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I have several payday loans in default in Ohio. I can only afford to pay back a small amount each month. The lenders have attempted to withdraw the funds from my account to the point that they have caused me to have a large amount of bad check fees. So my bank closed my account due to a large amount of bad checks. Can you help me?
The companies were internet lenders as follows:
Check N Go - $500 borrowed $916 owed
Cash Net USA - $300 borrowed $215 owed
The Cash Line $750 borrowed $1000 owed
Payday loans are legal in Ohio and hence you're liable to repay both the principal amount and the interest rates on the loan. You can opt for debt consolidation of your payday loans as this will alter the debt repayment schedule and help you make affordable monthly payments.
Both Check n go and Cash Net USA are licensed lenders. You owe them both the principal and interest. You may try to negotiate with your licensed lenders and set up a payment arrangement with them. Otherwise they can sue you because of nonpayment of debt.