I took out a few payday loans all with in the same week. Two were 200, two were 250 and one was 500. As soon as reality set in about what I did and I read the paper work about how to pay it back: They were going to take the money right out of my checking account I freaked. I needed the payday loans to help me catch up on my car payments before the repo man came knocking. I closed my account and opened a new one so thay cant take the money out. I did call them and explain what had happened and to see if I could work some thing out. They flat out told me NO pay up. This was before I filed. Is what I did considered fraud. I have one lady who keeps calling me telling me it is bank fraud.
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Generally, the pay day loan transactions do not fall under bank fraud. What bank fraud means in this context is intentionally passing a bad check, in most states, doing so is a misdemeanor. However, for the most part, that law does not cover the pay day loan places, for various reasons which are not worth discussing here.
Were the pay day loans all with the same shop, or different shops? The only issue you might have is the "pattern". If you took all these out around the same time and paid NONE of them back or did not make any payment, that doesn't look so good and it may become a minor issue in your BK. -
I needed a total of 980 to make my car payments up to date. I couldnt get a loan for that ammount all in one place. They were differnet places. I was so stressed out that I didnt think that action through. Big mistake I know. If would have worked with me I could have paid them back. I just felt stuck with options.Comment
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To add: I only did this once.Comment
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Do a search under my user name.My very first post here dealt with payday loans. Long story short-they are extensions of unsecured credit. Not ban fraud.Comment
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