Your Questions About Payday Loans

Loans Guide answers:

You payday loans probably are not showing on your credit file. You can get a copy of your credit report and check (AnnualCreditReport.com).

However, if you had to resort to payday loans to begin with, you are probably going to have trouble finding a lender to give you a loan big enough to pay off those loans. The interest will be high but no where near as bad as that 600% range of payday loans.

Loans Guide answers:

Most states have abolished ‘payday’ loan companies, so I’m somewhat surprised that Utah still allows them. Anyway, what you really want to know is this: do the Utah state ‘usury’ laws apply to me when I applied for a ‘payday’ loan. Yes, because Utah obviously allows these establishments the rights to do business, you are protected by usury laws; however, I suspect somewhere in the storefront you entered for this loan, you will find ((I suspect inconspicuously) a frame advising all clients of their rights. Usuary laws protect state residents by establishing a ‘cap’ on what payday loan companies can charge as interest. You might want to do an internet search for utah’s usury laws. There you will get the answer you’re looking for.

Loans Guide answers:

Sometimes you can get a personal loan from your bank.

Loans Guide answers:

1. Tell the lender that you need to work out arrangements to repay in installments. A few states require lenders to provide extended payment plans (Alabama, Alaska, Florida, Illinois, Michigan, Nevada, Oklahoma and Washington). If your lender refuses to work with you, contact your state regulator to ask for help.

2. Stop lenders from taking money directly from your paycheck. Read your contract to see if you signed a voluntary wage assignment clause. If so, write a letter to the lender to revoke that agreement so the lender won’t be able to garnish your pay from your employer without court approval. Mandatory wage assignments as used in some payday loan contracts are prohibited by the Federal Trade Commission’s Credit Practices Rule.

Hope this helps.

-Michael

Loans Guide answers:

Yuck…payday loans stink. There’s a reason they’re popping up all over in lower income areas—they’re very profitable.

I’m sure there are loans that you could use to consolidate. I would try to get a 0% APR credit card, but you’ll have trouble with your marginal credit score–just like with any other loan.

You should consider selling assets–car, junk on ebay, etc to pay this thing off ASAP.