I have $6500 due in short term payday loans (10 lo

I have $6500 due in short term payday loans (10 loans varying from 400 to 1200)and now my finance fees are $1800 every two weeks. I make approximately 75000 a year and support two households(separated from wife) and cost of support for them will not allow me to pay loan interest that high every two weeks. What can I do?
In trouble

5 Answers

Check out your state pdl laws too. Know the interest rate limit in your state. Check out the US pdl laws from this page:

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html


Payday loans are not legal in all of the states. So, first we need to know which state you are in. Moreover, even if your state permits payday lending, you need to check out if the companies themselves are legal. If either your state does not allow payday lending or if the companies are not legal, you will be required to pay back only the principal.


Please give answer of those questions that has been asked by Soaplady. Otherwise it will be difficult for us to give you a right direction.
 


In case payday loans are legal in your state, try negotiating with your creditors and see if they would reduce the APR. If they don't, try contacting a debt consolidation company so that you can combine all your individual payday loans under one affordable monthly payment.


For starters, who did you borrow from and what state do you live in?  Are these loans even legal???

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

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