Need a little help

[BUD]

Me and my wife have a Payday loan out and with gas prices back to 2.75 again(they were 2.52)we no longer can pay the loan.Its the type of loan where you write a post dated check and they give you cash for that check and come back two weeks and paid the loan off(plus a $45 fee)Then you have no other choice but to write another check.Payday loans have hurt a lot people and some states are now illegal!!!!I have thought about putting a "stop payment" on the next check so that way it want draw the bank short.Then they will have to send it over to collections any opinion.

[GalvestonDuck]

I've seen news stories about those guys -- some of them have rates out of this world!

But can't you pay just interest plus a small amount on the loan instead of paying the entire loan off after two weeks? So, by paying installments, it takes longer to pay off and you end up paying a lot in interest, but it might help in this situation because you'll still wind up with most of the rest of your paycheck left instead of losing a whole chunk of it to the loan sharks after two weeks.

[BUD]

I've seen news stories about those guys -- some of them have rates out of this world!

But can't you pay just interest plus a small amount on the loan instead of paying the entire loan off after two weeks? So, by paying installments, it takes longer to pay off and you end up paying a lot in interest, but it might help in this situation because you'll still wind up with most of the rest of your paycheck left instead of losing a whole chunk of it to the loan sharks after two weeks.

No,I wish.If we do not have the money they will cash the check and then our bank want cash it.BUT if we put a stop payment on it then it go's back to them as stop payment.Your right about one thing there Loan Sharks!!!!I seen one time where they came in on a girls job and waited until she got off from work to ask where there money was.If that was me I call the cops and have them removed from the place of business.

[angelwing]

I made the great mistake of taking out payday loans BEFORE i found out how bad they were...welll,lets just say I don't have a bank account on account of them

[CajunMama]

Bud, you entered into a contract with Payday Loans. You readily accepted their terms. It is your obligation to pay them back. By defaulting on a loan no matter who it is from can hurt you in the future. When you try for another loan elsewhere or seek other employment. You may be able to set up payment arrangements with them but if i were you i would try to pay them off and do without some things for 2 weeks. I read where their interest rate is 400% which is legal.

[BUD]

Bud, you entered into a contract with Payday Loans. You readily accepted their terms. It is your obligation to pay them back. By defaulting on a loan no matter who it is from can hurt you in the future. When you try for another loan elsewhere or seek other employment. You may be able to set up payment arrangements with them but if i were you i would try to pay them off and do without some things for 2 weeks. I read where their interest rate is 400% which is legal.

I wish I could pay them off but cannot me and my wife just got our hours cut.The owner said it today that our labor hours cannot go over 16%!!!!Our credit is lower than lower anyway.Another loan never never again!!!And in SC there is a law where a employer cannot check your credit history.Only can check and see if you were in jail.I wish they would do payment arrangements but they will not.

[Regit]

Those Payday loan places are rip-offs. I believe SC is going to make them illegal in the Fall legislative session.

I think this is simply a case of learning a lesson. As for stopping payment on the check, I'm sure this happens to these companies frequently, and your contract likely says what will happen to you if you do that. I know that you have to have a reason to stop payment on a check. If you signed a contract allowing them to cash it and then tell the bank there is a problem, you may find yourself guilty of bank fraud.

But you will indeed have a bad mark on your credit. As for the employment, I notice you live in North Myrtle Beach. A lot of the employers in NMB are based in North Carolina. NC has no such law against running a credit check.

[TexasStooge]

You know what the biggest joke is? A PayDay Loans Facility is soon to open here in Irving, TX.

[Janice]

I say if you get stuck with using one of these loans, pay it off quick and get out. I would even try to borrow some money from a bank or credit union and pay it off.

[alicia-w]

According to this website:

If you cannot or do not repay the loan, the lender can seek a money judgment against you for the face amount of the check and court costs; and, if they were disclosed in the contract, any late charges, interest after maturity, and NSF fees. Once a money judgment is obtained, a lender may attempt to garnish your wages.

Payday loans may be helpful when you are having temporary cash flow problems or are facing a financial emergency and need money on a short-term basis. You should attempt to pay your loan in full when it matures. If you are unable to do that, you should make every effort to pay at least part of the amount financed before you renew the transaction.

http://www.wdfi.org/ymm/brochures/financing/payday_loans.htm

So it probably isnt a good idea to stop payment on the check, but pay a fee to extend the loan. If you cant afford to pay it back, you cant affort to pay court costs, NSF fees, interest, etc. either.

[SouthFloridawx]

Bud,

If I were you I would go in and talk to a manager at that place. I would sit him down and explain to him what is basically going on that you can't pay them back when the contract says you have. Instead of them losing all the money and having send it to collections he will probably make some kind of deal with you. I have taken a couple of payday advances and have been in the same situation you have been in. They were actually quite eager to work something out. They are not happy when you don't contact them at all. All of this is depending on of course if they are will to bend the rules but, usually a lot of places of business are willing to help in times of need. I know there are the other ones that don't care. I have found the key word is Honesty.

[Yankeegirl]

I think your should also talk to the manager or something, they should be able to help you, since if they loose you as a customer they are going to loose quite a bit of money from your interest... not to mention that referals are the number one way compaines get business, them working with you makes them look "better"...