logo

Debtconsolidationcare.com - the USA consumer forum

Forums
  • Latest topic

Payday loans

Date: Fri, 08/19/2011 - 10:16

Submitted by sandieosga2007
on Fri, 08/19/2011 - 10:16

Posts: Credits: [Donate]

Total Replies: 3


I am wondering if any of these payday loan online places are illegal in Michigan. I am trying to get out of this debt but here are the online loans I have and what I have paid.

Loanpoint USA barrowed 700.00 paid 199.00 in interest only.
CashJar barrowed 1000.00 paid 750.00 in interest only
American Web Loan barrowed 600.00 paid 540.00 in interest only
CCS barrowed 400.00 only owe about 200.00 and interest
Advanced Casg Services barrowed 350.00 still owe about150 plus interest on that one.

I am wonding how to go about paying them off as I already lost my checking account due to bounced checks and other items. I was also wondering if they are legal in Michigan.

Thanks in Advance,
Sandie;)


Hi Sandi,

Unfortunately, payday lending is legal in the State of Michigan. I'm not very sure whether or not the payday lenders as mentioned by you are licensed in Michigan. I will recommend you to contact the Michigan Office of Financial and Insurance Services and they will assist you in knowing whether or not the payday lenders from whom you've taken the loans are licensed to operate in your state.

If you find that they are licensed in your state, then you will be liable for paying off the debts in full including the principal amount, interest charges as well as other fees. If you're unable to pay it off due to your financial hardship, then it's better to consolidate them and pay them off. You can even take the help of a debt relief company in consolidating the debts.

However, if you're lucky enough, then you can find that these payday lenders are not licensed to operate in your state. In such a situation, just pay them the principal amount and get rid of the debts. They won't be able to come after you for any late fees or interest charges.

Take care.


lrhall41

Submitted by savion.parker on Sun, 08/21/2011 - 19:23

( Posts: 117 | Credits: )


Hi,

Once you check whether or not payday loans are legal in your state, you can decide whether you've to pay the principal amount only or both the interest rate and the principal amount. If you're going through a credit crunch and you feel that you can't repay the total amount that you owe, you can get help from a debt settlement company to waive off a portion of your debts and repay with ease.

Hope this helps you out!!


lrhall41

Submitted by amy.nickson1986 on Sun, 08/21/2011 - 20:45

( Posts: 72 | Credits: )