payday loans?

Question

A friend of mine has taken out a few payday loans and cannot repay them now that they are do. She plans on being able to take care of them within 30 days. Do these places negotiate or work out a reasonable plan and what if you put a stop pay on the account they would have access to if it was done online?

Thanks

Answer 1

They are in business to take advantage of the stupid so not likely to help her. She can renew them but they will have fees again. She might be better off not paying the rent than not paying the loan sharks.

Answer 2

Well, They offer an option at the payday loan company I work for. Which is a payment plan. Say she has 300 dollars out and the interest is 66 dollars for 2 weeks. Well what she does is pay the 66 the day she is due. Then the 300 is split up into 3 payments. so she would pay one payment the next time she gets paid and so forth. Yes, payday loans can be bad if you have several out at one time and it usually is a constant cycle that is hard to get out of. but the payment plan helps. If she doesn't get it taken care of it can go on her credit depending on where she has the loans out.

Answer 3

Your friend knew exactly what she was getting into if she took out a "few" payday loans.

She needs to ask her bank how effective a stop payment would be because that can vary by financial institution. Your friend needs to come up with some money fast because she is dealing with loan sharks of the 100%+ interest rate variety.

She can "plan" to take care of them in 30 days, but she better have some serious money to get these bastards off of her back. They are more viligant than cockroaches.

Answer 4

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RE :Payday loans?
A friend of mine has taken out a few payday loans and cannot repay them now that they are do. She plans on being able to take care of them within 30 days. Do these places negotiate or work out a reasonable plan and what if you put a stop pay on the account they would have access to if it was done online?

Thanks
Follow 10 answers

Answer 5

They are hard to get out of once you are stuck it's a cycle. Do not warn the bank about having these outstanding loans because they will not allow you to close your account instead your bank account will be negative and the bank will really go after you trust me I worked for a major bank for a few years. So the best thing to do is close the bank account and don't pay. When they are looking for her to get their payment back she can tell them that she will pay back the amount of the loan plus a small percentage but, not all the ridiculous interests they are charging. Also, they do not report it on your credit report, the bank will.

Answer 6

It wouldn't hurt to try. But those places are nothing but leeches. It's great if you need to cash your paycheck and your banks closed or if you need to wire money or get a money order, but not to get a loan on money.

She needs to figure out much and how soon she can pay on each one, then call each one and tell them she needs time to pay but she can make x amount today and x amount next week.

Answer 7

Ouch, that sucks. I've heard of the OUTRAGEOUS intrest rates that they charge people.
She can try to negotiate i'm sure theres no harm in that. But to be safe I would change any bank account numbers, or credit card numbers. Or call your bank and tell them they are not authorized to withrdraw funds and anything they take will be considered fraudulant.
Good luck =)

Answer 8

nooo! stay away from them. once your in its really hard to get out. and did you know some charge interest as high as 300%. the government is trying to step in though. lets see how long that takes.

Answer 9

Didn't you watch 60mins this week? They prey on the poor.

Answer 10

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