criminal charges for defaulted payday loans

You can't be charged with fraud on payday loans. They are considered bad debt. There are several payday loans online that are not licensed to lend in certain states. This is a typical threat from the lenders. They think if they threaten criminal prosecution, people will pay their rediculous charges above what you owe. Don't let them intimidate you. Set up a budget and pay what you can toward each one. You can consolidate your payday loans through Town & Country Acceptance. If you register, I will be happy to give you their information. They work very well with the lenders and they don't take any crap off of any of them.

How do I get their number?

register at the left where it says join the community and once you are registered, I can pm you and give you the information.

Payday loans undoubtedly provide the easiest cash without a credit check but there are lots of disadvantages associated with it. One wrong move is enough to ruin your good credit. If your checks get bounced, the lenders can report your accounts to the CRA with all the negative stains in your file.

Sometimes, the lenders also assume that the borrowers will have tough times to pay back the money. This gives the lenders some kind of advantage and be at top at the bargaining. Therefore, the borrowers must call the lenders whenever they are expecting to face a default and settle the matter. If you delay in negotiating with your lender at the right time, the lender reserves some powers with him and can make all the terms of the contract favorable to him.

Though refinancing and flipping is illegal in Ohio, but it is still practiced by some of the lenders. They try to gain some benefits out of this because they understand that the borrowers won't have money to repay the loan at the end of the time period.

Ain't that a b*tch? They know they're charging you ungodly rates and it seems that they want you to default just to put the squeeze on.

Payday loan companies are not allowed to charge anything except the interests and in some cases, they charge late payment fees. But, it varies as per the state laws. You must read the fine prints very carefully before you sign any contract with them. After entering into an agreement, if the charges get unexpectedly high, you have the rights to file charges for breach of contract. Consult your lawyer after reviewing the contract very thoroughly.

Tim

Welcome to the forums! Sorry to hear about your current financial situation. Asking for help is one way to start living a debt free life. You can start to consolidate your debt by joining a consolidation program. Signing up on this site is simple and will provide you with options to make the right choice.

http://www.debtconsolidationcare.com/signup

Regards-
Mike

The police have better things to do than be the "heavy" for some shady payday loan company! :D

Very well put ttthayden. :)