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2 payday loans. Not late yet, but I know I can't pay them. .

Date: Wed, 04/15/2009 - 13:57

Submitted by anonymous
on Wed, 04/15/2009 - 13:57

Posts: 202330 Credits: [Donate]

Total Replies: 5


Hello, I am here hoping to get some help.
I am 19 and I have a full-time job.
I took out 2 payday loans when my boyfriend got laid off because we couldn't afford bills, and now I'm in over my head.
I have not been late on any payments yet, but I know I won't have enough money to pay.
My loans are:

Goodtime Cash: 200
Apply Advance America: 800

I know Goodtime Cash is illegal, and I have sent out the ACH revocation letters. But I spoke to someone on the phone from Goodtime and he told me that they ARENT illegal because I voluntarily got the loan. What steps do I take now? I know I should cancel my bank account, but I'm afraid that when Goodtime doesn't get their money it will screw up my credit.

What steps can I take to solve this problem ( not having money to cover them all) before they become late? Please, I'm only 19 and I don't want to start off my adult life in debt.


Quote:

Apply Advance America


Is this a storefront loan?

Quote:
But I spoke to someone on the phone from Goodtime and he told me that they ARENT illegal because I voluntarily got the loan. What steps do I take now?


This is only true if they are required to be licensed by your state laws. Also it depends on how your Dept of Financial Institutions views solicitation of Internet lenders.

Please list the state you reside in as nohiogal requested. :wink:


lrhall41

Submitted by Cool_Abyss on Wed, 04/15/2009 - 14:22

( Posts: 2936 | Credits: )