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Date: Mon, 04/14/2008 - 09:24

Submitted by cdubs1127
on Mon, 04/14/2008 - 09:24

Posts: 3 Credits: [Donate]

Total Replies: 21


I, like many needed help in a hurry to keep my electric on and resorted to payday loans. I needed 1200 dollars and took out 4 PDLs for $300 each. I haven't made any payments back yet, and I don't mind repaying them. But, I'm trying to work on a budget I can't find any way I'm going to be able to pay the $360 fee every 2 weeks and pay of the original amounts I've borrowed. What I'm even more worried about is that I'll get in a bind and start adding new loans like I know many have posted here have done.

I'm thinking of closing my checking account so I can stop it before it gets out of hand. Is it too early to do this seeing I haven't made any payments yet? Do some of these companies that say they can work out a program to repay the PDLs at a discount work and can anyone suggest a good one?

Does anyone know where there is a place to get a loan, even at a high rate, that would be better than the PDL loan. I tried American General and credit.com before I took the PDLs and was turned down. I even tried cashcall and was turned down. Any help would be appreciated.

I live in wisconsin and below are the PDLs that I have:

$300 DJR Group, LLC
$300 SandPointCapital
$300 Paragon processing
$300 Clearwater Bay Marketing (on my bank statement this one says GRE 1-10)


Anyway, did some work and found a loan from firt bank of Delaware that would pay my other loans and put me on installments for 8 bi-weekly payments. The loan is for $1500, and after I have paid back the loan I'll have paid $2600. This is almost 400% interest, but at least after 8 weeks I'll be paid off. Does anyone know of a better way other than closing my bank account?


lrhall41

Submitted by on Mon, 04/14/2008 - 12:47

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None of your loans are licensed to lend in your state. This means all you are obligated to repay is the principle amount borrowed. Close your account asap. Do not take out a loan that you will pay 400% interest for. You can then make arrangements to pay these back at your own pace. They are all illegal loans,


lrhall41

Submitted by kashzan on Mon, 04/14/2008 - 12:59

( Posts: 5401 | Credits: )


Thanks! This helps a lot. I agree a 400% loan is crazy, but it was still better than paying the fees for 4 months and still owing the principle. I'll close my account and send each a letter stating I will only repay the principle because they are illegal loans and offer to make a payment plan. I see you have some sample letters so I'll see what you've got.

You guys are the best! Is there anything I can do to help this site?


lrhall41

Submitted by cdubs1127 on Mon, 04/14/2008 - 13:23

( Posts: 3 | Credits: )


Wisconsin is one of the states where the companies may not need to be licensed in WI to lend to WI residents. If they solicit you, then they need to be licensed. But if you do a search and find them on the internet, they would only need to be licensed in another state, and they would go by that state's laws.


lrhall41

Submitted by goudah2424 on Wed, 04/16/2008 - 06:52

( Posts: 7935 | Credits: )


Does that mean if they are doing business out of Panama do they still have to have a license in US? I am referring to my cash now. Please help!!! I was reading on other forums that WI is one state that they are illegal. Confused & distraught.


lrhall41

Submitted by cjohnson67 on Sat, 04/11/2009 - 13:00

( Posts: 21 | Credits: )