Can payday loans be consolidated?

Welcome to the site, I have heard of some consolidation companies that deal with PDL's but before you even get into that give us some more information, are these all internet PDL's? How much are they for and have you paid anything. What state do you live in?

Theres a very good possibility the members of this site can help you straighten this out.

Welcome to the site, Gwen! Sorry to hear of your distress.

Not to pry, but could you post some more info for us to chew on? Stuff like the names of the companies, amount borrowed, amount repaid, and whether these were internet or storefront loans will be tremendously useful. Also, we need your state of residence, so we can look up your state laws.

To answer your question, there are a couple of companies that will consolidate payday loans, but I'd advise you to hold off on that course of action. Let us chew on the details a bit first. Then we can go from there.

Thank you for replying...some are storefront and some are internet...The total for all of them is $2578.50...I have only paid one off but the rest I haven't yet because I don't make that much as a part time cashier...That is why I need help and information on consolidating them

Gwen

I live in Washington State

Gwen

Can you please list which PDL's you owe,how much borrower and how much you have paid so far.

Some on your internet PDL's might be illegal and we can give some advice on how to work through thouse.

Here are some of the online PDL's that I went to for help...EastsideLender's borrowed $300.00...Cash Central borrowed $300.00...ClearSky Financial LLC borrowed $300.00...Access Financial Northwest, LLC borrowed $300.00.

Then storefronts Check into Cash borrowed $100.00...Loan Mart borrowed $100.00...MoneyTree borrowed $130.00...Cash Advance borrowed $250.00...Advance Til Payday borrowed $100.00...that is all of them.

I feel like a dummy for believing in someone I meet on a dating service...Now I am in debt.

Gwen

Its okay.....I am sorry to hear what happened to you. :(

We can help you get through this.

How much have you actuall paid to the internet pdls'?
Have you defaulted on the storefronts?

I have already defaulted on all but one storefront...the internet one's aren't due yet...they are all due on 2-15-08.

Thank you for that I am really feeling stupid at the moment.

Gwen

Lady, please do not feel stupid, look at the amount of posts here in the PDL section, 99% of everyone in here has or has had PDL problems and I can tell you, from reading some of the posts by these fine people they are far from stupid.

Just taking a look at your internet PDL's, I know that Cash Central is legal, I am fairly certain that Eastside is not, but I need to check on that one and the others.

The storefront that you have not yet defaulted on....can you go in there and ask for the EPP, which is the extended payment plan? That will allow yo to pay it off in 4 installments.

For your information, this is the PDL laws for Washington:


Washington State Information

Legal Status: Legal (Lender must have a small loan endorsement to their check casher license in order to make payday loans)

Citation:
Wash. Rev. Code Ann. ???? 31.45.010 et seq.

Loan Terms:
Maximum Loan Amount: $700
Loan Term: Max: 45 days
Maximum Finance Rate and Fees: 15%: first $500; 10%: remaining portion of the loan in excess of $500 up to the $700 maximum
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: A company cannot hold a check or checks in an aggregate face amount of more than $700 plus allowable fees from any one borrower at any one time.
Rollovers Permitted: None (cannot repay loan with proceeds of another)
Cooling-off Period:
Repayment Plan: A company and a borrower may voluntarily enter a payment plan at any time. A borrower, however, has a right to convert a small loan to a statutory payment plan after four successive loans and prior to default on the last loan.

Collection Limits:
Collection Fees: $25 NSF fee (one time per instrument); collection costs (excluding attorney's fees, interest and damages)
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Washington Department of Financial Institutions
Address: Division of Consumer Services, PO Box 41200 Olympia WA 98504
Phone: (360) 902-8700
Fax: (360) 725-7827
Regulatory Contact: Chuck Cross,, Director of Consumer Services

All of them are first time PDL's...they wont do payment plans.

Who is the storefront who havent defaulted on yet? If they are the member of the CFSA, then they do have to give you the option of the EPP as long as you ask for it 2 business days prior to your due date.

The only one who has been paid off is Check into Cash.

All of the other's were due yesterday

Ok...
Can you please list how much you have paid to each internet pdl? :)

Nothing yet because they aren't due until 2-15-08.

Okay...

I checked the WA State DFI Database..all of your storefronts are legal, which is usually the case, which means they can take action to collect. I would recommend you contacting the branch manager of each one to try to make arrangements.


For your internet loans, all of them are legal except Eastside Lenders. I couldnt find them in the database.

We always condone paying back the principal amount borrowers....99% of the time the illegal internet PDL's will not follow state laws on what is allowed for interest rates.

So can I consolidate them?

You would need to contact a PDL consolidation company..many people here have used Town and Country or Langhorne. There is a fee of course. You can use the search box on the top of this page to find out more info about both of these companies.

Are you going to have the $ to pay the internet ones on 2/15?

Whatever you choose, if you dont want them to debit your checking account, you will most likely have to close it.

Here is a link with some information to consider:
http://www.debtconsolidationcare.com/paydayloan/close-account.html

Thank you I will see if they will all take minimal payments

Good luck! and please do come back if you need anymore help or have questions :)

volleyballmom:

Could you please tell me what a DFI databse is? Thanks

DFI = Department of Financial Institutions [state banking department]. They're the state agency that licenses and regulates lenders.

Hi llw...Just as wulf stated above. However, not all pdl's are governed by the state DFI. check each states laws.

You're NY, right llw?