Payday Loan Help
Date: Thu, 01/29/2009 - 17:44
I owe:
Cash 1 $300
CA Budget Finance $300
Advance America $300
Check Into CAsh $300
USA Cash Services
What can and should I do? Will they still let me do some kind of payment arrangement? What do I do if they won't?
Cash 1 LLC, A Budget Finance, Advance America, Check Into Cash
Cash 1 LLC, A Budget Finance, Advance America, Check Into Cash and USA Cash Services Management Inc. are all payday loans. Please check the payday loan laws of your state. Which state do you live in? You can find the payday loan laws of different states in USA HERE.
Financial Help
A payday loan is a kind of short-term loans that gives a temporary financial aid when unexpected circumstance happens such as for emergency purposes. This is an appropriate alternative if you need cash instantly. When the holiday hangover and late January depression sets in, many turn to a cash advance. Those credit card bills tend to pile up, and if you want to pay them off quickly, a payday loan or cash advance can help you out in a moment.
External link deleted as per TOS - Jason
First what state are you in? I assume these are store front loan
First what state are you in? I assume these are store front loans?
Of the ones you listed, these are all members of CFSA.
Cash 1 $300
Advance America $300
Check Into CAsh $300
USA Cash Services
CFSA Members offer an EPP, Extended Payment plan. They will split the loan into four equal payments over four paydays.
You must request an EPP BEFORE you default. If the customer service person at the store does not seem to know what an EPP is then ask to speak to a manager and if that does not work them call the corp. Members of CFSA have to allow you this payment option.
Here is some more info.
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 7/21/2008) |
EPP Quidelines here
When you request a EPP most do not require the first payment right then. They usually set up the first payment on your next payday.
The only exception is that in some states PDLs act as CSOs and in those cases an EPP is not available.
Be aware that if you do default they will attempt to process the check you wrote them.
Hi Hilbhhjfyud, Please don't promote payday loans or check ad
Hi Hilbhhjfyud,
Please don't promote payday loans or check advance or whatever you name it. My personal experience with payday loans are not only bad but pathetic. PDLs are predatory.
You said:- Quote:
Those credit card bills tend to pile up, and if you want to pay them off quickly, a payday loan or cash advance can help you out in a moment. |
Yes, credit card bills do pile up. Agreed. But payday loans cannot be a solution to credit cards because it is far more tough to payoff pdls than credit cards.
Let me share my personal experience with pdls. For some reasons I took a pdl of $300 some 2 years back. At that time I was sure of paying it off within the 14 days time. But after receiving my paycheck I found out that I was not in a position to payoff the $300 payday loan. So, I rolled it over. After sometime I found that I'm only rolling over the debt. My next step was even more stupid. I took out another pdl and within a short period of time I found myself reeling under huge pdl debt of 12 pdls.
So, my experience with payday loans taught me to avoid pdls at any cost.
Here are two pages where you will find enough alternatives of payday loans: -
What are the alternatives to payday loan?
FDIC Studies Payday Loan Alternatives
Hilbhhjfyud wrote... Quote:A payday loan is a kind of short-t
Hilbhhjfyud wrote...
Quote:
A payday loan is a kind of short-term loans that gives a temporary financial aid when unexpected circumstance happens such as for emergency purposes. This is an appropriate alternative if you need cash instantly. When the holiday hangover and late January depression sets in, many turn to a cash advance. Those credit card bills tend to pile up, and if you want to pay them off quickly, a payday loan or cash advance can help you out in a moment. |
and the highlights...
"temporary financial aid when unexpected circumstance happens such as for emergency purposes" - This is why ALL of us are here. We needed an extra $50 -$500 to help us through the bad times. That is why we took a loan in the first place.
The problem is that even the legal lenders do not let us know there is a way out.
Most store fronts do offer an EPP, Extended Payment Program. They fail to educate their customer service people of this option on purpose. They do not want their customers to ask for an EPP. They want them to come back week after week and re-loan so they can get the fee.
The other issue is illegal lenders. Many states have laws and regulations about internet payday lenders. Go here and look up the law for your state. If you are not sure then contact your state Attorney General. They are there for you. You pay taxes and that pays their salary. Do not be afraid to send in a question or complaint. That is what your tax dollars pay for.
Payday Loans
I have made Epp arrangements with CA Budget Finance, Advance America and USA Cash Services, but Check Into Cash said I was too late to do an EPP and that I had one month to pay it off and then it would be turned over to a debt collector. Cash 1 said I could come in and do one, but I am so maxed out coming up with the money for the other 3 I can't afford to do any more. They said they would turn me over to collections immediately. Where do I go from here?
I am glad that you at least were able to do three. That means yo
I am glad that you at least were able to do three. That means you are on your way out from under these loans :)
For Check into Cash I believe they have inhouse collections. Hopefully PDL Owner who is a poster here will see this thread and help with more information on them. He worked there for many years. I will send him a PM.
I don't know any thing about Cach 1 or their collections.
They will try and deposit the check you wrote them. You will have to put a stop payment on those checks.
In the end they are just going to have to wait until you can get the money together to pay them.
Check Into Cash will send your check to thier in-house collectio
Check Into Cash will send your check to thier in-house collections on the 4th of the month after it is 30 days past due. At that point, they will deposit your check if the account is still open and their is no stop payment on the check. Once it is returned, they will send you a letter and start calling you via an auto-dialer. Do not avoid the calls, as this is your time to set-up arrangements.
Good luck.
Thanks PDL Owner for coming in and posting about Check into Cash
Thanks PDL Owner for coming in and posting about Check into Cash.
I see you got your offical name change. Kewl beans :)