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.

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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

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:

Don’t trust any.

Loans Guide answers:

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:

Sunshine6919_2000, I’ve searched all around for a quick payday loan online, and the best one I found, and that I’ve used a several times was http://www.americaschoicetoday.com/Payday-Loan.html – the interest rate is really low and they put the funds in by the next day. I hope this helps you, best of luck!

Loans Guide answers:

Sounds like you are trying to get a payday loan online
Sorry, but EVERY single one of those sites WILL take your info and just farm it out to every payday lender they know. Who knows what these people are doing with your info? Some may even charge your bank account a fee for applying!

If you REALLY think you need an extra $500 and payday lending is legal in your state, you would do better to walk into a payday lender who has a storefront.

The thing is, you need a job, a paycheck stub, utility bill to prove where you live, government issued ID, bank statement, a checking account, and 5 references if you go to a walk in payday lender.

The online ones are just going to sell your info and you will be lucky if you see any sort of loan, and if you do, watch out… They are the worst at debiting your account when you least expect it!

Loans Guide answers:

My mom got one of those on the internet before and they kept withdrawing money from her account way beyond the amount she borrowed. Some of these are major scammers. She closed the checking account when we moved to Nashville but they caught up to her and sent her collection notices and she finally started paying off the amount they claimed she owes and finally she paid it in full but the interest was so high! That’s why she owed so much I guess. It’s not really a good idea to get involved with these things because they’re really not doing you a favor. They aren’t in business for you. They’ll make a huge profit off of you.

As for fixing the situation you’re already in, you should contact each one and make payment arrangemetns. If they won’t work with you then you should probably close the account and start sending them payments to get them paid off.

Loans Guide answers:

Go to where you bank and discuss a payday loan loan with them. In emergencies, often a bank is more understanding than you might think .

Sometimes the Salvation Army will pull through as well,if you have one in your area.

Take time to look into your community for support, but some people don’t have all the options that come with an understanding community. Http://www.americaschoicetoday.com/Payday-Loan.html

Loans Guide answers:

I think it makes more sense to teach Personal Finances rather than Geometry/Calc/higher level math, as most people would benefit much more from learning about interest rates, savings accounts, Roth IRAs, credit cards, mortgages, etc.

Payday advance companies will always exist as long as the market proves there is a need for it. There is a need primarily because children aren’t educated in how to manage their income versus their expenses.

Loans Guide answers:

They are all scams. Go into town and check with one in town.

Any site listed here will be spam, reported, and then get deleted.

Loans Guide answers:

Lets face it, if you need to use a payday loan company, you need money fast, and dont have many other options. That means you are a risk, and that’s why they charge high interest rates. If you’re not that type, but just need quick cash, then fine, use a payday loan place, pay a few bucks for the convenience, and call it a day. They exist for a purpose. Fast, and easy cash. They take the risks, and they hold up their end of the bargain. If you do the same, you will be happy.

Http://loan.deal4-you.com

Good luck.

Loans Guide answers:

Never ever go to a payday lender. How much do you need? Is it really enough to warrant paying more than you’re borrowing? If you absolutely have to have a loan for a set amount of money, go to a trusted financial institution and ask for their rates – right now personal loans are around 9-15% interest, min. Loan at $500-1000 dollars. If you have money in a financial institution, ask them about a share or deposit secured loan. My financial institution is currently offering those loans at 2% above the rate you are earning in interest on that account.

Loans Guide answers:

If you are heck bent on getting a quick payday type of loan, go to a payday place that actually has a store front in your town!!! Payday loans don’t care about your credit. They just want paycheck stubs, utility bill, references, bank statements, and your check book.

The storefront payday loan places don’t charge a processing fee, but they do charge upwards of 400% interest for a loan you will be taking for at max 28 to 30 days. Also, most payday lenders are capped at lending you $425. You would have to pay back $500. You also need to have proof of income to pay that amount back. Just because they can loan up to $425 doesn’t mean everyone qualifies for that amount. If you don’t make the required amount for the $425 it will be less.

Be wary of the online payday lenders. They will debit the heck out of your account without mercy. Many people have had their accounts drained, overdrawn, and have had to close them in order to stop the blood letting!

Loans Guide answers:

Hi
If you looking for a legitimate online loans in 1 Hour.once approved your loan will be transferred directly to your checking account promptly, and securely. Now you’ll be able to use the cash for all your necessities.

Http://bestpaydayloancompanies.com

• 100% secure and processing
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Good luck!…….

Loans Guide answers:

While I agree with the poster above, let me answer your question. You’ll need capital to start making loans. You can get this from friends and/or family. You’ll need to apply to become an S&L with your state as well as file to incorporate.

After that, you’ll need to set up shop by leasing some retail space, buying signs, creating a brand image, getting a business license, etc.

Loans Guide answers:

First step, no matter how bad you need the loan, do not take another pay day loan. Find a 3rd job if need be, but this is the first step to getting out of the cycle. Next see if you could find a friend or relative who will help you out with a loan that has better terms than 99%. Also I would look into opening an account at a credit union, and then asking them for a loan, they seem to be easier to get than typical banks. If all the above does not work, I would just start to pay back the loans asap to avoid paying all that interest. I know this advice seems obvious, but I hope it helps. There are also a lot of websites online that have loans for bad credit ( not sure if you have bad credit or not, just assuming)

Loans Guide answers:

It’s bad enough that you resorted to a payday loan but to have no documentation … Well, they can probably do all sorts of stuff to you.

Call back whoever you initially spoke to and ask the to email the documents. Or at least verify where your payment is suppose to go. That’s where to make payment.

Pay this thing off and never, never, never use a payday loan again. Are you aware the interest rate is more than 300%?

Loans Guide answers:

If you are telling me correctly, it looks like you paid your payday loan and then some. Get the statements and mail copies to the collection agency that you don’t owe them anything. Even if you had to go to court the statments are your proof of payment.

Loans Guide answers:

Go read the discussion about them on this forum:

http://www.debtconsolidationcare.com/paydayloan/progressivedebt-relief.html

Seems some think they are the best thing since sliced bread while others feel they have been duped.

The thing is, it sounds like they do what a lot of debt relief companies do — they have you pay into an escrow account (minus their fee) and when that is large enough they start trying to settle with the PDL’s.