I have about 5 payday loans, and now I cant afford to pay them. I was thinking about closing my checking act, and then making paymnt arrngment with all the payday loan places. What do you think? Do you think its a good idea. I keep paying them and having no money for my bills. HELP!!!!
What should i do about my payday loans?
they can't work out a payment plan with you until your check bounces.. after that, you can make payment arrangements with them, but if you fail to show up and pay when you say you are going to, they can ACH your bank account at any time.. if you have a closed account, then they obviously cannot continue to try to take you funds out.. i wouldn't recommend closing your bank account, just let the checks go through and bounce and then make arrangements, and stick to those arrangements!! and i agree with the guy that said these loans should be made illegal!! many people mean well when they take one out.. they don't intend to not be responsible and just pay it off quickly, but the reality is that it gets too overwhelming for them to handle because the interest is so ridiculous and the payments always fall on bad pay days after a while!! another thing you can do is just knock each loan down a notch every time you take it out.. i know it sounds hard, but it will be worth it and they will be paid off in no time at all!! or maybe you can find a family member to front you the money to pay them all off?? whatever you do, i wish you good luck!! i know how bad those loans suck!!
What should i do about my payday loans?
p.s. defaulting on your pay day loans doesn't hurt your actual credit, it only hurts your teletrack credit, which basically is for getting pay day loans and other small loans at furniture stores %26amp; such.. BUT, eventually they will put it on your credit credit if you refuse to pay.. Report It
What should i do about my payday loans?
this is a situation that a lot of people will get into now that payday loan places are on about every corner, I would go in and talk to everyone of them and try to set up payment arrangements, and see where that gets you, on the other hand this is going to hinder your credit report a great deal, I would talk to you bank and see about getting a personal loan to pay all of these off with a payment that you can afford this way you don't end up paying so much and hurting your credit score prosper is a great place to get a loan, or you can visit my blog and there is a lot of information about getting credit and loans there, I hope that this has helped you and remeber once you get out of them never get another one again! Best of Luck.
What should i do about my payday loans?
Just tell each one of them your situation, and try to work something out. Then, never get a payday loan again.
What should i do about my payday loans?
My wife used to work for a payday loan store. They should be made illegal. But, you can set up a payment schedule with them or some payday loans even do consolidation on all your payday loans for less interest.
If you do not talk with the payday loan store, then can take the money from your checking account (if you keep it open) whenever you have enough money in there.
Shoot for consolidation at a lower interest. Your bank might even do that for you.
What should i do about my payday loans?
First, you need to stop taking advances on your paycheck. The rates they charge are very high and end up costing you more than if you had a late fee on your bill in most cases.
It is not easy to %26quot;stop taking advances%26quot; when you are behind, but try calling your creditors and see if you can adjust your due date by 2 weeks without a penalty. This will get you through the short term situation.
Closing your checking account will only make matters worse as you will go into the system as a potential bad customer and probably won't be able to get another account until your bills are paid off, both with the bank and the check places.
If you only get 3 of the 5 loans paid, it is better than defaulting on all 5.
I wish you luck, but it's hard to get past the first few weeks without money. Once you have stopped using the check places, you will find those extra few dollars in your pocket beat paying it to someone else, and you actually have money for yourself.
What should i do about my payday loans?
Your biggest issue is that you are not living within your means. You can slice it a million different ways, but until you either get more income or reduce expenses, you are going to be right back where you started.
Learn to budget!
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