My payday loan is driving me crazy!!

[RobbyJ]

I feel like im literally being PREYED on using the RAPID CASH out here in Utah. they're charging me 25 dollars per hundred and currently im paying 100 dollars per two weeks just on interest?

Is there someone out there that knows of a payday loan debt consolidation company? I don't feel like I can pay off any of my principle!!

[Mo Cheng]

how long have you had your loan out for? 25 dollars per hundred is pretty steep. What I would suggest *payday lenders hate this* is to not pay on the loan. When a loan is past due, the interest stops building. You might get a late charge or two, but its better than the bi weekly interest payments. Save up to pay a bulk amount and clear your balance after a month or two.

[Mo Cheng]

One more thing - beware of this method. If the lender reports out to teletrack or CL verify, you probrably wont be able to get a payday loan from any lender for some time.

[von satyr-masoch]

If we wanted to take a Marxist approach to this problem, we might say that capital does indeed prey on the poor through services like payday loans. I just found a blog post that advocated regulating payday loan businesses out of existence. However, I'd argue that, while yes, they are predatory, the real predators in this situation are the banks. Payday loans offer an alternative to banks, and therefore there is a conflict between banks and payday loan services. Banks try to put them out of the business by exploiting and hijacking the protest movement against payday loans. So, we should be wary of such suggestions, as they would benefit large banks. Perhaps we can imagine a scenario in which payday loan services are able to weaken banks to reduce their power over exploiting the money supply and their monopoly on interest.

[RobbyJ]

Hey Mo -

You're telling me that if I stop paying on the loan, I can stop the interest from building? What if they call my employer?

[Paydayguy]

That depends on how aggressive your payday lender is with collections. My company just started collecting references on our applications. When our customers go default, we're preparing to call their Employers, References, etc. But im also making an effort to tell our customers BEFORE HAND what happens when they do decide to not pay us.

Many payday lenders (including myself) don't collect that aggressively. We just started our aggressive process a few days ago.

[phison]

RobbyJ

I would suggest calling your state regulators or visiting them online at http://www.dfi.utah.gov/ and find out what your repayment obligations are.  Read your contract from the lender that you purchased your loan from.  State regulated lenders such as Rapid Cash follow the legal guidelines or risk penalty, fine or license revocation, so in reading the loan agreement, it should be clear what your repayment obligations are to them.  There is currently "no" repayment plan in the State of Utah, so unless your lender has done something illegal in providing the loan to you, you most like will not prevail in a court of law, you will need to pay off the loan and if still interested, look for a new lender to do business with on terms that are agreeable to you.

[KBathowell]

I feel like im literally being PREYED on using the RAPID CASH out here in Utah. they're charging me 25 dollars per hundred and currently im paying 100 dollars per two weeks just on interest?

Is there someone out there that knows of a payday loan debt consolidation company? I don't feel like I can pay off any of my principle!!

from what I understand there really isn't people out there consolodating payday loans. its just simply too expensive. word of advice, lower your expenses. if you have loans outside of the industry, let them pass due. your better off paying off the principle balance of a PDL than not. PDLs are meant to save you money from your bank accounts from going NSF. When used the correct way, it can save you hundreds of dollars a year. my most consistent customers use my service for that very purpose

[Chec King]

I would advise contacting them directly.  Based on my 10 years in the business, we have always been more diligent with a past due customer that refuses to speak with us or pay us.  If you allow the the PDL company to assume your position, they will always assume the worst.  If they continue to hold thier ground, then my suggestion is the "buy yourself out of the loan".  This means that each payday when you pay the fee pay an additional $25.  As time goes on, you will be "financing" less and eventually be able to make on last payment and be out from under the loan.

You also have the option of Consumer Credit Counseling.  Please be careful if you go this route and make sure that you are working with an organization that is affiliated with CCCS.  There should be no fee from you, the client, as the creditors pay a contribution to support the program.

Good luck and once out of this, just make sure that if you use the service again that you only borrow what you can pay back.