Forums
I have four payday loans out, in various stages of repayment. However, the amount coming out of my check each pay period is a little more than half of my check which doesn't leave me enough money to pay the other bills. I live in New York State and just found out that Payday loans are prohibited in New York.
What should I do? I saw information about consolidating loans but then also read that they are rip-offs and not to do them. I thought about closing my bank account and going to a new bank but also read that it could cause other problems. Any advice or help would be greatly appreciated. I am at the point where I may not be able to make my rent at the end of this month.
I may not be able to make my rent
Welcome to the forums!!!
Payday lending is prohibited in New York. That means all of your lenders are illegal. You owe principal only. Don’t pay back them an extra dime other than the principal. Close down your old bank account and open a new one.