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I ended up taking out a payday loan to relieve some financial stress between jobs. I ended up in a cycle of getting new ones, just to pay off the other ones and now I'm behind. I live in Pennsylvania and I'm not too sure of the laws here. Here is a list of my creditors and amounts:
Great Plains: $400
My Cash Now: $400
Yellowdale: $200
US Fast Cash: $300
I need help to know how to get out of this vicious circle. I am in the process of trying to close my checking account to stop them from debiting them, but is it legal for me to do that? Any help would be greatly appreciated!!
Payday lending is prohibited in Pennsylvania. That means all lenders in this state are illegal. Simply pay back them the borrowed amount and get out of this cycle. Close down your old bank account and open a new one to stop debiting money from your account. Don’t pay them any interest or fees.