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    Jamedee's Avatar
    Jamedee Posts: 5, Reputation: 1
    New Member
    		  
    #1

    Jan 9, 2007, 01:05 AM
    Payday loan vicious cicle
    Hello everyone,

    I've put myself in a vicious cycle of payday loan. I found myself borrowing money to pay another loan. Now I owe two companies. First one I owe 750.00 and the other 575.00 but I do not have the means to pay them at this moment. What is the consequence of my actions. I DO want to pay them; can I make arrangements? I do NOT want to have to borrow from another company to pay those two.
    clouded's Avatar
    clouded Posts: 31, Reputation: 3
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    #2

    Jan 9, 2007, 11:35 AM
    I use to work as a branch manager for a title loan company. And, once you fall 120 past due we start the court papers to file a judgement. No exceptions.

    They are a terrible place to borrow money from.
    wynelle's Avatar
    wynelle Posts: 184, Reputation: 21
    Junior Member
    		  
    #3

    Jan 13, 2007, 07:14 PM
    And whatever you do, DO NOT take out a third loan to pay for the first two. Get a second job. Sell anything you have of value. But you need to find a way to pay these off.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #4

    Jan 13, 2007, 07:21 PM
    Ok, don't take another loan no matter what.

    Let them sue you, the worst that happens is they get a judgement and they will garnish a part of your pay. ( my guess 25 percent)

    But this can take some time, during that time you can try and make payments to get it paid off.
    Rawalpindi's Avatar
    Rawalpindi Posts: 1, Reputation: 1
    New Member
    		  
    #5

    Nov 8, 2007, 08:25 AM
    I have 17 payday loans believe it or not I don't care. It is killing me. My salary entirely send to them every two weeks and I continue borrowing every two weeks to be able to pay the other payday loans waiting for a miracle that is not coming. As someone said sell anything and DO NOT take another one.
    slowandeasy's Avatar
    slowandeasy Posts: 353, Reputation: 14
    Full Member
    		  
    #6

    Nov 8, 2007, 01:14 PM
    Payday loans are no better than loan sharks. Our state is currently looking at capping the interest rate a payday loan can charge. DO NOT TAKE OUT ANOTHER LOAN!! Until you can pay these off consider doing with just the basics that would mean no cable, cell phone etc and take that money and put towards your bill. Also sell anything you don't need A part time job needs to be considered also.
    CindyLynn's Avatar
    CindyLynn Posts: 31, Reputation: 4
    Junior Member
    		  
    #7

    Nov 11, 2007, 06:22 PM
    25% garnishment would be better than another payday loan!! I say do the best you can to pay it back but if it has to go to garnishment than so be it!

    BTW, what state are you in and I could tell you more about the garnishment laws.
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