How can you stop the company of a payday loan from taking anymore money from your account? Can the bank do a stop payment if you ask them?
2006-11-03 12:09:35 · 12 answers · asked by Anonymous in Business & Finance ➔ Credit
The banks are the ones underwriting payday loan co. Try borrowing the money to pay off the payday loan co.
My son took out a payday loan of $800.- for a car repair. By the time he told me about it it had ballooned into $4,860.-. I paid it and the found out about that industry. APR was 460%.
2006-11-04 16:11:01 · answer #1 · answered by barbara w 2 · 0⤊ 0⤋
Yes. You can put a stop payment on the check. Typically banks will charge a fee for this service - usually $15 to $30 I believe.
Granted you gave the post dated check willingly - but their interest rates are horrible - anywhere from 300 apr to 500 apr.
I would check with your employer to see about a pay check advance to be repaid by payroll deduction at a lesser amount per month and be rid of the payday loan forever. NEVER go back! Be certain that you have learned an expensive lesson.
Check with your credit union, a consumer loan company, your credit card would even be better than the payday loan company.
Now ... I would also suggest you check with your local county attorney or their equal counterpart in your area of residence. Some will not prosecute for post dated checks because the entity that accepted the check knew it was not good when they accepted it.
And, yes - talk to the payday loan company about stopping their interest from continuing and make payments.
Good luck.
2006-11-04 02:02:42 · answer #2 · answered by chey_one 3 · 0⤊ 0⤋
Many banks will tell you that you need to have the transactions stopped with the company you are working with. I have tried to ask Wells Fargo to do a stop payment for services that I did not receive, but purchased, and they wouldn't. Payday loan businesses are notoriously crooked.
2006-11-03 12:15:16 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It is possible to instanly acquire an advance payday loan as much as $1000 using this service: http://loans.servermatrix.org I acquired our payday loan although I had a very bad credit rating.
2014-08-30 09:02:33 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Shut down the account, and open another at another bank!
........It may be better to call the company of a payday loan and try to reason with them....however you may have signed away something important....look at what you signed, and try to talk to an officer of the company.
2006-11-03 12:18:49 · answer #5 · answered by May I help You? 6 · 1⤊ 0⤋
You possibly can instanly find an online payday loan up to $1000 applying this site: http://loans.servermatrix.org I managed to get our payday loan even though I had really awful credit history.
2014-07-16 00:52:46 · answer #6 · answered by Anonymous · 0⤊ 1⤋
If they are taking money from your bank account and not giving you an advance in return for it then that is theft. If the amount is large enough (cumulatively) it is grand theft. In both cases, if they will not terminate your contract with them and return money they were not entitled to then you have the right to lay charges through the police.
2006-11-03 12:20:08 · answer #7 · answered by St N 7 · 0⤊ 0⤋
You can stop payment.
They have your post dated check right?
If you cancel the check, you committed a felony because you wrote a bad check.
Here is a list of consumer help sites.
Maybe you can find a solution there: http://www.expert-credit-advice.com/consumer_help_links.htm
2006-11-03 12:27:08 · answer #8 · answered by Anonymous · 0⤊ 1⤋
No.
2006-11-03 12:17:06 · answer #9 · answered by carasmom 3 · 0⤊ 0⤋
Check out, please
2015-12-01 20:32:37 · answer #10 · answered by ? 3 · 2⤊ 0⤋