You won't believe this!
Date: Tue, 07/13/2010 - 21:50
I live in Texas and have the following loans out:
-PayDay One $750
-Cash Central $350
-CashNet USA $700 (Got on a 3-payment Payment Plan, 1 payment left of $263.94 then its clear...whew!)
-Elastic Credit $600 (Balance of about $340)
All of these are licensed lenders of course in Texas (minus Elastic which is credit-based), thanks to the advice here. I know I shouldn't have, but today I tried to apply for just $200 through various lenders and was DENIED for each.
I tried: PaydayMax, DiscountAdvances, Responsibleloan.com, Loanbyphone (checkintocash), CheckCity and, even, First Bank of Delaware.
I know, it's probably a very good thing I didn't take out additional loans and got denied. I just think it's interesting that even for $200 I didn't get approved. I've never defaulted on any loans before. I'm in the process of changing jobs to make more money, so I would have been able to pay this off quickly.
I needed the money to make a few credit card payments, but I called them and they all are working with me with the payments and not charging me late fees (I've always paid on time). I'll be so glad when I'm out from under all these PDLs, this was a major financial mistake and I can promise that once these are done I'll NEVER take out anymore.
I'd like to get everyone's view on this...Please post below.
ok Thank God you didn't get approved for another loan! you just
ok Thank God you didn't get approved for another loan! you just saved yourself another headache! if you need another loan in order to pay bills, then find the cause why you're not able to pay the bills you have right now and I assume its because either the lenders are debiting your account or your paking all these payments to them. many storefront lenders do a Teletrack search or something like that, which is like a system that lenders use to post info about you if you have defaulted or have taken out other loans with other companies. Please don't try to get another loan, start with what you have right now, called them and ask you to take smaller payments from you, send ACH revokation letters to stop them from taking your money from your account, close you account and start fresh. once you're able to pay your utility bills then the rest is used to pay the loans, in my case, I was getting all these loans in order to pay bills because the lenders were debiting my account leaving me with nothing to pay bills. go step by step and read through the posts, they're helpful!
sorry I forgot this: even if you haven't defaulted on any loan a
sorry I forgot this: even if you haven't defaulted on any loan as of now, the fact that you have loans with diferent companies it shows up on Teletrack and that indicates to the neew lender that you have a low chance of affording to pay it back. it makes sense and they're just trying to protect themselves, its like banks use Chexsystems to see if your history with other banks. I live in TX too and some storefont loans don't do teletrack but ask you to leave a pot dated check.
Quote:Originally Posted by Paulieok Thank God you didn't get app
Quote:
Originally Posted by Paulie ok Thank God you didn't get approved for another loan! you just saved yourself another headache! if you need another loan in order to pay bills, then find the cause why you're not able to pay the bills you have right now and I assume its because either the lenders are debiting your account or your paking all these payments to them. many storefront lenders do a Teletrack search or something like that, which is like a system that lenders use to post info about you if you have defaulted or have taken out other loans with other companies. Please don't try to get another loan, start with what you have right now, called them and ask you to take smaller payments from you, send ACH revokation letters to stop them from taking your money from your account, close you account and start fresh. once you're able to pay your utility bills then the rest is used to pay the loans, in my case, I was getting all these loans in order to pay bills because the lenders were debiting my account leaving me with nothing to pay bills. go step by step and read through the posts, they're helpful! |
I was in a similar situation, basically an endless cycle of payday loans. I went to a doctor's to have my foot looked at because I couldn't walk on it, and couldn't pay the office the amounts they wanted so they ended up sending me to collections. The agency contacted me and demanded more money per month then I could spare, so they garnished my wages, leaving me without enough to cover the bills so I took out first 1, then 2, then 3, and by the time 6 months came around I had to send out more money to the loan companies than I was coming in.
Basically, do whatever you have to to get back in control of your financial situation so you can pay your bills. If you contact those you owe money to, most will work with you if you explain the situation.
