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Payday loan help in PA

Date: Mon, 08/03/2009 - 13:29

Submitted by jniffermarie
on Mon, 08/03/2009 - 13:29

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Total Replies: 7


I have 3 payday loans that i can't afford to pay anymore. I have been in the payday loan trap for over 2 years now. I pay one off and have to get another. Its an ongoing cycle that has cost me thousands in fees and i cant do it anymore. I currently have loans with mycashnow, paydaymax and paydayone. Paydayone now states they no longer give loans to residents of PA. My next payments are scheduled for this friday the 7th. Should i close my checking account before than?


Have you taken any of these loans since 2/1/09?
PDL's are illegal in PA since that date.
If you are in financial trouble because of them, close your bank account and try to work things out with the lenders.
MyCashNow is illegal and I believe Payday Max is also-don't know about the other one.
Maybe someone who is familiar with PayDayOne will give you more info.


lrhall41

Submitted by kak213 on Tue, 08/04/2009 - 05:22

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MyCashNow and PayDayMax are both illegal. Not sure about MyCashNow, but PayDayMax is not even located in this country. They are out of Grenada. The only way to get them to stop debiting your account is to close it. After it is closed you can send them a letter revoking ACH and letting them know that you know they are illegal, but make sure your account is closed first.

As for PayDayOne they are legal. In states where pdls are illegal they operate as an installment loan-which is legal. I have so far never seen a case of PayDayOne loaning illegally. The good news is they will work with you. Get your bank account closed first so you can get control back of your money and then you can contact PayDayOne for payment arrangements.


lrhall41

Submitted by resqume1 on Tue, 08/04/2009 - 05:58

( Posts: 324 | Credits: )


I'm sorry to tell you this, but there is only one sure way to stop the withdrawals, and that is to close your account. If that isn't an option, then tell the bank to put a hard debit block on your account. Before you close your account, read this information at the link below. http://www.debtconsolidationcare.com/paydayloan/close-account.html

Please do not let any of these pdl's know you are going to close your account, until AFTER you have done it!
CLICK HERE to find out how to deal with illegal lenders.


lrhall41

Submitted by Shazzers on Tue, 08/04/2009 - 08:31

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Thanks for the info. I will close my account today. I did take both loans out after Feb 1, 2009. I also had other ones i took out after that which i have paid. Since im now finding out they were illegal i wonder if there is anyway to get back all that interest i paid. Its close to 1,000.


lrhall41

Submitted by on Wed, 08/05/2009 - 05:44

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You can ask them but I would'nt hold your breath on it. Some people do get refunds. Personally I think your chances of getting a refund depend on the company (the smaller less known companies seem to do it more than the larger well known pdls) and I also think it depends on what state you are in as some state AGs are very aggressive with illegal pdls and others not so much.


lrhall41

Submitted by resqume1 on Wed, 08/05/2009 - 06:01

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