discussion on pay day loans scams
Date: Fri, 12/09/2005 - 17:44
how are pay day loans scams? if i understand it correctly, you ask for a loan, for say $300.00, that company then asks that you pay back a fee in addition to that, usually after you next paycheck (or 2 paychecks away). then you pay it back. if you can't pay it back at that time, you can pay another fee to extend the loan. right? how do people have so many issues with these companies? am i missing something here?
Some companies do not mention the interest fees in their agreeme
Some companies do not mention the interest fees in their agreement contract. They say that the payday loan was done on the internet. Hence they are not supposed to give you in writing...
Then they make unauthorized debits from the checking accounts. Agreeing to what should be paid is not a problem by people. The problem starts when people visit a payday loan site and their personal information is collected. From this information, unauthorized debits are being made without even taking the loan at some cases.
Hi I will like to join here too. Some of the people going thr
Hi
I will like to join here too. Some of the people going through this problem are well aware of the interest charges and they plan the payments accordingly. But suddenly one company calls and say that they owe an amount that is out of this world. And they just want to give you papers on this calculation.
seems odd. i'm assuming it is more safe to go into an actual pa
seems odd. i'm assuming it is more safe to go into an actual pay day loan store-front and do the transaction there?
I am not sure if you have heard about the International Cash Tod
I am not sure if you have heard about the International Cash Today. They have their head office in UK and have a call center somewhere in Reno, NV. They won't give any info about the accounts and they tend to make regular debits without authorization. Read this thread posted by their employee as well as many other threads are available in this segment.
http://forums.debtcc.com/forums/cash-today.html
wow, what a scam. i have friends who took out pay day loans at a
wow, what a scam. i have friends who took out pay day loans at a local check mate. luckily check mate was very friendly and professional. no issues with them.
Quote:seems odd. I'm assuming it is more safe to go into an actu
Quote:
seems odd. I'm assuming it is more safe to go into an actual pay day loan store-front and do the transaction there? |
Actually your safest not taking out any payday loans at all, BUT if your backed into a corner and just have no other option, then yes, your best bet to ensure you are protected under state and federal laws is to visit a store front operation in your area. Many states have laws either banning payday loans or placing restriction on them. These laws are intended to protect consumers and to help consumers keep from falling in to the spiral of pay day loan hell.
Many pay day and short term advances done on Internet sites are deemed to have taken place out side the United States. As such the consumer is not protected under US laws (this according to the Federal Trade Commission).
Yes I have teetered on the edge of that hell, but luckily I got away before too much damage was done.
