Going To Default

So have you informed Cash America that you are unable to continue paying?

Cash America is registered as a Credit Service Organization in TX. Looks like you have a $800 installment loan contract correct?

Store fronts are legal. They can and will sue you. You need to make arrangements with them asap

You have had this $800.00 loan for 2 years? How much have you paid them?

I don't know if it's an installment loan. They scan a check everytime I go in and pay. The principle never goes down unless you pay extra. And, I haven't informed them yet. What should I do? The EPP would pay it off in 4 payments but I can't do that either.

Unfortunately a CSO's fees aren't regulated in Texas and no licensing is required by the state, they must however register with the Secretary of State. My advise to you is to contact them, whether it be via USPS, email, or telephone. Ask them if they have a hardship payment plan. As the guest stated above, they can and will sue you eventually.

Also, you have to pay it off every 8 weeks. I then go back the next day and take it out again.

That sounds like an installment loan yikes :?

Well the best I can suggest you call and explain the situation and try for a hardship like Shazz stated.

Fees and interest paid in the past on this loan is totaly legal unfortunately.

Thanks everybody.

Actually, it sonds like a PDL and they are following the Best Practices of the CFSA. If you take out the loan and roll it over three times, that would be 8 weeks.

There was a thread on here a while back started by someone who checked with CFSA and learned that CFSA doesn't require CSO's to offer payment plans under the best practices. A lot of them might do it on their own, though. Worht making the call.

I would like to see that statement by the CFSA. The EPP is part of the Best Practices and full compliance is required for membership to the CFSA.

I may be wrong, but would like to see confirmation...