Payday Loan Trouble in SLC

I know there are others on here that know more about this than me and should be on shortly. But have you checked to see if they are licensed in your state. Because I believe if they are not they can not charge interest. But like I said there will be others that can help you with this. So Just hang in there.

The only way that I got a ahead when I was in this mess was to shut down the bank account and then answer to each of them. How many do you have?
Are they internet lenders?
How long have you been paying?
How much did you borrow?
What state are you from?

Some of us may have dealt with some of the companies that you are dealing with. If you provide the information above then maybe I can give you some first hand advice on how to deal with them. You will need to close your bank account and then just deal with them one by one. It will take time and most of them will settle.

I personally feel all payday lenders should be shut down. The set these traps for people and once they get them lured in they stay in debt forever. There also should be laws put in place to how much interest they can charge. I am hoping this is going to be a part of the new changes to be set in place next year.
Good Natured, if payday loans are illegal in your state are you still responsible to pay them or how does this work.

Yes, they go by the laws in there state, that is why they headquarter themselves out of places like Nevada, states that allow it to happen. So, doing it online gives them access to all people in all states, all it takes with someone has a need and a computer and wala, loan in place. Doesn't matter where you are you can get a loan into your account the very next morning. Simple as that.

I see. I guess this how they can get away with it. I always wondered how a person would be responsible if the payday loans were illegal in the state they resided. Guess the world wide web has rules of their own. It really goes to show a person just how bad these these types of loans really are. These people deposit money into others accounts that they really do not even know. What bank would do that. I guess this explains their unreasonable interest rates. Insane.

Normally, they are just a group of investors that pool their money and lend it at a very high intrest rate, it is perfectly illegit, (no pun intended) it takes two to enter in the agreement, the borrower and the lender. If there is money to be made then there will be a bunch of investors there to put their money up to make a few more bucks. greed, greed, greed.

I had to do a title loan once and they are no better. There interest rates are sky high as well. That was the biggest mistake I ever made. But I had no choise I needed the money to pay my attorney so I could file bankruptcy. And no I couldn't include them they were a secured debt. That is if I wanted to keep my car. But after I got my first bill I wish I would have. Because after I would have paid them everything I owed for the term of the contract I could have bought a new car. Thank god a friend of mine lent me the money to pay them off. I just hope I don't have to do that again. But never say never.

You can try to consolidate them. I have read on here when some people done this they couldn't afford the payments. But it could be different for you. And plus I don't think it hurts you credit that bad. And then there's the debt settlement and that is when you try to settle for a lesser amount than you owe. But I think that does hurt your credit. There was a non profit agency that was posting on here by the name of freedom they seemed pretty legit. But always do your homework before dealing with any of them. To many scams going around.

It doesn't hurt it as much as a bankruptcy but it is close, I think that future lenders look at it closely, some look at it badly while others look at it and try to decide can you afford payments on a loan that you are looking to get.

Different lenders see it different ways, depends on who you are dealing with.