Any help on how to consolidate payday loans?

Hello and welcome to the forums! We are glad you are here. In order to help you, need to get a little more information. First, are your PDL's internet or storefront and what state are you in. Also, break down how much your loans are for and what you've actually paid in fees on them.

My PDL's are store front and i live in Wisconsin.

Loan 1 - $400.00 paying $100.00 bi-weekly since April
then uped the loan to $800.00 now will be paying
$200.00 bi-weekly starting this friday.
Loan 2 - $800.00 fees of $176.00 bi-weekly since May
Loan 3 - $500.00 fees of $122.00 bi-weekly starting
this Friday
Loan 4 - $187.50 fees of $37.50 bi-weekly for past
2 paydays

What companies are you dealing with, chad? Perhaps there is someone here from Wisconsin that has dealt with the same ones.The storefront ones are operating legally so they can take you to court. It is best to find a way to get them taken care of first. Have you tried talking to them and setting up payment arrangements?

I am dealing with Payday Loan Store, Advance America
Cash Net and EZ Loans. I would really like to consolidate them fees are getting to be to much and
other bills are suffering.

[font=Times New Roman][/font][color=Blue][/color][size=3][/size]I am living in Ohio and have 4 payday loans with the following
1. Checksmart 912.50
2. National Check Cashers 912.50
3. Quick Cash 912.50
4. Cashland 912.50

I have been dealing with these companies for over two years and now I wish to consolidate them. Does anyone have any advice on how to do this. I have closed my account because 5/3 told me to do so. I am feeling very worried. Are there any consolidation companies who deal with the storefront pdl's. I would appreciate any advice. Please help.

Jeff.

Can I get help to consolidate payday loans

Welcome to the Community :D Are these store front or internet loans. Also, what state are you in, what was borrowed, what has been paid? This info will help us to better help you! If they are store front, you need to try to make arrangement with them, they usually go by the state laws, and tend to file suit. Feel free to ask questions..KAren

I am in texas and have pdl's totaling over $9,200 and some of these I have paid on one loan that the loan was for $225 and have so far paid $685 in fees. Any help, I would love to consolidate or negotiate lower fees.

I am in the same boat as the person above and I want to get out of the cycle without having to close my account or stopping my direct deposit.

I have several loans through payday companies and all of them were via the internet and I live in the State of Missouri.

I am currently in a debt consolidation program and it has helped me greatly however they do not handle paydayloans. Do you know a company who can help me to do this?

Missouri State Information

Legal Status: Legal

Citation:
Mo. Rev. Stat. ???? 408.500 et seq.; 4 Mo. Code Regs. ???? 140-11.010, 140-11.020

Loan Terms:
Maximum Loan Amount: $500
Loan Term: 14-31 days
Maximum Finance Rate and Fees: Not Specified (No borrower shall be required to pay a total amount of accumulated interest and fees in excess of 75% of the initial loan amount on any single authorized loan for the entire loan term and all authorized renewals. Otherwise, interest is set pursuant to small loan law which provides that parties may set rate by contract.)
Finance Charge for 14-day $100 loan: $75
apr for 14-day $100 loan: 1980%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: Six (borrower must reduce principal amount of loan by 5% or more upon each renewal)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: NSF fee; Collection costs (including court costs and reasonable attorney's fees) Licensee cannot use a series of ACH transactions to collect a single check.
Criminal Action: Prohibited (Unless check returned due to closed account or stop-payment by maker)

Where to Complain, Get Information:
Regulator: Missouri Division of Finance
Address: Consumer Credit Section, P. O. Box 716 301 W. High Street Jefferson City MO 65102
Phone: (573) 751-3242
Fax: (573) 751-9192
Regulatory Contact: Joe Crider,, Supervisor, Consumer Credit
Regulator Website

Licensee Database

Complaint Instructions

Complaint Form Link

Online Resources:
Unsecured Loans of $500 or Less: Introduction and Overview

If you tell us your lenders, amounts borrowed and amounts reapid we can help you here.

:roll: :oops:

Hello Harley,

From your post it is clear that you have accumulated a huge amount (US$ 1700) through original payday loans and consequent rollovers.

One of the major drawbacks in its payment pattern is that you can????????t pay it off in installments but in lump sum amount. Due to this reason, if you miss a single pay period, then it accumulates rapidly.

E.g. If you have taken a payday loan of US$ 150 with a fee of US$ 20, then a single miss of pay period will cost you US$200 (with a rollover fee of US$30). Due to this predatory tendency, in 12 states of USA, like Georgia, payday loans are either considered as illegal or non-feasible.

You can definitely go for payday loan consolidation and talk to a good consolidation company. This company will then negotiate with your various lenders and will offer you a better repayment plan having a single window payment and a much lower rate of interest.

You can also opt for a debt consolidation loan. It can be either of the following types: -
1.Secured debt consolidation loan ???????? You can avail this loan by pledging a collateral (eg. Your home) against it. This comes with a much lower interest rate and the penalties also remain liable to be written off.
2.Unsecured Debt consolidation loan ???????? Here no collateral is pledged and thus you need to pay a higher interest rate than the secured ones. These loans generally take much longer time period to pay-off.

Regards,

Phoenix

Pheonix, please check the dates on the posts, you replied to a post that was entered in June 2007.

:lol: :lol: :lol: :lol:

Hi..we are in need of excellent advice. We have 4 payday loans..and this has caused us to go into the negative in our bank several times now. I know one of them is not suppose to lend to Maine residence after detailed searching and have made complaint to the credit bureau here. If they don't have the required license for our state should we worry about closing our account and paying them when we can...instead of losing so much money at a time? And how do you find out if they are a store front? Mine were all from the internet none from the state I live in? The credit bureau guy told me for the united cash loan company to just pay $100.00 due to the fact my loan was for $250.00 and they have taken $75.00 twice which is just the finance charge..but this would take care of the money borrowed. Is there anyone who can help me? Or is there a good debt consolidation company I can go to who won't charge me to death:) any info would be extremely appreciated..

Dear Guest (Cherrie),

You have posted your query in a thread which is 1 year old and you may not get appropriate answer to your query. So, I will recommend you to start a new thread by posting in the payday loan section.

You can also go through the list - Internet Lending in all 50 states for a clear idea on payday lending.

Our community offers Free debt counseling which will help you to become debt free. For this you have to fill up a 5 line form in the right hand side of the forum thread.

Regards,

Phoenix

Hello cherrie and welcome to the community! If you obtained your loans from the Internet, then they are Internet loans and not store front. A store front loan is one that you physically walk into to apply for a payday loan. I'm pretty sure it's safe to say that none of yours are store fronts if they were obtained through the Internet. :) In answer to your question, yes, we can help walk you through the process of clearing these loans up, but we need a little more information from you first. Perhaps you could start a new topic in the payday loan section which would be beneficial to you and less confusing so we can follow your progress more easily. :) I think the first thing you need to do is get your account secured so these pdl's do not end up sucking you dry. But please read the information about closing accounts at the link below, BEFORE you close it out, here is the link. http://www.debtconsolidationcare.com/paydayloan/close-account.html
If I were you, I would go get a new account at a different bank before you close this one out, and if you are in the negative right now which will prevent you from closing it out, go to the bank and place a hard debit block on your account, the first thing is securing your account so that you will have money to live on. Please keep us posted, and by all means, start a new topic in the payday loan section so that we may assist you better. :)