I want help on my payday loans

Bren: Are they internet or storefront payday loans?

Internet PayDay Loans are hazardous to your sanity and bank account

We have all seen the advertisements on television, and in pop-up ads online; "Quick Cash!!!" and "All you need is a job, checking account and a pulse." The pulse part is my added sarcasm. Anyway, there are thousands of Internet payday loan companies to choose from if you are ever in need of extra cash; but is it truly worth the heartache. Let me run the most typical scenario by you, and you will see what I mean. I have done a lot of research on this industry, and I must say, if you are not informed of your state laws, you can be screwed out of your money, and it won't end. Now, back to the most typical scenarios that consumers face when seeking an online loan. First you will be required to fill out an online form, with information such as your employment, employment address and phone number, supervisor, your pay schedule, and if you have direct deposit for your paychecks. Then they will have you submit this form by clicking 'submit'. In a few moments, in some cases longer, you will receive an approval in your email inbox. Within a day or two, sometimes three, you will see that this company deposited the amount requested into your checking account. The first payment on this loan will usually be due within a week or two, depending on the company. However, and this is where it starts to get ugly, monetarily speaking. The first payment due is just the interest and fees. The second payment due is also just for the interest and fees, and on and on it goes. Lets say you applied for three hundred dollars. If you do not completely repay this in the first week, this three hundred dollars can turn into three thousand dollars. How can these loan companies charge so much in interest and fees on such a small loan? Simply put, legally they can not, but most consumers, you and I, are not informed of the laws that govern these online crooks. You see, every state has laws, which differ from state to state, but are similar in that they protect the consumer. These laws control how much you must pay back on a loan and how many times a loan company can allow you to 'roll over' a loan. Also, most Internet payday loan companies are not even licensed to operate in most states, or licensed to collect in those states. Lets say you borrowed that three hundred dollars again, but this time you pay back only what is legally allowed. You would end up paying back about three hundred and sixty dollars. That is a huge difference from the original three thousand dollars. The difference is information. The difference is knowing the laws and consumer protection acts. If you currently have online loans which you are still paying on or gave up paying (defaulting) all together, do not worry. Please check with your state laws regarding online loans. If an online loan company is ripping off your bank account by taking money without authorization, then tell your bank to cease any debits from your account, and report the loan company, immediately to the Attorney General Office of your state, as well as the AGO of the loan companies state. You will be surprised at how many online loan companies are already under investigation for stealing, lying, deceiving consumers and so on. If you can stay away from online loans, then that would be great, but if you must apply for one, get informed. Research to see if the online loan company is licensed to even operate in your state. Also, if you do not pay back what you owe, you can not be arrested, like some collection companies try to threaten consumers with. You also are not committing any white collar crimes, another tactic used to scare people into wiring them money. Most tactics used to collect are illegal. If you are ever contacted by either a loan company or collection company, and they threaten arrest or accuse you of any crimes, they are the ones violating the laws. Please get informed. You are not alone.

You can find relavant postings at my website: http://anthonylemons.blogspot.com

Anthony, what a wonderful post.

I really get into it with those PAYDAY ADVANCES and CASH ADVANCES i really want to get RID of those please help me this FEB.8 my paycheck is too short for all the debts i made. email me pls. somebody... [email]howardpoblete@hotmail.com[/email] P.S. i have 8Payday Advs.

Start by reading AnthonyLemons' second post above. Then read some more on this forum, ask questions, and give us some info to work with. We'll be happy to help, but I don't think anybody's gonna chase you down to help you.

Howard, first, probably not a good idea to use your real name and post your email here. Please post for us the name of the payday companies, the amount borrowed, amount paid, storefront of internet and the state you are in. We are a forum so if you post the info you will have the benefit of many voices to help you. We have all been there so please post your info and we will help you. ( the reason you shouldnt post your name is that the pdl employees troll this site)