Cash Advances

[newstart]

I am sorry to keep talking about these cash advance/payday loans places but every time I turn around a new one is going up. I have seen 3 new ones in my area alone since December. I wish there was something I could do to put these creeps out of business. They are worse than credit card companies, they just suck people dry and make it so hard to break the cycle once you are in it. I just wish people would boycott those places. Just needed to vent.

[GoingDown]

I am sorry to keep talking about these cash advance/payday loans places but every time I turn around a new one is going up. I have seen 3 new ones in my area alone since December. I wish there was something I could do to put these creeps out of business. They are worse than credit card companies, they just suck people dry and make it so hard to break the cycle once you are in it. I just wish people would boycott those places. Just needed to vent.

I agree with you. One of my friends made the mistake of getting a title loan on his car, and he thought he would be able to pay it back in time. Guess what? They took his car from him and he now rides the bus everywhere or gets me to take him places.

Another thing that happens is once a payday loan store opens up, the crime level in the surrounded area goes way up. They put in one of them at a shopping center where I used to go get groceries, and within a few weeks I started getting panhandled and I later heard on the news about a stabbing at that shopping center. It used to be a very nice and safe place. But anyways, I stopped going there. Now I have to drive a lot further just to go shopping.

[Genenco]

I am sorry to keep talking about these cash advance/payday loans places but every time I turn around a new one is going up. I have seen 3 new ones in my area alone since December. I wish there was something I could do to put these creeps out of business. They are worse than credit card companies, they just suck people dry and make it so hard to break the cycle once you are in it. I just wish people would boycott those places. Just needed to vent.

I fully understand your feelings. However, you CAN do a "Protest" which is legally acceptable and "Informative" to the general public.

Maybe something on the weekends...BUT!!! Make sure you can explain options other then borrowing from them...(Second job, letting checks bounce (I have heard some financial gurus say it's by far better to have that then be in bondage to them) or directly talking to bank (Some ARE staffed by humans!) and so, they'll know you're not some "Loony Tune"

Have some fun! Dress up in prison clothes (Black and white stripes) chain and HUGE ball on ankle with "Payday Loan" printed on it..

People WILL look and maybe "THINK" if tempted to go there....

[jaljayjar]

Cash Advances

My sister-in-law is wrapped up in them. My town has more Cash advance places than they do grocery stores. She goes to two of them every other week. One week she pays the 1st one off, next day gets another one at the 1st advance place to pay off the 2nd place. Next week does the same at the opposite place. It is a never ending cycle for her. She needs almost 2 extra paychecks just to get out of them, which that probably won't happen. It is almost as if she is trapped. I told her to stop payment on the checks through her bank, and then make arrangments to pay them before they take her to court. In my county, they can't prosecute bad checks unless they have given atleast 30 days to make arrangements to pay it. (I used to take people to court for bad checks to my employer). So that would buy her sometime to pay them off slowly. If she would tell them she didn't have the money, they would just go deposit them anyway. Atleast this way she would have some control over how much they get and when. It may not be the best solution for everyone, but for her I think it is.
I wish those companies were outlawed. It is crazy how much they take people for...just like the rent-to-own companies. The interest they charge is unbelievable.

[sunshine08]

Here the bank and the businesses can each charge up to a $35 service fee, court costs are about $110 and the case can get continued forever and yesterday. Then hense my job, if they don't pay it off by then they will get probation. In NC, places like Walmart and Foodlion keep taking checks from the same ones that keep writing them, once the checks have gone thru the system (ie been paid or turned in to the court) they are clear to write more. Why these places keep taking them is beyond me.
Supposedly here our legislators have stopped stopped one company from doing business, however I have ridden by the one here, doors are still open, Oh I forget, that is what appeals are for......
Thank God, I have never used them. I have a friend that worked for one of those places she made good money. Got paid good to read, shop online and do her homework. When she went to class she put a sign on the door.

[jennga]

Prosecuting Attorney in our county despises Pay Day loans and will not prosecute folks who default on the loan. I have to admit that I used them and had one included in my BK. I hated going to them. Felt like an idiot knowing they are sharks and still got in such a mess that I used them.

They are tenacious about calling if you do not come at the exact time and day you say you will come. They require about 6 phone numbers when you apply. One time I called to tell them I would be coming in a day later than I said I would to pay, they said ok but then the next day they called me at work, at home, called my mom, my best friend, my worst friend, my daughter.... It was horrible. Of course they didn't say what it was for,,,,, just personal business but all the same, it was bad.

Watch my lips...... NEVER AGAIN!!

[lostsoul23]

Payday loans are the biggest reason why I won't carry a checking account. I got into huge trouble w/them. I figure if I don't have 1/2 of the reason to go to one I have to find other ways and make due. It's so easy to get wrapped up in them, and go to another to pay another, etc. Now they are popping up all over the internet as well, so now you can get into trouble from the comfort of your p.c. :P

Sadly, though, they wouldn't keep showing up if there wasn't such a demand.

[JimH]

I remodeled a store next to one of those check cashing places and would talk on occasion with the owner. He told me he won't mess around with the bouncers. He'll call them if it bounces to see if they'll cover it with cash. Usually they don't show when they say they will so he just tacks on a bunch of fees and sends it to a collections company. He says he is surprised how many people do eventually pay up.

[jennga]

Interesting Jim, I never wanted to bounce on them because of it all being so "local". I just knew I would run into one of the "loan officers"(yea sure loan officers) and be terminally embarassed.

Most of the time when I went to those places, the women were putting thier makeup on while they talked to you, or they were telling each other what they were going to have for lunch ...... sooooo professional. I realize how silly I was being for worrying about running into them at Walmart or something.

But yea, there must be a tremendous need or poor money management in this country as evidenced by the extreme number of payday loan companies in my area. There is one or two in every strip mall in town. Something is getting them going and keeping them running. Hah, must be people like ME!!!

Once more, watch my lips.... NEVER AGAIN!!!

[Genenco]

I think what has happened, is the repair shops (Vehicles mainly) have gotten away from some small banks which used to give small amounts of credit for repairs.

I recall one which I had to use..I applied at the shop (Sure, they probably got a cut) and was approved that day...$750 for the repair..But what kept me a customer of both, was the very RESPECTFUL treatment by both and the loan was only 25% (Which I didn't care as I NEEDED the vehicle) and the best thing was small simple payments on a monthly plan...

That is what's missing now...What with MC and Visa grabbing the field, I think some banks have lost sight of the value of helping "The little guys" and thus, lose a chance to get a customer for life.

[newstart]

I have used them before too, I also used them on the internet but am thankful that when I filed my bk they were included. I have promised myself that I will never use another pay day loan place. When I pass and see the people in and out, seems that alot of seniors are using the places. I know that they only exist because of supply and demand but it just makes me sad when I know that people are caught up in the cycle and see no way out. It's easy to say just pay them off and move on. The last time I got a loan from them they were taking money out of my checking account every pay period because I could not afford to pay them back, so I closed my checking account and let them come after me. They were calling me at work wanting to speak with my supervisor and told me they would prosecute me because they had the IP# from them pc I used at work. So I knew at that point it was time for me to take control of my life because the last thing I wanted was for everyone else to know I had to use pay day loans.

[z45]

I had six cash advances from 6 companies, 2 local and 4 on the internet. This past October, when I could no longer pay the fees, I closed my checking account and informed all of the companies that I would like to make payment arrangements. I now have one local company and one internet company paid off. The other 4 would not let me make arrangements and are now threatening garnishments, outside collection companies, and judgements. I am in Va, and I THINK that laws here prohibit the companies from prosecuting. But does that include the companies on the internet who are outside VA, and one who is outside the country? After the fees they have added on, the 4 companies want between $750 and $950 each, which is double the original amount borrowed in some cases. There is no way I will ever have that money up front, I am a single mom who can barely make ends meet. How can I find out what the laws are for payday loans judgements? I have searched the internet for hours and days. Don't tell me to ask a VA lawyer, the only one I know isnt familiar with the laws, and I cant just call one at random and ask for free advice.

[bkfiler]

call attorneys on the presumption you are going to file bk. the appt are free. explain your case to them and see what they say. have your list of questions ready to go ahead of time. each one you call will give you more and more information to build the answer set for you.

if all you owe is 4 x 800 avg = 3200 then they may not do much to collect it. it costs them extra to collect it. its up to them. also, if thats all you owe then i wouldt file bk imo.

before they collect or garnish any wages they must bring a civil action against your in court.

its hard to figure out who can sue you based on thte credit card companies address becuase of the global age we live in. parent companies here and main offices there, corporate over there and your loan was signed over here. too hard a route to determine. i would just assume they can sue you.

your state has exemptions. find out what they are. maybe they cant garnish your wages. or take your first home you are living in, etc.

try talking to credit counselers if you cant geet them to work a payment plan. i myself can always get better payments then them but everyone is different.

well hope thats a start.

[sunshine08]

Glad that I have had absolutely no dealings with them or the check cashing places, here many are both.
I can see where it would be beneficial to some people that can't or don't have a credit card, I know that they must be desparate.
I have a probationer that has bounced around from place to place (a sex offender at that), moved in this old house and just got his lights turned on last week, (he moved there in Oct.). He had left bills over and over and they wouldn't turn the lights on until he paid the old bills and a deposit. He lives from disability check to the next month. In away I feel sorry for him and then I know that several times he has lived in a motel, etc. Used to live in public housing but for some reason was kicked out (I didn't really want to know). The bad part is that they seem to think that the system owes them a living.
One day he came in the office with is son and they were so lovey dovey, he decides, Oh! I need to check my sugar and does it right in my office. (my daddy was a diabetic too) I guess he thought I wouldn't arrest him, but he has another think coming. Sure I have a heart and empathy too, but you have to help self first. These pay day loan companies take at advantage of you when you are in a desparate situation and are willing to agree to about anything. If you can't get pay your car repair bill, you can't get to work, if you can't get to work, you can't pay anything, eventually you loose your job. When monies are short and you can't do any better it is extremely hard to think of the long term reprecussions.