers also after disputing the excessive amount. What companies are you dealing with? Someone who has already dealt with them will be able to shed some more light in this situation.

Posted: Mon Jul 10, 2006 2:10 pm Subject:

oneclickcash.com
tendollarpaydayloan
ameriloan
urgentcashadvance
rio
vcfunding

Posted: Mon Jul 10, 2006 2:13 pm Subject:

Ok, I have read most of them on whom fingers have been raised. Put a search on these companies at the box above and you will get opinions by others. This might help you in understand each of them better.

Posted: Mon Jul 10, 2006 2:14 pm Subject:

I believe that oneclick, tendollarpayday, ameriloan and rio are all part of rio resources. You probably want to search the forum for some very valuable information on these companies.

Posted: Mon Jul 10, 2006 2:17 pm Subject:

Dang BuildingWealth, you're fast! Smile

Jeohro, you might also check the laws in your state to find out how much interest is allowed, whether or not the companies are required to be licensed, etc... If the companies are charging too much interest and/or aren't licensed, you might be able to get them to stop debiting your account by sending them a letter explaining how and where they're breaking the law. A good template is at http://pollyandsay.yesdebtfree.org

Posted: Mon Jul 10, 2006 2:24 pm Subject:

Krussel,

I am new here.... but I have been browsing this forum over a month. I got hooked here reading about majority of the companies doing shady business. I just wonder what will happen to the US Economy. All of us struggle during financial crisis, if such companies are allowed to do business; the government is ruining our financial structure. We want to trust on companies who carry out their business in fair ways. If such companies scamming people still exist, our government shows their weaker side.

Posted: Mon Jul 10, 2006 2:32 pm Subject:

I am starting my research, thanks for all the help. This is a shame that so many people like myself have to get caught in this trap. Any additional information anyone can come up with will be greatly appreciated.

Posted: Mon Jul 10, 2006 2:37 pm Subject:

BuildingWealth, it is interesting, isn't it? I wonder if part of the issue has to do with the internet being so new and unregulated for the most part. Too bad we got caught up in the growing pains!

Posted: Mon Jul 10, 2006 2:41 pm Subject:

Very true, the internet covers a huge area and it is easy for the scammers to escape the laws. Guess, there has been an increase in the number of scams over the past few years. Before we explored internet, we had a very simple living and there were not so many problems. Internet has advantages also but the shady companies want to benefit by doing their unfair practices. Never think, they can escape the laws. We have cyber laws that can offer legal protection also.

Posted: Mon Jul 10, 2006 3:13 pm Subject:

I am learning this the hard way

Posted: Mon Jul 10, 2006 3:24 pm Subject:

If it's any solace, we're all learning the hard way...

Posted: Mon Jul 10, 2006 3:44 pm Subject:

They make it too easy...and then they don't even follow their own rules.....mycashnow....if you read their front page/info....even returning customers who have a bank statement on file that is over 90 days old need to fax in a new statement....I faxed in one statement to them....3 years ago......there may have been a second one later that year but i know in 2004-2005 and this year they have not asked for one.

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