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Too many payday loans and don't know what to do

Date: Wed, 03/10/2010 - 20:03

Submitted by Amadrid0526
on Wed, 03/10/2010 - 20:03

Posts: 5 Credits: [Donate]

Total Replies: 11


I need help I have a lot Of storefront pdl and they army at default yet but dangerously close I don't know what to do I was thinking of a consolidation loan but I don't know I am getting desperate

the number amount includes finance charge and I am almost positive all those numbers are right and as close as I can remember I'm getting desperate and don't know what to do I have twocredit cards in collections now also and bills are starting to pile up

Check city. * * * 350
Ez loan. * * * * *600
Checkmate * * * 591
All types check cashing * * * * *360
Utah title loans. * * 260
Checkline. * * * * *176
Checkngo. * * * 581** **
Checksmart. * * *531
All American cash advance * * 500
Dollar loan center * * * * * * * 690
1st choice * * * * 472
Cash America. * * *475
Qc(quick cash) finance. 480
the cash store. * * * * * * * * * * *726


Here are the ones that are members of the CFSA (Community Financial Services Association of America), this means you are eligible for an EPP (Extended payment plan),
Check 'n Go
Checkmate
Checksmart
Cash America
The Cash Store
See the link below for a list of CFSA members:
http://www.cfsa.net/MemberList.aspx
See the link below to read about the EPP:
http://www.cfsa.net/public_education_campaign/guidelines/guidelines_extended_payment_plans.html


lrhall41

Submitted by Shazzers on Wed, 03/10/2010 - 20:10

( Posts: 17344 | Credits: )


Quote:

Originally Posted by Amadrid0526
And all of them are storefront

Before you default, at least go to the lenders who offer the EPP, once you sign up for an EPP the interest stops and you will make 4 payments on each payday. You could try asking the other lenders if they would be willing to help you out in some way by allowing you to make payments, but I'm not sure if they will. The problem I see here is; if you have written post dated checks on these loans they will most likely try to put them through, and if they bounce it's going to cost you even more money. As far as a consolidation loan, if you have good credit you could try a credit union or a bank but I'm sure they will want some type of collateral.


lrhall41

Submitted by Shazzers on Wed, 03/10/2010 - 20:21

( Posts: 17344 | Credits: )


These are all store front lenders, they are legal and the Utah payday loan laws doesn't even have an interest cap, I know that sucks and I disagree with the law but it is what it is. If it were me in this situation, I would at least take advantage of the EPP's. If you default I am sure you know those lenders will send your checks through, unless you can make some type of other arrangements with them, but you will have to pay them back, it's a matter of working out some type of arrangements with these lenders that you can afford.


lrhall41

Submitted by Shazzers on Wed, 03/10/2010 - 20:27

( Posts: 17344 | Credits: )