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Help with Payday loans in Alabama

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I am in the state of Alabama. I currently have 4 payday loans with the following companies:
easy money $500
complete cash $500
advance america $500
check depot $500
I have read several of the posts on this forum, and I am not for sure how the letters will help me out of my payday loan cycle hell. I can not close my account, I read the Alabama Payday loan laws, and it says can only be prosecuted if the account is closed, so I don't want to be in any legal trouble possibly go to jail. I don't think the payday loan consolidation thing will do anything but keep me in the same cycle I am in. Please help!!!

Contact with Alabama Banking Department to know the legality of the above mentioned pdl companies. You can get rid of this cycle by paying back the principal if your lenders are not licensed. But you will have to bear both the principal and interest, if they are licensed in Alabama. You will never go to jail, because debt is not a criminal offense???it???s a civil case. You may go for payday loan consolidation if your loans are legal. This is because consolidation is not possible for illegal loans.

Sub: #1 posted on Wed, 06/27/2012 - 09:54


Easy Money - Licensed lender

Complete Cash - Pawn broker, not a payday lender, more of a title lender

Advance America - Legal lender

Check Depot - Licensed lender

Not much you can do here. You will need to pay off the loan balance plus all interest and fees.

Try credit counselling if you are having trouble repaying the loans.

Sub: #2 posted on Wed, 06/27/2012 - 10:29


Ask the storefront lenders for an extended payment plan. They're required to give you one and cannot charge you more than 3%/month interest if you've defaulted.

Sub: #3 posted on Wed, 06/27/2012 - 19:45

OhioGal1 OhioGal1
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