UPDATE: Installment Loan Plan
Date: Wed, 07/25/2012 - 14:34
Okay so I finally got up the nerve to contact some of the lenders/corporate offices and here are the options I have. I haven't called all of them yet but I'm feeling encouraged.
Ace Cash Express: Will only allow the EPP (or their version of it) on regular PDL, not installment loans. I won't be able to break it into 4 payments until after its $500 or below. I have a balance of like $940. She did encourage me to call corporate to see if they could do anything she couldn't.
****side note: the store rep, who is very friendly with me told me that in Missouri at storefronts if you write a check over $500 its a felony if it comes back bad. Is that correct?!
EZMoney: Haven't called them yet but I got their corporate number from the store. They aren't part of the CFSA so I'm not holding out much hope for them to help at all.
Check N Go: The rep told me all I have to do is come into the store and set up the EPP, they'll break it into 5-6 MONTHLY payments (OMG) and then I'll be done, but if I default on the plan they'll automatically start small claims court proceedings.
CashNetUSA: Haven't called them yet. I can afford the payments I have set up with them until other things are paid off.
Cash Depot: This is set up as a conventional installment loan that reports positive payments to my credit report. I want to make at least 5-6 before I pay it off. Its only $94 a month.
Check Into Cash: They also offer the EPP which 4 equal payments, but they are every paycheck.
SO.... Here's my plan. I want to see if I can refinance the loan from Check N Go, take the extra $700 I get from them and pay off the EZMoney loan. By doing that I will eliminate the $255 biweekly payment for EZMoney and have the same payment amount for Check N Go. I will then set up the EPP to have it paid off in 5 or so months. I'll pay down the Ace Cash Express loan until its about a $500 balance, take it back out as a PDL instead of installment and then set up EPP on that. Meanwhile CashNetUSA and Check Into Cash will get their minimum payments. I'll make $10 extra on the Cash Depot monthly payment then after 5 months I'll actively work to pay off the remaining balance. Once the 2 EPPs I have set up are paid off, I will set up the EPP for Check Into Cash and make double payments to CashNetUSA.
I CAN DO THIS!.... I have to.....
Ace Cash Express: Will only allow the EPP (or their version of it) on regular PDL, not installment loans. I won't be able to break it into 4 payments until after its $500 or below. I have a balance of like $940. She did encourage me to call corporate to see if they could do anything she couldn't.
****side note: the store rep, who is very friendly with me told me that in Missouri at storefronts if you write a check over $500 its a felony if it comes back bad. Is that correct?!
EZMoney: Haven't called them yet but I got their corporate number from the store. They aren't part of the CFSA so I'm not holding out much hope for them to help at all.
Check N Go: The rep told me all I have to do is come into the store and set up the EPP, they'll break it into 5-6 MONTHLY payments (OMG) and then I'll be done, but if I default on the plan they'll automatically start small claims court proceedings.
CashNetUSA: Haven't called them yet. I can afford the payments I have set up with them until other things are paid off.
Cash Depot: This is set up as a conventional installment loan that reports positive payments to my credit report. I want to make at least 5-6 before I pay it off. Its only $94 a month.
Check Into Cash: They also offer the EPP which 4 equal payments, but they are every paycheck.
SO.... Here's my plan. I want to see if I can refinance the loan from Check N Go, take the extra $700 I get from them and pay off the EZMoney loan. By doing that I will eliminate the $255 biweekly payment for EZMoney and have the same payment amount for Check N Go. I will then set up the EPP to have it paid off in 5 or so months. I'll pay down the Ace Cash Express loan until its about a $500 balance, take it back out as a PDL instead of installment and then set up EPP on that. Meanwhile CashNetUSA and Check Into Cash will get their minimum payments. I'll make $10 extra on the Cash Depot monthly payment then after 5 months I'll actively work to pay off the remaining balance. Once the 2 EPPs I have set up are paid off, I will set up the EPP for Check Into Cash and make double payments to CashNetUSA.
I CAN DO THIS!.... I have to.....
I'll have to check up on that bit about the $500 bad check altho
I'll have to check up on that bit about the $500 bad check although I am a little doubtful about what the store rep said. I'll get back to you as soon as I find out something.
Best of luck with your plan :)
The Missouri Attorney General ruled that checks written for payd
The Missouri Attorney General ruled that checks written for payday loans can not be considered "bad checks/hot checks."
Due to the nature of the business, the lender KNOWS that the money is not available in the account at the time the check is written. This is not the same as writing a bad check.
[URL="http://www.moga.mo.gov/statutes/C400-499/4080000505.HTM"]Chapter 408.505.8 RSMo[/URL]