Trying to get free of these payday loans

Date: Thu, 03/29/2012 - 14:48

Submitted by angelrain1974
on Thu, 03/29/2012 - 14:48

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Total Replies: 3

I have 5 payday loans, all made through the internet. One of them is with CashNetUSA, and the one with them has been one I have had for about 2 years. In the loan with them I have been paying one loan off and taking out another one to pay my bills and pay off the payday loan, and got lost in a never ending pit of payday hell obviously. So I have figured it up the last loan I took out with them was for 600.00 and the amount of interest I have paid them over my loan history is 1564.06. I don't know if the collective amount can be taken into consideration when declaring the principal paid or not, please advise.
The other loans are as follows:
Ace Cash Express for 200.00 have paid 120.00
Becon for 200.00 havfe paid 160.00
Shoreline Online 200.00 have paid 120.00
123wages.com 200.00 have paid 160.00

So please advise on the legality of these loans and pdl places as I live in Texas, and I so need help getting out of this hole.

Thanks

Ace Cash is legal and you will need to pay them back the remaind

Ace Cash is legal and you will need to pay them back the remainder of the principal plus any accrued interest and fees. Ask them if they can provide you with a repayment plan.

Beacon, I think, is an illegal lender. You need to call the Texas Office of Consumer Credit Commissioner and ask them if Beacon is licensed to operate in Texas. If they are not, use the information in this link to deal with them http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html

Shoreline Online as well as 123wages are illegal as far as I can tell.

lrhall41

Submitted by StevenDoyle on Thu, 03/29/2012 - 22:45

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I too agree with Steven. If your lenders are licensed, then you

I too agree with Steven. If your lenders are licensed, then you will have to pay both the principal and interest. In this case, you may enroll in a payday loan debt consolidation program to replace your multiple bills into a single monthly payment. If they are not licensed, then you can get rid of this trap by paying back only the principal amount.

lrhall41

Submitted by Tyler on Thu, 03/29/2012 - 23:45

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Thanks

Thanks for the information, I will deal with the illegal companies as you have indicated here, thank you.

Also do you have any information regarding the loan mentioned with CashNetUSA company?

lrhall41

Submitted by angelrain1974 on Fri, 03/30/2012 - 14:40

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