I wanted to tell all who come to this website for advice not to ever take out a payday loan, internet or any other kind. They will get you into a world of trouble and you will find it hard to break the never ending loan cycle. I also want to advise everyone to carefully research your states laws regarding payday lenders. In many states payday lenders are prohibited and in the states where they are legal, interest rates on the pdl are capped at a certain monthly percentage and yearly percentage. PDL lenders use what is deemed as rent a banks(where they get under the banking guidelines to avoid complying with state laws on the interest rates. In most cases, if you've been in a long term situation with pdl, you may be the one who is owed money. After 5 months of never ending rollovers and us trying to figure out a way out of the pdl cycle, my spouse and I have found out that pdl's are prohibited in our state and that interest rates are capped, meaning that the pdl we used owes us money. Money we will never see, but nonetheless money due us. PDL's are not to use a triple digit interest rate, but most due. They evade this like I say by going under the guise of banking guidelines. My advice...close your accounts that money is being withdrawn from and start over. Do not under any circumstances give out any new account info to pdl companies.You will continue to get harrassed, but inform the pdl reps that they can't intimidate you. That the consumer laws of your state and the national consumer laws are on your side. Report the pdl to the FTC, BBB, your state's attroney general's office as well as the attorney general's office in D.C. The more complaints are made and the more people who will stand up and do so, the sooner pdl's can be banned and shut down for good. Advice to the military, talk to financial advisors, take budgeting classes, do whatever you need to do to understand finances and how to cope with living on military pay. PDL's are notorious for setting up business in all military towns. STAY AWAY!!! If any of you get e-mails from PDL's , unsubscribe and delete. NEver get into the neverending cycle of dealing with pdl's. For a $300 loan, my spouse and I ended up paying the pdl nearly 1000 bucks over a 5 1/2 month period until we bit the bullet(so to speak) and closed our checking account. The harassement has ensued, but we are determined to get out of this cycle and if at all possible recoup the overpayment we paid in. We've reported the pdl to every BBB in every state they are affiliated with, to the FTC, and the att. general's office. Please all of you do the same. Most internet pdl's are illegal in the US. Digital signatures are illegal to. PDL's can't garnish your pay without a court mandated order from a judge. Please keep all this in mind.
