Payday loan cycle?

ktate -

welcome to the forums!

First, we need some information from you, then we can help you with some advice on how to get out of the endless cycle of payday loans:

-State you live in
-Name of each lender
-Whether each lender is internet or storefront based
-How much you borrowed from each one (principal only, no fees or interest included)
-How much you have repaid to each lender (everything you've repaid, including any rollover or renewal fees and interest)

With that info, we can definitely help you!

With patience and perseverance (sp?). If you tell us what state you are in and who and what you owe (broke down into principal and what you have paid so far) we can help you.

Hi and Welcome!

are you currently having issues with pay day loans? tell us a bit more and we can certainly try to help :D

Who they are with
Internet or store loans
How much the loan is for
How much you have paid
Your state


Thanks!!

Sorry suebee, must have been typing while you were posting.

I've not been very good at keeping up with what places that I've borrowed from, but I'm sure that I can come up with the names after a little digging. Some of the companies are Magnum, 500cash, Geniva-Roth, PayDayOK, etc. I belive that there are 7 total. All are $300 except Magnum and it was $600.
I live in South Carolina.

Here is the Payday loan laws for South Carolina here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

I have listed the info that you have given us so far. What is in bold is the info we still need from you. plus the addtional companies.

Magnum 600/ how much total paid so far
500cash 300/ how much total paid so far
PaydayOk 300/ how much total paid so far
Geneva Roth 300/ how much total paid so far

I will do my homework and reply in a little while. I will get the "who" I owe and the amount I owe and what has already been paid. Thank you for helping me out.

I've done my homework and have listed below the who, amount borrowed and amount paid. And let me just say this has been a very sad realization in my life because between my spouse and myself we have very little communication when it comes to "how we are going to fix our money problems"...sorry for the side note.

Instead of my orignial 6 there are a total of 8 -
Who Amount Borrowed Amount Paid
Sandpoint Capital $200 $0
Geneva Roth $300 $0
US Fast Cash $350 $295
Paragon $300 $0
Cash Today $225 $245
Magnum $618 $527.46
Payday OK $500 $0

my friend has 14 payday loans out. she is also in bankrupt as well. can you help her?

ktate - it is okay for side notes, I know what you mean though, I'm not very good at communicating, and that disconnect has caused from financial problems in my relationship too. Get your spouse involved on here and if that doesn't work then have a sit and talk it over. If there is no communication from the other side, then take the lead and get it done....

vancie - if you want to register and start a new thread we can certainly help give advice to pass on to your friend, but with 14, that is a lot to deal with and it is better to be dealt with while not interfering with ktates advice...

So where do I go from here???

ktate,

Sandpoint borrowed 200/paid 0/owe 200
Geneva Roth borrowed 300/paid 0/owe 300
USFastCash borrowed 350/paid 295/owe 55
Paragon borrowed 300/paid 0/owe 300
Cash Today borrowed 225/paid 245/overpaid 20
Magnum borrowed 618/paid 527.46/owe 90.54
PayDayOK borrowed 500/paid 0/owe 500

You've got some illegal pdls here. No rollovers/extensions are allowed in your state, which is what these guys are charging you. Cash Today is going to be a pain in your a$$. And how in the world is Magnum such a "funky" dollar amount? Borrowed $618? Paid back $527.46? That's just odd. Have you done anything regarding your bank account yet?

usfastcash is illegal but jerks to deal with.

pyb, actually quite a few of them are illegal. But since ktate is dealing with a debt management program, they can handle dealing with these jerks! :D

Definitely. Just spouting! I am still trying to deal with them. But hey I only owe them $35.00 so I am not sweating it just annoyed!

That's okay. You know how I feel about USFastCash. We won't even go there! :wink:

Actually - the ones below are rollovers/extensions with the fees included.

USFastCash borrowed 350/paid 295/owe 55
Cash Today borrowed 225/paid 245/overpaid 20
Magnum borrowed 618/paid 527.46/owe 90.54

The USFast Cash the "payment plan" they suggested was two payments of $295 which would settle my debt.

CashToday there were some return plus the extensions fees that were drafted from my account.

Magnum, odd amount, yes, I am set up on the 4 payments plan ($263+ each payment plus the fees). They withdraw from my account every two weeks.

cannr - just so I am clear, this debt management program will/can handle dealing with these jerks and I can set up a payment plan? I've talked so many debt management firms that don't deal with pdl. I just stumbled on this site and started reading about all of this last night. You don't know how pleased I'll be if the answer to my question is yes...

No, I've not done anything with my bank account because I was told they would "come after me" if I closed my account.

ktate...until Cannr gets back....we all had ipdls and we all closed our accounts...if they mean "coming after you" that they would drive you crazy with threats and phone calls...yes they will...but that's about all an illegal pdl can do.A few of them will turn you over to a collection too.

There are a few debt management programs that can handle payday loans...are you working with one?? Or you can choose to fight on your own. I put all my "regular" bills like credit cards and medical stuff into a dmp and fought the ipdls on my own. But everyone is different...

ktate, first of all, no one is "going to come after you". Who in the world told you that??? Criminal action is PROHIBITED in your state. You can close your account. Who told you that? And as for your USFastCash repayment - that is totally insane. They are an unlicensed/illegal pdl who has had cease & desist orders against them in various states. To tell you to pay 2 pmts of $295 to settle your debt is totally out of this world. This would mean that you will have paid USFastCash $885 on a $350 loan. Or are you counting one $275 pmt already? Even so, you will still have paid $550 on a $350 loan to an unlicensed/illegal company! They should actually consider themselves extremely lucky to get the principle amount of $350 back from you. Cash Today, who is highly illegal, has already debited you $20 too much. They are extremely lucky to get their principle amount of $225 back from you. You owe them nothing more. They owe you $20. Magnum, if I'm remembering correctly, is also unlicensed/illegal (someone come along and correct me if I am wrong) so actually you only owe them $90.54. And they, like the others, should consider themselves lucky to get the principle amount back. As far as your bank account, it's still open/active. These pdls can continue to debit until the cows come home. I'm surprised the company you're working with did not tell you to close that account. The pdls will continue to debit no matter what. Here's what I suggest, because now I am concerned. Call your company that you're working with. Tell them these pdls are unlicensed/illegal and what you actually owe them. Why on earth would you pay more than you have to & also pay this company to work for you? I'm at a loss on this one. And also bring up your bank account. They honestly should have told you to close that account. While you're working with this company and they are "negotiating payment arrangments", the pdls are going to continue to hit your account. Can you call your company and point these facts out to them and see what they say? You should only be paying the principle amount of these loans. Not what the illegal pdls want. They want $600 on a $200 loan. What??? Why would you want to do that? And in the meantime, your bank account is going to be hit by them. Can you call your company and ask these questions? Like morningstarr stated, she didn't put all hers in her program. She worked on hers herself because they were illegal, she overpaid, etc. You've overpaid one already. The others, you do not owe what they claim you owe.