Overwhelmed by payday loans

over my head in debt from payday loans. Working as much overtime as possible and cannot get enough money to pay off debt. Keep takin out loans just to buy groceries.for my family. Any suggestions?

4 Answers

We need more information.  You situation might not be as dire as you think.  Your first step, is to tell us what state you live in.  What are the names of your lenders?  How much did you borrow from each?  How much have you paid so far?  Have you defaulted?

If your lenders aren't licensed, you may be back on your feet in no time.

How to Deal with Unlicensed/Illegal Payday Lenders - Step by Step Instructions

I am not an attorney. I am not offering legal advice. The information and ideas I share are my opinion only and do not necessarily reflect the opinion(s) of the owners of this website.

What you need is a good job with a better pay scale. Don't get into payday loan trap in future. You can take out a consolidation loan to payback your legal lenders. The interest rates on the consolidation loans are much less than the pdls. It will be easier for you to make payments. 


If you cannot make your basic living needs, I would suggest closing your bank account and letting the loans default.  Food comes first.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

You haven't mentioned the state you live in as well as the names of your payday loan companies. Nevertheless, check out your state payday loan laws from the given page (select your state from the drop down): http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html . If you find that payday loans are illegal in your state or the payday lenders are not licensed to operate in your state, then you can simply pay them the principal balance and get rid of the debt. Moreover, if you have paid them an excess amount than the principal balance, then ask them for a refund.

However, if you find that payay lenders are licensed and legal in your state, then you will be liable for paying off the debts in full. In such a situation, you should go for the option of debt consolidation or debt settlement in order to get rid of the debts.


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