I live in Ohio and am stuck in Payday loan hell

Date: Thu, 08/01/2019 - 21:22

Submitted by Memdrovik on Thu, 08/01/2019 - 21:22

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live in Ohio and am stuck in Payday loan hell(my fault). I have a few loans out that I cannot pay at the terms of of the loan. All the loans are internet loans. range from 600-3000 dollars. Are there credit consolidation programs available for this. I want to pay but at this point my paycheck is gone just paying the minimum. I have not defaulted but I most likely will. Any information you have would be helpful

Total Replies: 3

Since the lenders are illegal

Since the lenders are illegal, you are only liable to pay the principal amount. They can't charge your interest rate.

Submitted by Sanders Patricia on Fri, 08/02/2019 - 06:34

Sanders Patricia

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Payday loans are legal in

Payday loans are legal in your state but it is capped at $500 and the lender can't charge more than 28% as the interest rate.
But not paying back the loan will make you shell out more as interest will accrue every month. If you have not defaulted yet, you can approach a consolidation company. But if you're not able to repay the entire outstanding amount, you can opt for settling debts with professional help.

Submitted by Mabelle Page on Thu, 08/01/2019 - 23:26

Mabelle Page

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We need to check if the

We need to check if the lenders are licensed in your state first. So can you mention the names of the payday loan companies? See, if the lenders are illegal, then you can just pay the principal amount and get rid of the debt. Also, we need to check if lenders are the members of CFSO because in that case they have to give you an Extended Payment Plan.

Submitted by Nick Jonas on Fri, 08/02/2019 - 02:58

Nick Jonas

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