Has anyone ever had payday loans

dthomas21dthomas21 Posts: 20Registered Users
How long do u have to pay them back. Some one keeps calling my phone talking about me being in big trouble for not paying it off but they take money out my check every other week.. I don't know what to do..

Comments

  • nes223nes223 Posts: 347Registered Users
    Hi, ive never had one but i worked at a place where we did them...California check cashing... It was basically until your next payday 2 weeks or so..the process was you would write a check and post date it to your next payday...for example..say u go in on the 1st of the month and your next payday is the 15th and you're borrowing $200 and the fee is $30..then you would write your check for the amount you borrowed plus the fee..so $230 and date it for the 17th (to give u a few days to cash your paycheck and come in and pay) then you could either come into the store before the 17th to pay the $230 and they would give u your check back and nothing would be deducted from your bank account or you could not come in they would cash your check in so the $230 would be deducted from your account. I hope I'm making sense lol the only reason I can think that they'd call is maybe they tried to cash your check in and the funds weren't available at the time or the account had been closed..sometimes ppl would mix up their checkbooks and accidentally write a check off a closed account...just throwing some ideas out there but I'd definitely give them a call and see what's up.
    -nes
    3a/3b
  • mrspoppersmrspoppers Posts: 7,223Registered Users Curl Novice
    Wow, I can't imagine how much you're paying them in fees and interest. I think you're supposed to pay it in full, like Nes223 says, or you face even more fees and interest.
    When are women going to face the fact that they don’t know their own bodies as well as men who have heard things?

    Don Langrick
    Bonsai Culturist
  • misspammisspam Posts: 5,318Registered Users
    I'm struck by the fact that someone took out a loan and seems unclear as to the terms of said loan. :goofy:
    [SIGPIC][/SIGPIC]
  • AmnerisAmneris Posts: 15,117Registered Users
    Payday loans are known for taking advantage of people who can't get better sources of financing and charging criminal rates of interest. In my area we are working to legislate against them as they currently operate.

    I don't know the terms of yours but I would assume that the longer you take to pay it off, the more interest you will pay. You may have paid your principal and what they are taking now is interest. I guess you don't still have the paperwork from when you got the loan?

    If there is any other alternative, avoid payday loans - payday loan companies without regulation are no better than your local loan shark.

    Also, are you sure the person calling you isn't an unrelated scammer?
    Get used to me. Black, confident, cocky; my name, not yours; my religion, not yours; my goals, my own; get used to me. -Muhammad Ali


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  • SystemSystem Posts: 39,060 Administrator
    Amneris wrote: »
    Payday loans are known for taking advantage of people who can't get better sources of financing and charging criminal rates of interest. In my area we are working to legislate against them as they currently operate.

    I don't know the terms of yours but I would assume that the longer you take to pay it off, the more interest you will pay. You may have paid your principal and what they are taking now is interest. I guess you don't still have the paperwork from when you got the loan?

    If there is any other alternative, avoid payday loans - payday loan companies without regulation are no better than your local loan shark.

    Also, are you sure the person calling you isn't an unrelated scammer?

    All of this. ALL. OF. THIS.

    If you borrow a large enough amount, it's as if you HAVE to borrow from them AGAIN when you go in to repay the loan, because you have so little money left after paying them back.

    The laws have changed a lot but it's still not enough. I know someone who was borrowing from about FOUR payday loan places---simultaneously!!! He was borrowing from one place to pay back another place. I don't know WHAT happened, how he got into that situation. My husband has gotten burned time and time again, as has a friend of mine.

    One literally has to WEAN oneself out of the entire process---borrowing less and less amounts on each payback day.

    It is just AWFUL. Many people don't understand that one cannot just borrow more when they go back to repay the first loan, no matter how many times the clerk suggests that you do so. Speaking from hard, bitter experience--more so my husband than myself. I started refusing to borrow more than $50-$75--and stopped doing payday loans altogether--while he was going in to repay the loans and taking out more money each time. It tore this household all to pieces financially. In the end, you're literally working to repay a payday loan office, not your own bills. Literally.
  • mrspoppersmrspoppers Posts: 7,223Registered Users Curl Novice
    I'd probably get this straightened out before you buy that car.
    When are women going to face the fact that they don’t know their own bodies as well as men who have heard things?

    Don Langrick
    Bonsai Culturist
  • afrosheenqueenafrosheenqueen Posts: 5,400Registered Users Curl Connoisseur
    This thread is timely. I need one next week. :sad5:
    4a/b Texlaxed hair w/ highlights. Medium texture & high porosity.

    HG's: CJ Daily Fix, Bobeam Cheris Hibiscus shampoo bar, KC Spiral Spritz, Knot Today, CJ Rehab, KBB LL Hair Mask, Cassia, KCCC, oil blend of Avocado, Camellia, Jojoba, & Meadowfoam oils

    SL APL BSL MBL
  • afrosheenqueenafrosheenqueen Posts: 5,400Registered Users Curl Connoisseur
    dthomas21 wrote: »
    How long do u have to pay them back. Some one keeps calling my phone talking about me being in big trouble for not paying it off but they take money out my check every other week.. I don't know what to do..

    It looks like this has happened before.

    Out-of-state payday lender fined
    Even though the consumer paid the loan back, representatives for the lender harassed her and told her she owed hundreds of dollars more, Hofer said. The agency did not identify the woman by name but quoted her in a news release as saying, "These people are sharks, and I don't owe them any more money and don't deserve to be harassed by them."
    4a/b Texlaxed hair w/ highlights. Medium texture & high porosity.

    HG's: CJ Daily Fix, Bobeam Cheris Hibiscus shampoo bar, KC Spiral Spritz, Knot Today, CJ Rehab, KBB LL Hair Mask, Cassia, KCCC, oil blend of Avocado, Camellia, Jojoba, & Meadowfoam oils

    SL APL BSL MBL
  • WileE-DeadWileE-Dead Banned Posts: 24,963Banned Users Curl Neophyte
    Damn, I need to get into this business...... :blob7:
    0004.gif

    Ever since the sports thread wars I have sensed a special connection between [edit] & Wile. Like the connection oil has to water. I almost can't speak of it. Wait....my eyes are misting. ~asq
    Let’s just stay together and tell the world to kiss our ass. ~P


  • spiderlashes5000spiderlashes5000 Posts: 17,898Registered Users Curl Virtuoso
    I did it once, many years ago. The stipulation was that you paid in full, the next time you got paid (withing two weeks).

    Frankly, all this to do about trying to legislate these companies right out of business makes me mad. Yes, they charge high fees. So what? They are providing a very risky service and that is the cost of doing business. The terms are explained clearly and only loans are made only to adults who are gainfully employed. When I took that loan, I was thankful that the service was available and it was worth it to me to pay the (rather high) fee. I didn't become addicted to borrowing money. And it didn't lead to my financial ruin.

    But I'm not sure what the OP is talking about...perhaps it's something different, maybe some local thing that goes by the same name.

  • HippieChicHippieChic Posts: 252Registered Users
    dthomas21 wrote: »
    How long do u have to pay them back. Some one keeps calling my phone talking about me being in big trouble for not paying it off but they take money out my check every other week.. I don't know what to do..

    I know I don't post here ever, but I read this forum all the time. Just wanted to let the OP know that there is a massive scam going around with people calling and threatening people over payday loans. If the person calling has a heavy accent and is threatening the police or jail time it's a scam. Don't fall for it.
  • KookyCurlKookyCurl Posts: 1,980Registered Users
    HippieChic wrote: »
    dthomas21 wrote: »
    How long do u have to pay them back. Some one keeps calling my phone talking about me being in big trouble for not paying it off but they take money out my check every other week.. I don't know what to do..

    I know I don't post here ever, but I read this forum all the time. Just wanted to let the OP know that there is a massive scam going around with people calling and threatening people over payday loans. If the person calling has a heavy accent and is threatening the police or jail time it's a scam. Don't fall for it.

    I would go down in person to the place where you got it and inquire about it. Don't call whoever it is back, though I would note as much information as possible, what the number is etc, and take it with you. Also note when you go to the office and who you talk to. You should get it all straightened out with them, but def. do it in person. Then you'll know you are actually talking with a representative of the company and can get some peace of mind. Even if the clerk can't help you, a manager should.
  • dthomas21dthomas21 Posts: 20Registered Users
    Thank u so much, that's exactly what it was, a scam.. I just talked to the payday rep..
  • afrosheenqueenafrosheenqueen Posts: 5,400Registered Users Curl Connoisseur
    I wanted to update this. I did take out a payday loan from what looked to be a reputable company and everything went fine. He even gave me a longer time table to pay it off. The fee was $57 dollars but I would rather pay that than get caught in a cycle of overdraft fees. I'm glad this was available.
    4a/b Texlaxed hair w/ highlights. Medium texture & high porosity.

    HG's: CJ Daily Fix, Bobeam Cheris Hibiscus shampoo bar, KC Spiral Spritz, Knot Today, CJ Rehab, KBB LL Hair Mask, Cassia, KCCC, oil blend of Avocado, Camellia, Jojoba, & Meadowfoam oils

    SL APL BSL MBL

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