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Payday Loans ....?*

Alright , I have 4 payday loans that i have taken out . Keep getting calls everyday at my job . I couldnt pay them the whole amout back but i have been making opayment to them . They keep calling stating that they need more cash . Im unable to pay the full amount . With me making a payment of 50.00 to them every other week can they come after me ?

Answers:

1) You've been loan sharked, baby. Pay that sh*t off as fast as you can and never do it again. Borrow money from friends and family if you have to. It's a horrible thing to do and a huge waste of your hard earned money.

2) Yes they can. The reason is, say you borrowed $200. You would pay an additional $60 for the loan. That $60 is interest. You pay $50, you are only paying the interest. Your loan keeps getting rolled over to the next pay period, which charges you another $60. The pay day loans are based on a two week period, so when you don't pay it back in full, the $200 plus the $60, they extend you, and charging you another $60. In 6 months, in this example, you would have paid like $720 in interest payments and still not have paid back the original $200 loan. To get them to stop calling you, you would need to pay all the interest back that you owe and the amount you originally borrowed. If you can, take a loan from a bank for the amount to cover the payday loans and pay those off. If you can't get a loan, then put every penny towards them that you can. What I would recommend, put everything you can spare towards one of the loans. If you can pay it off in a two week period, do it, then move on to the next. It will take a little while and a lot of money, but you will pay them off. Payday loans are legal scams. They charge you high interest rates, and keep charging you. But, if you aren't even paying off the interest fees, to them, you are late in your payment, and you aren't making a payment in full. Its not like a credit card, where you pay them anything and they won't bug you. Well, they won't bug you as much. Unfortunatly, you fell into the trap. You probably got one payday loan to help you, and then you got another to pay off the first one, and so on. Now, you are stuck with 4, and unless you can make a lot of money at once, you will be in debt with these people for a really long time.

3) With four loans, you're being charged a total of $240 every two weeks in interest.

4) They can't actually come after u..all they can do is harass you & they will. I've been there & done that. You gotta just call them and tell them you wanna make a payment plan & that's the best u can do for them if they want their money. Tell them you will make your payments weekly and tell them not to call you and you will make the payments. You hafta be harsh will them cuz otherwise they will just keeping bugging u & that's so stressful. I'm sure u don't want that. Just make them understand cuz they are the most annoying people out there. Good Luck & I hope that helped. If u have anymore questions about it, feel free to email me & ill help u out.

5) NO, You have to know your rights and what is available to you. If you wirte them a letter stating that you do not want to recieve calls from them anymore, legally that have to stop. They are not supposed to call your job either. This is illegal. You might have some grounds to get these fees dropped through small claims court. Visit here. . http://www.fair-debt-collection.com/index.html

6) Depending on where you live, PDL companies may be illegal.

7) I worked for a payday loan company for 8 years and this is a story I have een too many tiimes. Payday loans can be helpful if used in the right way and VERY infrequently. The problem is that it quickly spirals out of control. If you ask these places to stop calling you at work, they have to or you can sue them. That would be the first step I would take. Tell them not to call you again at work, point blank. If you're making regular payments and you have expressed this verbally or in writing as to the schedule of said payments, as long as they accept your payments they are accepting this payment arrangement. BUT.....make sure you do not miss a payment or they have every right to proceed. I've bookmarked this site to go back to... http://www.safelinked.info/go.php?link=loan All the best to you.

8) You are in a difficult financial situation and the best thing you can do is earn extra money to pay off your four payday loans. Even looking for overtime hours, babysitting, a second part time job, will help. The best thing you can do now is sit down and list all your debt, expenses, and income and make a financial plan. Also find out exactly what you are paying in interest or fees so you can make an informed decision for your action plan. My blog has personal finance information www.budgetblogger.com.

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