June 1 payday loan panic - this is new to me - need help!

Date: Thu, 05/31/2007 - 18:42

Submitted by rivergal
on Thu, 05/31/2007 - 18:42

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Total Replies: 5

I've just bought a new house - first payment due this month. When I was moving, I needed cash to pay movers, etc, and stupidly went to EZ Pay Loans (aka "EZMoney loan services") and borrowed $1200 at an alleged interest rate of $25 per $100. Because I'm paid monthly, (?) my interest was doubled for the month of May and I now owe $1,690. My choice now is to make a house payment, or pay this off and miss my first house payment.

The woman at EZLoan is telling me to withdraw all of my cash from my bank account, let the draft "bounce", and then make payment arrangements (which is fine, luckily I can afford those down the road). Since she's the one who neglected to tell me about double interest on pay periods longer than 30 days, I'm hesitant to trust her.

What do I do? I've just found this website and I have to do something quickly, because the draft goes through tomorrow night. If there's an article you can direct me to, or some information that can be passed on - I'd REALLY appreciate it.

I would make that house payment first and then worry about the P

I would make that house payment first and then worry about the PDL. Find out whether they are licensed in your state, (chances are they're not, since you got it over the net, but doublecheck) and then contact them to make payment arrangements. Take care of basic needs first.

lrhall41

Submitted by kscornell on Thu, 05/31/2007 - 19:52

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Thanks - I realize I left out some vital information... it's a s

Thanks - I realize I left out some vital information... it's a storefront business and I've tried to borrow money from the bank to pay it off, but was declined due to the number of recent credit inquiries, and high credit card balances. If I withdraw all of my paycheck when it's deposited to my account tomorrow, will that bring on extra problems?
I'm not sure what to do to deal with them.

lrhall41

Submitted by rivergal on Thu, 05/31/2007 - 20:03

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Well, tell em' you can't get blood from a turnip, pay the house

Well, tell em' you can't get blood from a turnip, pay the house first, loans can wait. See if you can work it out with a plan you can afford.

lrhall41

Submitted by Anthony Lemons on Thu, 05/31/2007 - 21:15

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Most storefronts are pretty open to working out payment arrangem

Most storefronts are pretty open to working out payment arrangements. I would definately call them and propose a plan and see what they say.

lrhall41

Submitted by kscornell on Fri, 06/01/2007 - 05:30

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loan

I am with the rest of them. Pay that house payment first. You dont want to start out on the wrong foot. Make payment arrangements. Storefronts are usually pretty good about this. Best Wishes KYSIDE38

lrhall41

Submitted by KYSIDE38 on Fri, 06/01/2007 - 05:49

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