store front employee

Not usually, they do have what is called a "cooling off" period, but I have actually had businesses where the "cooling off" period is mandatory that they will waive that.

"We need to learn to live within our means folks, we don't need 40 television sets, 32 IPODS, an SUV, and homes with more rooms than the white house."

I don't know about anyone else, but I didn't get into PDL Hell due to buying TVs and Ipods, let alone a SUV or a home. I'd venture a guess, that people buying those things have access to other resources.

On antoher note, I'm in Ohio, with the new laws about to go into effect. My store front's are all working with me to pay off my loans before they close. For the most part, they are nice people that didn't aspire to work at a PDL, but due to poor economic times in our area, found a paying job at a PDL. They are going to loose their jobs, with not much in the way of other prospects. I do feel bad for them. They are hourly workers with families - just like the rest of us. Some of them even have PDLs out themselves.

I paid one of my loans off today (she says as she does the happy dance). I've got a Few more to go, but thanks to the people working at my PDL stores, I know I will be able to pay them off, before they close, without any nastiness (bounced checks/harrassing calls). It is a HUGE relief. I know I was completely freaking out when the law passed, not knowing if they all would just start depositing my checks.

One of these days (soon) I will be out of this mess, I can see light at the end of the tunnel.

lala, which store fronts do you have?? I'm in OHIO TOO!

I suppose that you feel alcohol should be banned as well.some drink responsibly while others turn into alcoholics.Lets take away everything that tempts us not to be responsible.Close down all the legal alcohol sales and all that will be left is illegal bootleggers.close down the legal storefront pdl's and all you will have is illegal internet pdl's That are not regulated at all.
when people are desperate for cash they will find means to get it.

Lmale,

Here are mine, and this is what they are telling me:

American Payroll Advance- not loaning anything to anyone "at this time". This is the one I paid today.

Check into Cash - Business as usual for current customers only.

Advance America - Business as usual for current customers only. They also said that they believe they will have an additional 90 days to operate, after the bill becomes effective in 90 days.

Cashland - Loaning to customers that have been doing business with them within the last 2 weeks. However, they willnot loan you more than the amount of your last loan.

I check back with them weekly to make sure things haven't changed. I worked up a plan (on a spreadsheet) for picking them off, but need to be able to react if a company changes it's policy, so I stay in touch.

Most of them are also saying that their company will be coming out with some other type of (longer term) loan product in the near future. Check into Cash says that the product is being tested in Texas right now.

Lala, congratulations about getting things paid off, keep that momentum going! The SUV IPOD mention was an over the top way to say, we need to get down to what is important and watch how we handle our money. Nope, I don't think alcohol should be banned, and maybe these businesses shouldn't be banned either, but there needs to be some pretty strict regulations on PDL's internet AND storefront as far as interest rates and collections go.

When I read that someone actually said"there is just no way we can stay in business if we charge a reasonable interest rate,"there's the problem right there. When people are desperate for cash they will find a way to get it, and it is time we start finding other ways of getting it that don't involve these leeches taking every last penny we have. Get another job, have a yard sale, talk to your church, talk to your family, if I knew you, I would help you. I am stunned on a daily basis when I see the lists, and I mean lists of loans people have out with these businesses-and that is just to pay the fees to other PDL's. People are putting their payday loan obligations ahead of mortgages/rent, utilities, food, and taking care of themselves and their families first, and that is yet another problem.

So Lala, I am glad you are paying things off and people are behaving nicely..but they don't have much of a choice now in Ohio do they? Todd, read through the posts on this site, don't comment on a thing, just read, and you will see the fear, and the hopelessness, and the despair, and you tell me that it's okay for these businesses to keep right on going like they are.

I agree that if storefronts are shut down then illegal internet lending will flourish even more . . . .

It's really the lesser of two evils . . . I'd rather have regulated, high interest pdl's then internet places that move around and can't be tracked down.

In state's that have banned pdl's the economy isn't any better. People don't manage their money better because there are not storefronts. It's no different then state's where they are legal.

As Todd said - If people are desperate to find cash, they will find it.

I have mentioned in the past that Florida is a model of what store front lending should be. One loan out at a time, no rollovers, 10 percent cap and must be paid in full within 30 days. Mandatory repayment programs for those who default. The major player is Amscot with well trained personnel, free money orders, currency exchange and tax services. Now if Florida could only crack down on the illegal internet lenders it would be wonderful. But they don't seem to care about them.

yes they are in dispair,because they took out way too many loans, which was their doing.I have stated many times That the industry needs tighter regulations to keep this from happening not banning it altogether.A new report from The FED reserve bank in NY did a study about pdl leaving the state of GA in 2004.The people who used pdls responsibly are worse than before.more bounced checks creating excessive bank fees and chapter 7 bankruptcy has risen tremondously .

Wagatail,

I've been lurking here for a while. Heck I found you guys, after googling "payday loan hell" out of sheer terror with my own finacial mess.

I remember I had the 4 store front loans going, and was bouncing checks; about to get my electric turned off, when I began searching the internet for help and advice, and what did find??? Internet payday loans. I had never heard of such a thing. I filled out one of their online forms, but right before I hit send, I had this sinking feeling that I couldn't shake. . . . Instead of submitting the form, I closed my browser. I then opened internet explorer and typed Payday loan hell into google, found this site, and got schooled on the evils of internet PDLs. You guys saved me from a HUGE mistake. As bad as my situation was, there are others that have it worse. I read about people getting out from under the PDL rock and made up my mind that I would too. I began paying loans down, as best I could. Everything was going according to plan until they fast tracked the law in Ohio. I figured my pay off plans were a lost cause, and started getting that scared to death feeling that freezes you from doing anything. Then I realized I had to get a grip, and call them. Find out about their plans, so I could make my own plans. It was liberating.

Wagatail, I think our store front PDL could make it hard for us. I don't think they have to play nice. If they shut the doors and deposited all the checks, there would be one heck of mess (not just for me). Also, the ladies working the counters could be bitter and bitchy to work with given thier personal stake in this, and they have not been.

I wonder how people survived thirty years ago? They were probably not as smart as we are now,

Guest, I am so proud of you for paying down things, and making your own plans. I guess my overall point to this whole thing is, these places aren't the answer, truly they aren't. It is wonderful that people are nice, and they will work with you, but just remember this feeling..and don't do this again. Work hard to be independent and handle your own finances responsibly, so that you don't have to turn to PDL's...I am sorry, but I will never believe that they have any merit in our world, I just don't care if they are nice and work out a payment plan with you-which truth be told, is probably so much more than what is fairly owed. Just don't go down that road again, I think that we all can agree on that.

For those using pdl's in Ohio, your Governor, Strickland, hasn't signed to pass regulating pdl's. Yes, many of these folks will lose their jobs, but hey, people have, and still are, losing jobs all over. Ford just announced more plant closures. It's the state of the economy and everyone is getting a little desperate as they struggle to pay bills and put gas in their tanks. My sympathy goes out to those making minimum wage, trying to support a family and put gas in their car to maintain their jobs. I don't know how you do it!

Banks stay in operation and charge a lot less than pdl companies. Undestanding they have to charge more interest then what they have to pay for the money they borrow to give to others, but it doesn't have to be a percentage rate that breaks people. The same people, plus others, who are using pdl are also carrying credit cards that have 28 - 35% interest on them and they will be forever paying those off, just as they have trouble paying pdls. I sincerely recommend credit counseling and debt consolidation. Did them both many moons ago and it really helped to get things straight and see things in a different perspective. Now I'm living with a poor credt report and trying to pay off items on there that I owed and get it cleaned up. There is light at the end of the tunnel. And yes, wagtail1969, debt consolidation and credt counseling made me realize I didn't need the SUV and I bought 1 IPOD for 2 kids to share. I'm happy to say I've had my car for 7 years now, been car payment free for 2 years, which is what has helped pay things off and get things straight. Prepare to sacrafice just a little to see the light, but rest assure, you will see the light.