Payday Hell

Get your payroll to cut you live checks for a while! What state do you live in?

I know, you are in a trap now. Like to inform you, most of these PDls are doing their business illegally in most of the sate. So 1st of all you need find out are these guys are legal or not?

I live in NC and if I correctly read on here they are illegal.

You can find more info about then from the bleow links:
[COLOR=#000000][FONT=Times New Roman][LEFT][COLOR=#333333]http://www.paydayloaninfo.org/stateinfo.asp [/COLOR][/LEFT][/FONT][/COLOR]
[COLOR=#000000][FONT=Times New Roman][LEFT][COLOR=#333333]http://www.paydayloaninfo.org/legal.asp [/COLOR][/LEFT][/FONT][/COLOR]

Wow, another borrower getting the shaft.

Although I do not like pay day loans, I took one a few months ago. Your loan agreements clearly state that you are given three options on how to pay back and they will not loan you money until you read and sign your documents. Your first option is to pay off the full loan amount plus the finance feel, your second is to pay the finance fee and any additional money that you add to it goes towards the principle, and your third option is to just renew the loan, which is only paying the finance fee or interest. Option three does not touch the principle so on your following due date you still have the principle balance with a new finance fee. It is up to you to read the docs and understand them and the reps typically will explain your options to you. If you do not call them and let them know which option you would like to choose, they automatically just renew the loan which is why most people pay way more than they should because they do not call in to set up the payments. If people paid more attention and read their document, 1) They wouldn't agree to the 35% interest they're charged and 2) if they did agree, they wouldn't end up paying more than they wanted because they would know to call in and set up the payment options. The loan companies are banking on the fact that most people are lazy and won't take the time to call in to set up the payments.

If you don't understand a pay day loan, don't take one out. They are feeding off your ignorance.

Not all PDLs are created equal. Some are above-board like "former borrower" speaks of, but others are scum of the earth. They take advantage of people they should not be lending to in the first place, and then gouge their bank accounts with unauthorized multiple ACH attempts and illegal fees and charges. Before a consumer knows what has happened, they owe double what they borrowed and their bank account is in the red due to bank NSF fees. So I disagree that it is as simple as consumer laziness. Yes, it can play a part, but the bigger question is should a lot of these loans have been issued in the first place? Of course not -- but the PDL lenders feed off people that cannot afford to pay them back. That is why they loan them money. There is fault on both sides here.

The modern PDL lender is nothing but a loan shark (defined as a person or body that offers unsecured loans at high interest rates to individuals, often backed by blackmail or threats of violence), except instead of threating to breaking your kneecaps, they harrass you and threaten legal action in an attempt to scare the uninformed into paying more than they legally should have to.

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