I am in a viscious cycle

Date: Fri, 10/07/2011 - 19:30

Submitted by jahuezo
on Fri, 10/07/2011 - 19:30

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Total Replies: 3

I live in CT and have 7 loans out with CashJar, One Click Cash, USFastCash, Zip19, MyCashNow, AdvanceMeToday and GECC. My question is: in order to make ends meat, I have paid up loans only to borrow back out again otherwise I would have no money to live. So does that mean that because I started 3 new loans I have to pay back 100% of that principal, not taking into account that previously I probably paid the past loans 3 times over?
I am so glad that I am researching this site because I have opened a new bank acct and have closed the old one. I am sending out all the e-mails on tuesday and I am looking forward to being out of this insane predicament that I got into a year ago. I guess the answer to my question will just dictate how quickly I can put all this behind me.

Payday loans are prohibited in State of Connecticut. . It is goo

Payday loans are prohibited in State of Connecticut. . It is good to note that you have closed down your bank account. This will help you in stopping any further unauthorized withdrawal. You can send them a MONEY ORDER. If you've already paid them more than the principal amount, then you should even ask them for a refund.

lrhall41

Submitted by Anna Sweeting on Fri, 10/07/2011 - 20:01

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It is really good that you have already taken the most necessary

It is really good that you have already taken the most necessary step ??? closed down the bank account. As payday lending is prohibited in your state, you are required to simply pay off only the principal amount borrowed. If you had paid back the previous ones and borrowed three new ones, you need to pay back the principal yet again. However, avoid taking out payday loans in the future.

lrhall41

Submitted by marvelbecks on Fri, 10/07/2011 - 22:29

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Well I do appreciate so much your help. I just wish I would have

Well I do appreciate so much your help. I just wish I would have done it sooner so at to not have opened 3 new loans with these same sharks. Who knows where I could be financially right now.

One more question...I cannot seem to find any contact info for MyCashNow...any ideas?

BTW...you folks and this website is a huge life saver. You have no idea how much better I feel. :p

lrhall41

Submitted by jahuezo on Sat, 10/08/2011 - 06:43

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