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

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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.

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

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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

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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:

Do this online and you will regret it so bad it will make you cry.
The online loan scam is easy to operate.
And scams are very popular

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I wouldn’t use those consolidattors – they’ll ding your credit report and charge high fees.

If you’re really solid financially and can pay it off, I would try to get vetted by prosper.com and see if you can get a small loan to float this off – you may need to do one small loan and pay it off to show that you’re credit worthy.

Loans Guide answers:

You have to have a checking account in order to get a payday loan, so you would just write “Void” across one of your checks and present it to them.

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IF YOUR CREDIT IS GOOD ENOUGH , YOUR LOCAL BANK .

I’ve bookmarked this site…

Http://loan.deal4-you.com/

All the best to you.

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Pay day lenders do report you to credit agencies. I have seen many people come into the bank to apply for a loan (auto, consolidation, personal, etc) and when their credit is pulled they have dozens of loans from payday lenders. No lending officer in their right mind would loan money to someone that uses a payday lender as they have proven they can not manage their income properly. Besides the fact, people using payday lenders typically don’t pay bills on time so their credit score is likely lower than average.

So, given the fact the credit score is lower and a payday loan is a derogatory credit note, lenders can deny traditional loans without violating the Equal Credit Opportunity Act.

Loans Guide answers:

Avoid the cash till payday loans like the plague! These are nothing more than legal loan sharks.

Instead, look for ways to make extra money yourself. For example,

1) cut your cable tv
2) sell something
3) get a part-time job
4) increase your withholdings (ensure that you don’t go overboard or you’ll owe the IRS).

Whatever your situation is, ask yourself a different question. For example, if you need $500 in a week, simply ask yourself “how can I get $500 in a week?”. Begin to brainstorm ideas.

I hope this helps.

Scott…..

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Question:
How will she pay the pay day loan back?
She has no money and she has no job.

She needs to call the local salvation army, YMCA, united way or red cross. They will help her somehow…

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Do not do this!!!!!! Interest is WAY high. You will never get it paid off without paying 100 times what you borrowed.

I am not joking. I honestly found a website where the APR was between 405% to 1460%

If you don’t believe me look here:

http://www.soniccash.com/disclose.aspx#

then click on APR disclosure

here’s more:

http://www.fastbucks.com/apr_disclosure.asp

http://www.nationalpayday.com/faq.htm

scroll to bottom of page

This is off of wikipedia:

A payday loan or paycheck advance is a small, short-term loan that is intended to cover a borrower’s urgent expenses until their next payday. Typical loans are between $100 and $1500, are usually on a 2 week term, and usually have interest rates in the range of 390 percent to 900 percent (annualized). They are also sometimes referred to as cash advances, though that term can also refer to cash provided against a prearranged line of credit such as a credit card.

Loans Guide answers:

Georgia outlawed payday loan companies a few years ago. Lucky for you. Figure out some other way to deal with your emergency. Payday loans make loan sharks look good.

Pawn something, collect aluminum cans, mow some lawns — if you look hard there’s some other way to get that emergency money.

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Beware what you say to the collection agency for at this point 4 years I will bet the statue of limitations has run an you can not be sue in civil court, but if you agree to make payment, or other agreement the statute of limitation clock resets

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Don’t trust any.

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Do not get the online payday loans. If you have to get a payday loan, at least go to one where you walk in a store and talk to the people who run it.

They do not run your credit, they go by how much you make in a pay period. The most they can lend is $425, and you will have to pay back $500. You will have to bring in your paycheck stubs, check book, a utility bill with your name and address on it, drivers license, possibly your SSN card and a pint of blood (ok, that last part was just being funny)

They will charge close to 400% interest on the loan, and a lot of people find themselves in a revolving cycle of just renewing the loan and paying the fee or interest. They are very difficult to get out from under.

Do not do this if you cannot get it paid off in the time frame of a month. Otherwise, you are going to get sucked into the cycle.

The ones on the internet tend to debit your checking account on the day the loan is due, and if it isn’t in there, you get slammed with not only overdraft from your bank but fees from the payday loan.

Also, the ones you go to in person, you have to pay them back in cash..they do not cash your check. (unless you don’t show up to pay them..LOL)

Also, be aware that in some states, Payday loans are illegal, and if you are in the military you can no longer get a payday loan.

Loans Guide answers:

Oh, they’re all real. The payday loan business is almost more profitable than drug dealing, who wouldn’t want to be a real lender?

The money they lend you is real, and so are the phenomenally high interest they charge. That’s the most real part of all.

Are you absolutely, 100%, no-doubt-about-it, completely and entirely CERTAIN that you will be able to pay back the loan? You better be. Because if you don’t, you will end up owing thousands of dollars before you can blink an eye.

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Wow – I will have to disagree with all these answers.

I have personal experience with this.
A payday loan place is not like credit.
You are essentially writing a bad check – which is a federal offense.
When writing a bad check – they will take you to jail.
It’s FRAUD.

I had a friend that wrote a bad check.
They came to her apartment – all the cops lights were on.
They took her away in handcuffs and left her kid with me.
I didn’t even know what to do with that kid.
/

Loans Guide answers:

I don’t think the reason that payday loan office didn’t asked to check your credit before giving you the cash advances was because they knew you. Most all payday loans, or cash advance, services do not require credit checks. You mostly have to prove your identity and that you have the ability to repay it.

Payday loans get a lot of criticism mainly because people always unfairly compare them to regular loans like you would get at a bank. Those are set up with monthly payments installments that you pay back over time. A payday loan is exactly as it sounds “Hey loan me a few dollars until my next pay”. Which means in about 7 to 14 days later the full amount that you borrowed, plus the fee, must be paid back. So, of course, if you compare the two then the payday loan interest rate will appear extremely high. Many people say that comparing cash advance payday loans to regular traditional installment loans is apple and oranges. But I feel since they are actually both loans it more like comparing oranges to a grapefruit.

But that was my little rant I needed to get off my chest. The truth is there is the potential for a lot of people to get in trouble with payday loans because they misuse them, keep renewing them, and become dependent on them. However when cash advances are use only as they are intended, like for emergencies (the car breaks down, the ac goes out, etc) they are an absolute life saver.

I’ve needed to use them in the past. My car actually did break down. I didn’t have any other way to get to work. I could not afford to miss any more days. So I feel the payday loan very much help me keep my job. But I paid it off… And I didn’t go back and get another one next week.

Ryan M’s response is not helpful at all. It isn’t even an answer. So he’s on the wrong forum. I think we all already know there are better options (for those that can get them) and payday loans are kind of a last resort.

So far Kristin Chapman has the best answer.

The main difference between getting a payday loan online vs. Walking into a business is, of course, convenience. And you will have to give them your banking information. Because all of the online payday loan companies I’ve checked out will deposit the money directly in your account. And on the date it is due, they will draft the money directly out of your account. They will contact you by phone first. They will give you all the necessary information. Including the exact date, and the exact amount, you need to have in your account to repay it. Then you make the decision whether, or not, to accept the cash advance.

This web page helped me a lot. It explains everything, and has a link to submit an application if you choose to:

<a http://www.badcreditassistance.com/payday_loans.html

Loans Guide answers:

Pull your credit report to see if anyone has you listed in default.

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DEFAULT and settle. CONsolidation loans actually make Payday loans look sane.The companies can be trusted, TO RIP YOU OFF.

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You will not go to jail but they might take you to court — with the interest that payday loans charge you had better get them paid off before you pay any other bills!!!

Loans Guide answers:

You will need a debt consolidtor that specializes in payday loans. They will probably need some collateral to secure the consolidation.
As far as closing your account, depending on what state you are in, you have left yourself open to bad check charges, ( I mean charges brought against you in a court of law) and the punitive damages thereof.
Depending on your contracts you are also open to direct garnishment of wages by the lender, or court ordered garnishment.
The longer you wait to work on a fix the worse the situation will become (and interest!!).
Good Luck

Loans Guide answers:

Debt consolidation programs will not help with payday loans. They won’t budge on the payments or interest rates.

See if you can get a credit card with 0% interest on balance transfers and pay them off that way.

If that doesn’t work, www.CashCall.com doesn’t look at your credit and you pay them once a month, not every payday.