Questions about my 'payday' loans in TX
Date: Thu, 04/15/2010 - 09:18
Hi there, I'm still a newbie here, but I'm grateful for such an outstanding resource, and I need all the help I can get.
I'm in Texas, first off......and the payday loan biz is booming here. But the loans I have aren't really what i consider payday loans as they don't require a post-dated check or ACH authorization. Most ask for a list of items of value for collateral (TV's, jewelry, tools, etc).
Nonetheless, they are similar in tactics, finance charges and structure and they are pressing me pretty rough.
I have three loans, one at World Finance ($1200), Citi Finance ($700), and Austin Finance ($500).
My monthly payments are $160, $100 and $70 respectively.
They are very tenacious about collecting, obviously. I am current on these loans right now, but haven't chipped away at them at all because I've had to re-finance them instead of making the payments.
What would happen if I can't pay them?
Am I going to lose my promised property? When?
Any advice on dealing with these places?
I'm in Texas, first off......and the payday loan biz is booming here. But the loans I have aren't really what i consider payday loans as they don't require a post-dated check or ACH authorization. Most ask for a list of items of value for collateral (TV's, jewelry, tools, etc).
Nonetheless, they are similar in tactics, finance charges and structure and they are pressing me pretty rough.
I have three loans, one at World Finance ($1200), Citi Finance ($700), and Austin Finance ($500).
My monthly payments are $160, $100 and $70 respectively.
They are very tenacious about collecting, obviously. I am current on these loans right now, but haven't chipped away at them at all because I've had to re-finance them instead of making the payments.
What would happen if I can't pay them?
Am I going to lose my promised property? When?
Any advice on dealing with these places?
If your loans are attached to collaterals, then chances are ther
If your loans are attached to collaterals, then chances are there that the lender would confiscate the collateral if you fail to repay the loan.
However, I would wait to hear what Goldenbust has to say in this regard.
