Loans Guide answers:

I doubt that there are any legitimate ONLINE payday loan places – I sure as heck would not use one online – most or all are brick and mortar stores

Loans Guide answers:

Why take a chance with a bad situation? If you are going to do this, at least work with a brick and mortar lender who you can check on locally. Online is a recipe to get ripped off.

Loans Guide answers:

There aren’t any. Just a bunch of scams, avoid online loans.

Loans Guide answers:

Payday loans are a big scam and a bigger rip off they charge like 200% on the loans and cry if you are 2 days late so stay away from

Loans Guide answers:

Someone I work with was in a similar situation and closed her checking account as well. They have harassed her – this was about 2 months ago and as far as I know they haven’t done anything else. She was actually advised by a debt consolidator to let them default … The thinking being if they are sucking every dime out of you and you can’t pay your rent, car payment, etc. You are not getting ahead and debt consolidation companies can’t help you with the payday loans until they go into collection. Payday loans are illegal in some states. I would 1) check with your state attorney general’s office to see if they are legal in your state and whether you have any recourse (the fees/interest they charge is absolutely ridiculous – even relief from that would be helpful) 2) call legal aide 3) if you can’t work out an arrangement with them and your situation warrants it call a debt consolidation company one of the reputable ones (check your state’s attorney general’s office for recommendations) and 4) never ever take out a payday or title loan again.

Oh by the way, I’m not an attorney or anything but I do not believe you’ve committed fraud. Fraud would be if you took out the loans under someone else’s name. You’ve defaulted on a loan and yes they can pursue collection activity and take you to civil small claims court. But they can’t sue you for fraud.

Good luck!!

Loans Guide answers:

I agree with Monty. The best way to consolidate these is given they fell into collections. Payday loans are often referred to as secured debt and cannot be consolidated (again, unless they fall into collections). Debt management may be able to help though.

Loans Guide answers:

I have read your previous questions.
You have been asking for loans for bad credit for over a year now
Sounds like you fell for a scam at the begining and have never pulled out

You need help – stop making loans today
There are no debt consolidations programs for this
Anything you see online will be yet another scam company
You don’t need any more scams in your life

Loans Guide answers:

How much equity? What is that number? 1mil? LOL

If you actually have that much equity in your home, why did you need a payday loan to the tune of 6k anyways?

Approach your lender and see if you can get a home equity loan to get out of this sinkhole you are in.

Loans Guide answers:

I don’t think pay day loan companies work with debt counselors or consolidation firms. You’re stuck. Pay them off immediately, no matter what you have to do and never go that route again.

I have posted several answers about pay day and title loan practices. It is a total rip of and you’re just playing with legalized loansharking at its worst. At 435% or more per year in interest, there is no possibly way to repay the debt with your actual income stream. You are upside down the moment you borrow the money, even if it is only $25.

Borrow the money from a more favorable lender, even friends and family to retire the debt with the sharks and move on. Best of luck.

Loans Guide answers:

About 6 months ago I found a company for payday loan consolidation if I remember well I think this was the link to their website:
http://www.financeconsultant.org/reducedebt.html

Loans Guide answers:

From your posting, you don’t have a debt consolidation company. You have a Debt Settlement Company (DSC). Major, major difference. Here’s what debt settlement companies do.

Debt consolidation companies do not exist. They may exist in name, but they are truly Debt Settlement Companies.

You pay money into a DSC account. About 3 months worth of those payments go to the DSC for “administrative fees” to set up your account, etc.

They tell you to stop paying your debts and instead pay money to the DSC. They use that money to establish an escrow account (after you’ve paid the administrative fees). They make offers of payment to your creditors. If the offer is accepted (for less that what is owed), you’re done with THAT debt.

The DSC makes promises that they cannot keep. They will promise you that they can settle your debt for less than what is owed. Actually, they have no control over that. They will try to settle your debt via “extortion” saying to your creditor, “What we offer is better than nothing because if our client (you) files for bankruptcy, you’ll get nothing.” (or something like that).

With that statement, your creditor will probably begin court proceedings to get a court order to seize any cash assets you have to settle the debt IN FULL.

If the DSC can’t make a settlement, you continue to pay until they can. If you don’t, their obligation to you is ended. You get no money back because through creative bookkeeping, your finds were consumed by other fees and collection costs.

Just Gooble “pitfalls ripoffs of debt settlement companies”

Loans Guide answers:

I know someone who worked for a payday loan.

If you are using a payday loan company, your credit must be bad.

My advice … Don’t renew it. If you don’t renew it, they can’t recharge you interest. Simply tell the person that you don’t have the money, but that you really, really want to pay the loan off and that you take it seriously. Make regular payments WITHOUT renewing the loan.

Payday loans don’t send your account to collections for two or three weeks. Once collections calls, tell them that you are very sorry and that you are working really hard to pay the loan and when you can you will renew the loan. BUT DON’T RENEW THE LOAN until the loan is just under 2 months overdue … But ALWAYS make payments down on the loan every week or two.

Always reassure them that you will be paying down your loan and bring money as frequiently as possible. It’s better to bring $300 in incriments of about $75 each time spread over a week or two. The number of payments will show that you are really trying your hardest. If you swear at them or hang up, they might send you to court. If you appoligize and tell them you are bringing in a payment in a few days they won’t send you to court, most likely, until after 2-3 months after the loan is due.

Never pay the interest amount in one day. So if your interest is $200 per two weeks, bring in $150 and tell them you will try to renew it in a few weeks. Then a few days later bring your other $150.

Whatever you do, don’t bring enough to pay the entire interest at one time. Bring an amout under the interest, then later that week paydown more of the loan.

P.S. Take all of your money out of your bank account. If they find the money in your account with a funds availabiltiy check with the bank they will take it ! Go to the bank before your cash advance company opens for business on a payday. You might want to get a second account at a different bank where you take your funds out of your one bank account and bring it to another … Or have your direct deposit /check deposited into the new account temporarily so the payday loan sharks can’t intercept your money and then you don’t have any money for bills.

Good Luck

Loans Guide answers:

I’ve been in your place before and had to suck it up and borrow the money from my parents(I was 23). If you don’t pay them, they will get a judgement against you and garnish your wages:(. I really don’t know about any of these places that say they will help you, but nothing is free and I wouldn’t put to much faith in them.

Loans Guide answers:

I think that will be difficult, I don’t promise anything but
perhaps you’ll find some help here :

http://credit-cards.ebookorama.com

http://credit.ebookorama.com

http://credit-repair.ebookorama.com

and here http://finance.ebookorama.com
good luck!

Loans Guide answers:

Please, please, PLEASE whatever you do…DO NOT take out another loan to pay off payday loans! You cannot get yourself out of debt by creating more debt!

Most of those “payday loan consolidation” places are a scam created by the very same predatory payday lenders themselves! You will find that they will not only take your money, but none of your payday loans will be paid off and you will end up in even worse financial condition
—————-
Visit the forums at http://www.debtconsolidationcare.com/ to get completely free help, advice, letter templates, and contact info from others who have suffered with the same financial stress you are going thru.
/

Loans Guide answers:

I highly doubt that consolidating them or having more than one is illegal. You should be fine.

Loans Guide answers:

I don’t know of any that handle this type of transaction because it leads to legal action because you have written a hot check.

Loans Guide answers:

First of all…avoid payday loans at all cost! These are as big of a rip off as rent-to-own stores. They prey on the financially uneducated and humans natural tendency for instant gratification.

Now that that is said. There is no secret to paying off debt. Simply pay as much as you can as quickly as you can to get rid of it and never go back there again.

Even if there was an option to refinance with a consolidation company, you would just be moving your debt to someone else. Sure, they’ll give you a “lower monthly payment”. But you’ll be making that payment for the rest of your life (or 30 years or whatever.) There are instances where refinancing to get a lower interest rate makes sense, but, it won’t apply to payday loans.

Loans Guide answers:

I doubt you’ll get a consolidation loan for 2200$, it’s not enough.

Try to find a personal loan, at your bank or credit union.
A co-signer or any assets (investments, car, boat, house) to secure the loan will help you to get accepted.

Or you can do anything to earn more money : sell stuff on eBay or Craigslists, rent a room for a few months, etc.

Good luck !

Loans Guide answers:

Debt consolidation is an option, and you should look into it. Just be careful about WHAT you’re getting into. Some plans, because of their higher APR rates get you into more trouble than you were.

Also, some lenders look poorly upon it later on. Some institutions believe that it really is a black mark. It will depend upon the types of deals that your particular company or lender work out, and of course, your own individual circumstance. For some with absolutely NO way out, debt consolidation is a welcome option.

Take a good hard look at all the options and plans offered, and don’t let a single company pressure you into something you just can’t do. Make sure that you’re comfortable with the plan offered before you commit to it.

In any case, it doesn’t hurt to investigate debt consolidation as an option. It doesn’t cost you anything to find out more information about it.

If you want a place to start your investigating, there’s information and listings for debt consolidation providers on the page listed below. You’ll probably find something of use there:

http://axalda.info/debt-consolidation.html

Loans Guide answers:

Before you sign with a debt consolidation company, you should look into getting a second job, selling things you can live without, and/or cutting your expenses in order to pay off the payday loans. A debt consolidation company is going to cost you money and may reflect on your credit report, which you do not want.

Can you borrow from a relative to get you through? Or use a combination of the above ideas + your 401k to cover your loans?

Loans Guide answers:

Practically any type of loan can be wrapped into the debt consolidation process. Common types include finance charges, late fees and overdraft charges, credit cards, personal loans, utility bills, medical bills, car loans, store cards, gas cards and back taxes.

Http://www.worldbestloans.com/

Unlike bankruptcy, in which debts are cancelled and your credit rating collapses completely, debt consolidation loans are essentially a type of refinancing, where several old loans are replaced with a new one that has more favorable terms.

Loans Guide answers:

A word of advice: before you pay off those collections, try to negotiate with them that they will take all mention of the problems off all the credit bureaus. IF SO, GET IT IN WRITING! They want the money, they are negotiable.
How would you be doing this consolidation?
About reloaning with the loan company: it is up to each company to qualify or reject you. If they went to collection, typically they figured you would never pay them so a collection company paid them maybe 8 – 25 cents on the dollar and just try to get back what they can from you. Thus the lender may have already absorbed the loss from you and not be so open. Maybe if you have a good reason, like health problems.

Loans Guide answers:

Direct Consolidation Loans allow borrowers to combine one or more of their Federal education loans into a new loan that offers several advantages.

Loans Guide answers:

You need to use the snowball method. Get rid of the one with the highest interest while paying the others with a little more than just the minimum payment. Then once that debt is gone, combine that with the minium to pay the second one, just like a snow ball!!