My Payday Loan Situation
Date: Thu, 09/03/2009 - 08:09
I've been reading some other posts, so I thought I'd put my situation here. I have been in the payday loan trap for over a year... getting one to pay off another, etc, until I just got where I could not pay them anymore. I recently closed my bank account, and the payments were supposed to be taken a couple of days ago, so now of course I am getting all kinds of phone calls.
I am from Texas, and I have 3 internet payday loans.
MyPayDayLoan.com Original Loan amount $700, interest and fees $175
CashNetUSA.com Original Loan amount $900, interest and fees $205
PayDayOne.com Original Loan amount $750, interest and fees $187.11
The last 2 are CSO's... which I don't really understand the difference.
It's hard to say how much I have paid because I would pay them off then immediately take out a new one.
So anyway... any suggestions or input would be great!
Thanks!
I am from Texas, and I have 3 internet payday loans.
MyPayDayLoan.com Original Loan amount $700, interest and fees $175
CashNetUSA.com Original Loan amount $900, interest and fees $205
PayDayOne.com Original Loan amount $750, interest and fees $187.11
The last 2 are CSO's... which I don't really understand the difference.
It's hard to say how much I have paid because I would pay them off then immediately take out a new one.
So anyway... any suggestions or input would be great!
Thanks!
Quote:The last 2 are CSO's... which I don't really understand th
Quote:
The last 2 are CSO's... which I don't really understand the difference. |
It means that these lenders are legally operating in the state though they don't need the license for that. They operate as Credit Service Organisations.
You can check the state laws here.
