Payday Loan Fairy

I originally got a pay day loan to help out with some bills. Then I had to get another to pay the interest and so on and so on the same thing now I have 10. I have other debt as well and I need to file a Chapter 13 bankruptcy so I can get back on my feet. Can I include the pay day loans even though I had gotten some of them recently but they all are past due as of yesterday?

It's possible, but I wouldn't get anymore as that could put you at risk of being charged with fraud. Talk to your bankruptcy attorney.

I hope this is a good lesson to you and others who read this question. Payday loans and title loans have such a high rate of interest that they can be nearly impossible to pay back. Many of them have payments structured to where you are really paying 400-800% interest! These are predatory lenders. It's better to reduce your bills and go without a few things you might not need than to mortgage your future to these jackals.

2008-12-06 13:25:50 by Phillip D

I am buried in pay day loans and don;t know how to get out from under them and my credit is pretty poor, anyone have suggestions as what to do? or where to turn?

Suck it up and pay them off. You'll have to do without some luxuries for a little while but the only way to get around them is to pay them and not go back for another.

2006-06-27 12:57:46 by dk9113

i got into some trouble with pay day loans and finally had to quit paying on them because i couldnt pay my other bills, but now the calls are coming every day threats of jail, and they have even come in person to my home and where i work. is there any way out of this mess?

The way out is to pay them. They are very good at what they do and they will make your life miserable and ruin your credit. Do whatever you need to do to get them off your back. Good luck!

2006-05-03 19:43:16 by dee_ann

I have 7 small pay day loans out and i'm unable to pay them right now. They have been calling me and leaving threatening messages. They have even called me at work. I don't know what to do or what they can do to me? Can someone give me some advice on this?

I had so many out at once a couple of years ago that I was unable to pay them. I called the state department of banking and commerce and they said that they were illegal in my state. I sent letters to all the payday companies I owed with her contact information and a formal letter stating that they were illegal in my state and they know what states they are illegal in and they will have to deal with the state department of banking and commerce directly as since I they are not legal in my state I am not paying or I will pay they base amount borrowed with no interest.

Most of the companies just closed out my case and only two made me payback the base amont that I borred with no interest.

Lesson of the story- never take out payday loans.

2008-11-18 07:28:14 by Tori Lynn

I have tried to get a bad credit personal loan to consolidate all of these into one. Each paycheck I have to pay out $332 just to simply roll over my payday loans, I havent even begun paying them off. I barley make that much each paycheck to begin with. Does anyone know any other solution. I know this is my own fault, and I was stupid to take these out to begin with, but at this point I am looking for any type of advice. If you have any please let me know. Thank you!

Dealing With Too Many Payday Loans Although payday loans are excellent ways to cover for those unexpected bills that pop up in our daily lives at the worst possible times, people can often be sucked in to costly, high interest loans quickly and easily. The best way to counteract a problem with payday loans is to curb the debt before it begins.

As a good rule of thumb, you should only use a payday loan as a last resort. Also, only take out a large enough amount of money to cover your expenses or tide you over until your paycheck arrives. The vicious circle continues as individuals who rely upon their monthly check find it taken by the loan company to repay the payday loan.

If you find yourself with several payday loans and a mountain of looming interest, know that there are options. Many individuals are quickly overwhelmed with the situation and hastily file for bankruptcy. This should be your absolute last option, but do not panic as there are many more suitable options.

First and foremost, stop taking out payday loans. As soon as you can break the cycle, then you can begin to dig yourself out of debt. Also, before you agree to any loan, research the loan rates and fees.

Second, evaluate your situation. Whichever debt has the higher interest payment should be paid off first. If possible, consider taking out a larger loan with a lower interest rate to completely repay your payday loans. This way, you will only have one low payment each month.

Third, even as you are paying off your loans, you should continue to save money. Many individuals neglect this important step and find themselves without a rainy day fund to use in case of emergency. Instead of turning to a payday loan to cover unexpected fees, consider creating a savings account for those events that seem to happen at the most inopportune time

2007-02-16 07:48:48 by zozosammy

I have borrowed money numerous times to pay off p.day loans only to run out of money and do it again. HELP!!!!!

I don't know if it is an addiction. I know you are in the vicious cycle of payday loans. First, you have to stop spending more then you earn. Prioritize your spending - you have to start sacrificing non-essentials. Anything but housing, food and transportation (take public transportation if available) got to go. You may want to check with a HUD approved debt counselor.

2008-01-28 12:55:50 by Dawn F