Payday loans and finance charges are killing me

Welcome to the forum. What state are you in? Also are these loans internet or storefront? Give us a little information and see if we can help. Also register and have a debt counselor contact you. It never hurts to get a little advice. Good Luck KYSIDE38

I have the same problem with payday loans. I live in CA. Any suggestions on how to get out the payday loan curse?

How much do you owe? And how much have you paid so far? Who are the lenders?

I have had a vicious cycle of payday loans for over a year now. It seems that I would get one and not be able to pay it and so on and so forth. On average I pay a finance charge of $45-$80 on each and owe at the moment a total of $2100. I have both internet and store loans with Check n Go, Payday Today, Money Tree, Advance America and Cashnet.

About your internet pdls, they are illegal in CA, they did a press release on Sept. 8, 2006. You need to get in contact with your state's AG office and file complaints.

Thanks- that is good to know.

The loan companies you are dealing with are discussed in this forum. Do you see a search box at the top of this page? Put the company name in that box and you will find links on which people are discussing them. Below, the payday loan laws in CA are given. Compare the charges with your bank statements and figure out if you have paid anything excessive.

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Steelers, do you have the link to the press release that says the latest law in CA?

Here's the link to the press releases banning all internet pdls in CA, they ordered a cease and desist order against them, they would be very interested in these complaints as these companies are blatantly ignoring the cease and desist order: http://www.corp.ca.gov/pressrel/06/corp/nr0609.pdf

And all of this came about because one CA consumer stood up against them and complained. CA stepped up to the plate. They want to know about these internet pdls lending to their consumers without a license, they will go after them.

Thank You!

You are very welcome! Now go after them! File the complaints against each one of them they will definately back off and I believe CA is ordering the companies to issue refunds to the consumer!

I feel so embaressed that I let myself get into this situation. Stumbling onto this website and seeing that I am not the only one who has had this problem makes me feel normal again!

Hey don't worry about, it happens! But here is a link to an article, it looks like the govenor of Oregon is going to sign a bill that will take effect in January of 2007, it looks like this new law in Oregon is going to severely limit pdls ability to loan and cut into their profits which may cause them to shut down in Oregon. I stumbled upon this lookin for CAs internet pdl law and found this, granted it is on the Rent To Own site, but I noticed to the right of the page you will find ALOT of articles on pdls and what actions are being taken against them, it also has articles bragging about how great they are as well. Found it interesting thought I would share (http://www.rtoonline.com/Content/Article/Apr06/OregonPassesPaydayLoanLegislation042106.asp)

OK I am on a roll here. Found this "Payday Lowdown", I want to share read the entire page, it tells you what most states are doing to these pdls and it looks like Canada is going after them as well. I stumbled upon this as well when looking for CA law, I want to share them as I find them, it is a must read and read through it all. INTERESTING. (http://www.paydayloanlowdown.com/news/index.html)

I read in the article that four payday loan companies are undergoing actions and enforced further actions on other 40 companies. The govt legally asks any internet loan company to be licensed by DOC under the California Deferred Deposit Transaction Law. So, that doesn't ban internet payday loan companies, right??

If they want to loan they need to apply for a license, and getting a license isn't as easy as paying for the fee etc....I know in OH it has strict guidelines so not just any company can get a loan, and the ones they have gone after are banned and anyone filing a complaint against an unlicensed (might as well say all of the internet pdls) it is probably unlikely they will be able to get a license and will be banned as well for already violating the laws once.

So, technically speaking, the company has to follow the laws before lending in CA which most internet loan companies don't do in many other states also. So, I understand that CA doesn't ban payday loans, if the company has a valid license in the state.

That is right, they can operate so long as they have a license, but majority of these internet pdls aren't licensed and I think CA would probably make it difficult for them to get a license and they probably don't want one because they would be watched closely and they can't gouge people's pockets with illegal rates.

I have six (6) and am loosing my job (being eliminated) and need to be able to get rid of them asap.

Barb, Welcome to the forum. What state are you in? Also are these internet or storefront? Register and have a debt counselor call you. Also search the site for valuable information. You have to become informed of all your options in dealing with these people. It never hurts to be informed. Good Luck KYSIDE38

I live in PA and am behind or have defaulted on 7 or 8 PDL's that I've gotten online since the end of July. I'm pretty certain I have paid back the principal amount I borrowed on all of them but they continue to debit my checking accounts, even when I've called them to tell them that I was overdrawn (from all of the debits hitting my accounts plus the NSF fees accrued). As a result, I am over -$1500 total in both checking accounts and they are on the verge of charging off. My last car payment bounced because my account was in the negative because of all the debits the comapnies were doing. I am tired of all the harrassing calls to my work & cell phone. One company, GFS I believe it's called, even called me back twice after I hung up on them and a "supervisor" there told me me that if I didn't pay them over the phone right then and there, they would come to my place of employment, embarrass me and attach my wages. What can I do to end this insanity??? Should I get a consolidation loan to pay them off? Stop paying them all together? HELP!

Me and my husband have gotten trapped in the payday loan cycle both internet and store front. This has caused one of our checking accounts to become closed and we owe not only payday loans we owe the bank. We have kids and we are at a point we don't have money for the basics...is there anything that we can do in Alabama

Here's a link to AL
http://www.paydayloaninfo.org/state_detail.cfm?id=AL pdl laws and with contact info:
I would definately file complaints with your state's AG office regarding your internet pdls, as they are probably not licensed to lend in your state and you possible have a good chance getting them marked paid in full if you have been paying on them for some time. You will need to work out a payment arrangement for the storefronts, and it looks like your state allows this, I would check with your AG's office about the closed account issue regarding the storefronts because you didn't close the account the bank did.

[color=red]Link Corrected - Mike[/color]

Let me try posting the link again, it doesn't look right and didn't come up when I clicked on it, maybe it's just my computer.http://www.paydayloaninfo.org/state_detail.cfm?id=AL

Does anyone know about zipcash being licensed in Texas.

i had 6 different pay day loans from onlin request. i stopped paying because the account i used was closed i paid for a couple of months. i never received a notice from them. one collection company said they would be sending me to court for internet fraud. is that possible

Please start a new topic with the following information:

-Names of each pdl company.
-Whether they are store front or Internet.
-How much you borrowed.
-How much you paid so far.
-The state in which you reside.