Payday Loan In TX
Date: Sat, 12/06/2008 - 19:28
Wow, what a great site. I had no idea that all this was going on with payday loans, and they could even be considered illegal!
I received a cash advance of 700.00 from Cash Store back in may 08. I pay the finance charge of 143.00 every other week and this amount does not come off my loan. It simply renews the contract for 2 weeks. I can only afford to pay the minimum. I have been stuck in this vicious cycle for way too long. I have read through some of prior posts but I am unsure about what steps I can take to end this. If anyone could offer advice that would be great!
I received a cash advance of 700.00 from Cash Store back in may 08. I pay the finance charge of 143.00 every other week and this amount does not come off my loan. It simply renews the contract for 2 weeks. I can only afford to pay the minimum. I have been stuck in this vicious cycle for way too long. I have read through some of prior posts but I am unsure about what steps I can take to end this. If anyone could offer advice that would be great!
If you haven't defaulted on the store front loans yet, ask them
If you haven't defaulted on the store front loans yet, ask them if they are members of the CFSA, if they are, see the note below regarding EPP's. You will need to list the other companies you have loans with so we can plan a course of action for you.
FYI, Texas is known for having CSO's, (Credit Service Organizations). They do not need to be licensed, and are generally 100% legal in what they charge.
Quote:
Extended Payment Plan *. Each member will provide customers who are unable to repay a payday advance according to their original contract the option of repaying the advance over a longer period of time. Such an extended payment plan will be offered in compliance with any requirement in state law to provide an extended payment plan or, in the absence of such a requirement in state law, in compliance with the Best Practice ???????Guidelines for Extended Payment Plans.??????? A member will adequately disclose the availability of the Extended Payment Plan to its customers in compliance with any requirement in state law for such a disclosure or, in the absence of such a requirement in state law, in compliance with the Best Practice ???????Guidelines for Extended Payment Plans.??????? (Amended 7/21/08) |
CLICK HERE to see if any of your lenders are CSO's.
CLICK HERE to see if any of your lenders are CSO's.