Please Help, need some info!
Date: Thu, 03/25/2010 - 05:42
I really need help! I have had payday loans on and off forever and really want to be rid of them once and for all. These are fairly recent since I keep taking new ones to pay old ones, horrible cycle :( Any information you could give would be very much appreciated. I plan on paying back everything I owe, just certain circumstances arose and now I can not afford the $313.34 payment ($208.34-Magnum, $60-US FAST, $45-United) that is supposed to be debited from my account on 3/31.
Here's info on my situation:
I live in PA and currently have out 3 payday loans.
United Cash Loan - $150.00 - paid $45.00 toward interest (next interest payment "$45" due 3/31)
US Fast Cash - $200.00 - paid $0 (first interest payment due 3/31 for $60)
Magnum Cash Advance - $500.00 - paid one payment of $208.34 (3 more payments left, next due 3/31).
Could someone tell me if these loans are illegal or not? I have stopped my direct deposit from work and plan on closing my accounts when I get off work today and open a new account at a local credit union. Is that the right thing to do?
Thanks so much!
Hi Amanda, In Pennsylvania payday lending is prohibited and it's
Hi Amanda,
In Pennsylvania payday lending is prohibited and it's considered as illegal.
Before closing your bank account, you must be aware of certain things. As there are banks having policy about automated clearing house (ACH) transactions, which allows them to force open closed accounts. It occurs if ACH transactions take place within a specific time frame after the closing of account. So it's better to ask your bank before closing the account. You have done the right thing by putting a hard debit block.
It's good to close your account but better check out the State Attorney General or Department of Financial Institution before you chose to close your account.
To know more about payday loan laws of your state, check out the following:
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
All of your lenders are illegal, CLICK HERE to find out how to d
All of your lenders are illegal, CLICK HERE to find out how to deal with illegal lenders.
