i need cash

If you cannot afford to make your car payment, how will you pay back the pdl company? and what about the next car payment? What you are proposing will backfire on you. Have you called the creditor on your car loan and tried to make payment arrangements? Is there someone you can borrow from? Are you expecting an income tax refund? Have you jewelry to sell?

A payday loan can be your worst nightmare.....

i understand that. I have seen the horror stories. i am willing to make changes in my lifestyle. i am in the process of moving in with parents to save money. That will free up over 500 a month. I have a short term cash flow problem. I just want to know if i choose an unlicensed lender can i get out of paying them any interest by using the advice given to other users. If its an illegal loan and they give it to me then as far as I've read here I owe them the principle only.

my bank says they will not allow ach transaction to go through if the acct is closed. my branch manager agrees that after i pay the principal amount i can close my acct and they will not open it back up. She says that they would have to levy my acct...which would have to happen through a court. I do not see a company with no license taking me to court. Is my logic sound? Better question...is it practical?

Since I've been on this board, I've not encountered anyone who wanted to intentionally apply for a payday loan and then default. So I cannot advise on this.

They are taking advantage of anyone they sell their product too, correct?
Why can I not try and find a way to do the same?
Their product is illegal by definition. how can you default on a contract that was entered in illegaly? I just dont see them going to court.

I cant be the first one who has thought of this...

I dont think most people know of these lenders being illegal and how to stop them from taking your money. I would do it and not feel bad. There are so many of these companies who have ripped of numerous people. You said you were willing to pay them back, so i dont see why not. I personally would not feel bad. I would suggest an online lender though. Just dont give them any actual telephone numbers for your relatives and work. Make them up. Otherwise they will call you and them.

THANK YOU! Thats exactly how i felt. I dont mean to sound like a jerk, but I feel lucky to have this website in my life before i made the loan. I feel like i already know how to handle various situations. I feel for these people who have 10 loans out and are paying thousands in fees. They all say how they wish they had this website earlier...or that they cant believe it was as easy to get them to give "paid in full" emails using the advice of Shazzer or some of the other pro's.

Giving them false work numbers wouldnt work, would it? they would just have to look up the number in the yellow pages or online...

i don't condone or advise that.everyone tenured on here had no idea these loans were illegal until we came here.ever hear of two wrongs don't make a right.advising to apply and supply bogus info makes you just as bad as the illegals hmmmm.nothing good about that.

also if you do that don't come back here as again giving bogus info is the worst thing i've ever heard of.

No false info then. How am I in the wrong?

So preventative information is not ok, and i should leave until I rack up some debt??? I never suggested giving false info. Im just trying to learn from other people before i repeat the same mistakes. I dont want to argue about ethics in a payday loan conversation. I figured I would be preaching to the choir. I saw a post where this user had 9 or 10 loans and only one from a licensed CA lender. He sent them the letters and closed his acct and got "paid in full" emails back. I cannot un-learn this info.

I guess the difference is that the majority of people who got sucked into the pdl cycle didn't know they were illegal. They took the loans out in good faith, something happened and they couldn't repay and then when they tried to make arrangements, the pdls wouldn't. Also, many people had their money debited immediately out of their accounts once the pdls knew default was imminent which caused all kinds of financial problems and stress.

It's a decision you'll have to make for yourself.

So the difference is that people didnt have the knowlege beforehand? I bet if you ask them they'll wish they had! I understand the decision is mine. Im asking if my logic is sound...im also asking if technically i am right.

Something happened and they couldnt repay?? You asked me in your first response how i was gona pay the loan back if I couldnt make a car payment. The thing that happened caused me to need cash. These loans are designed to make it harder to pay back. They are not trying to make a little profit. the are trying to maximize their profit on the bet that the borrower is too overwhelmed financially to pay it back which will cause more fees. Thats why they use scare tactics to get their money back or reloan. Because its a matter of time before knowlege like this site has gets to be widely known. We know all this though. They are legal loan sharks. Why cant i use the law to protect me? i just wana know is it practical, probable...doable?

Just do what you feel is best for you. I am not promoting giving false info. Im just saying, if you dont, they will call, and call, and call. Do you want your family and friends knowing you had to get a payday loan.

No two wrongs doesnt make a right. I am just saying i personally wouldn't feel bad about it. They have screwed over so many people, and collected so much money from innocent people.

Let me clarify. People get payday loans with the intention of paying them back. They get the loans because they are desperate. With all good intentions, "something" happens. The car needs repairs, someone loses a job, gets sick, etc. and because of these circumstances they can't pay back the loans when due. They call the pdls to try to negotiate payment plan and they don't want to hear about it. So then the person who is destitute takes out another payday loan to pay the first payday loan and so on. Then their bank account is being drained. That's how the whole thing spirals out of control.

Do what you have to do. It seems like you're looking for "permission". Only you know what's best for you.

I just wonder what would happen if you have a deposit to your account for proceeds and then promptly close your account. Would that give the lender "ammunition" to go after you saying that you had no intention of paying them and that you took out the loan to defraud them. Something to think about.