I got sucked in to one of these pay day loan places about 8 months ago. The interest is so high that every time I get paid I am now returning to pay off the interest and get ANOTHER loan until the following pay day. I am never going to get back on my feet like this and with the holidays it's even harder. I am spending $200/month in cash advance fees. I have every intention of paying them back, but what if just waited until I had the full amount saved up before I went back there? Ignored their phone calls and just waited until I had the loan amount to give in full? I know it sounds shady, but I am sick of this horrible scam I have fallen victim to.
2006-12-01 06:36:19 · 6 answers · asked by Jennifer L 2 in Business & Finance ➔ Credit
In Ohio, it is very common to see lawyers for these companies in small claims court getting legal judgments against people owing amounts under $500.
Howevever, expect interest to accrue, as well as attorney fees and filing fees if you don't pay and they take you to court. It will also pop up on your credit report. I imagine this occurs in your area also, and that your debt will double very quickly.
Also, with a legal judgment and knowing where you work, it is just a quick walk down to the clerk to get garnishments against your wages.
These companies unfortunatly are very good as making debtors pay - one way or another. I think you should ask a family member for help in getting out from their thumb - this doesn't sound like a ton of money for someone to help.
Next, be thankful you've learned your lesson and don't return. I'm sorry to hear you're in this position and hope you can get out of as soon as possible.
2006-12-01 06:46:05 · answer #1 · answered by Anonymous · 0⤊ 0⤋
This Site Might Help You.
RE:
What happens if you don't pay on your cash advance?
I got sucked in to one of these pay day loan places about 8 months ago. The interest is so high that every time I get paid I am now returning to pay off the interest and get ANOTHER loan until the following pay day. I am never going to get back on my feet like this and with the holidays it's...
2015-08-06 01:11:21 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The interest keeps building up,see if you can get a loan from a regular bank to pay off the loan. If not see if family and or friends can give you a loan(s) to be paid back.
If you expect to get a tax refund this year,you can use it to help pay the loan off.
If you are having trouble managing your money,contact a credit counseling service near you,they may be able to get you another loan that you can afford as well as teach you how to manage your money.
Next payday,don't borrow any more money from them.
2006-12-01 06:50:27 · answer #3 · answered by Ralph T 7 · 0⤊ 0⤋
If you don't pay up, Guido comes and breaks both your knee caps.
Seriously though, those "pay day advance" places ARE scams.....it's kinda like getting stuck in quick sand.
I'd say, save as quickly as you can and give them the full amount all at once. Get away from them as soon as you can, and avoid them like the plague when it's over. They prey on people who can afford it the least, by convincing them they are "only there to help".
2006-12-01 06:46:09 · answer #4 · answered by kj 7 · 0⤊ 0⤋
Get a second job, borrow from your family, or whatever it takes for you to pay off the loan until you don't owe them anything.
Then don't go back!
2006-12-01 06:41:33 · answer #5 · answered by keri_23062 2 · 0⤊ 0⤋
Did you read the contract? I'd say no. Those places have to make money some how. Do what ever it takes to pay them off and get out.
2006-12-01 06:47:22 · answer #6 · answered by delhipops24 3 · 0⤊ 0⤋
Eventually they will either send you to collections, or take the money out of your checking account if you provided the number. If you can come up with all the money within a week or two of your payment due date, you will probably be ok, otherwise, you may end up paying even more in fees and have bad marks on your credit.
2006-12-01 06:43:28 · answer #7 · answered by missyhardt 4 · 0⤊ 0⤋
Get a credit card with 0% APR for the first 12 months, then do a balance transfer immediately, transferring that Payday loan amount.
That will make the interest on the remaining balance 0% for 12 months, and you can just make payments each month with no interest.
Learn about mortgage, credit, and finance at:
http://www.thetruthaboutmortgage.com
2006-12-01 07:03:35 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Maybe, but I'm not 100%
2016-07-28 04:48:04 · answer #9 · answered by Paola 3 · 0⤊ 0⤋
I think it depends
2016-08-23 11:50:41 · answer #10 · answered by Anonymous · 0⤊ 0⤋