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Best Way to get out of PayDay loans in AZ

Date: Tue, 12/02/2008 - 11:24

Submitted by SPIDER.WOMANAZ
on Tue, 12/02/2008 - 11:24

Posts: 35 Credits: [Donate]

Total Replies: 7


I currently have one loan with thinkcash and 8 other loans with internet lenders. I try to pay at least one off every payday and hold off on getting another one but I end up needing the cash. I got a new job and am making more money but I feel like I am just working to pay these people. I know I took the cash but now I feel like I am in a vicious cycle. What can I do to get out of this. I saw a website for payday loan debt relief but this looked like another payday loan.

Thanks in advance for your help.


Hi spiderwomanaz,

Here are the law's for AZ, I can tell you that Think Cash is legal, they are backed by the First Bank of Delaware. If you can please provide:
Name of company
amount borrowed
amount paid to date including fees
We can find out if any of the others are legal.
Quote:


Quote:
Arizona State Information

Legal Status: Legal

Citation:
Ariz. Rev. Stat. ???? 6-1251 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Min: 5 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: Three (extensions)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: $25 NSF fee + actual charges assessed by the financial institution
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Arizona Department of Financial Institutions
Address: Financial Enterprises Division, 2910 N. 44th Street, Suite 310 Phoenix AZ 85018
Phone: (800) 544-0708
Fax: (602) 381-1225
Regulatory Contact: Robert Charlton,, Assistant Superintendent of Banks


lrhall41

Submitted by dawnlango7 on Tue, 12/02/2008 - 11:31

( Posts: 1147 | Credits: )


The first few are renewals. I had to get the last three to pay my rent.



MyCashNow (renewal)
$650.00
Fees paid
11/21 ???????? 181.55

CashNetUSA (renewed on 11/26)
$500.00
First Fee due 12/5


ameriloan (renewal)
$350 (I'm paying this one off on Friday 12/5)
11/21 - $105
11/7 - $105

SpeedyCash-AZ (renewal)
$500.00
11/24 - $88.24

United Cash Loans (renewal)
$300.00
11/21 - $90.00
11/7 - $90.00

GECC Loan
$400
First fee due 12/19

Eastside Lenders
$300.
First Fee due 12/19

Integrity Advance
$300
First Fee due 12/19


lrhall41

Submitted by SPIDER.WOMANAZ on Wed, 12/03/2008 - 17:05

( Posts: 35 | Credits: )


Thanks so much. I posted my debt above and look forward to the answer. I got this these loans to supplement my income since where I used to work the business was really down. I finally have great job but feel trapped since I owe so much. Let me know if you need anymore info about the companies (web addresses) etc.


lrhall41

Submitted by on Thu, 12/04/2008 - 18:48

( Posts: | Credits: )


First off, there is no such thing as a debtor's prison in the USA. You can not go to jail because you owe money, you can only have possessions taken from you in a judgment.

You should probably talk to a lawyer, and have him deal with the company directly. But having said that, I wouldn't worry about it too much. All the lending companies have really been hurting over the last few months. This is probably someone who got their butt chewed out because their area had a high delinquent rate, and they are loosing their job.

A 2 hour demand to pay a 4 year debt is completely ridicules. And if they haven't mad repeated attempts to collect over the last 4 years, a small claims court would probably throw the case out.


lrhall41

Submitted by tonymaffoy on Fri, 12/05/2008 - 00:13

( Posts: 2 | Credits: )


MyCashNow is illegal. You will only owe them the principal on the loan.

Speedy Cash is a member of CSFA so you can request an EPP and make 4 equal payments to pay them off but you need to set up these at least one day before they are due and stick to the repayment plan.

United Cash Loans are illegal. You will only owe the principal on the loan.

GECC Loan Contact them and set up payment arrangements.

GECC Loan
300 Creek View Road
Suite 204
Newark, DE 19702
Tracy L. Callaway - Customer Relations Supervisor
email: tcallaway(at)geccloan.com
Phone: 302-737-0926 ext. 302
Fax: 302-737-3873

I got that info from this board so I hope it is still valid.

I am sure someone will come along and help with the rest of teh information that knows more than I.


lrhall41

Submitted by nohiogal on Fri, 12/05/2008 - 02:54

( Posts: 2582 | Credits: )