I found this site when I was looking for a personal loan to pay off my payday loans. I read lot of the posts, and have to say, that I am surprised how many people just like myself fell so deep into payday loan traps. I thought I had the worst money management problem from all people in the USA. Now I feel a little better to see, that it is not THE worst, just AMONG the worst ;-)
On a serious note - I am in a very deep mess. I did the usual - borrowed some money, then borrowed more to make the payment on the first loan.... and now I have too many of them to handle. Here is the list:
USFastcash.com - $300 (paying $90/biweekly)
UnitedCashLoans.com - $300 ($90 biweekly)
SonicCash.com - $200 ($40 biweekly)
PayDayOne.com - $800 (started with $300, then kept increasing :-( ($220 biweekly)
PayDayYes.com - $500 ($150 biweekly)
500FastCash.com - $300 ($90 biweekly)
ThinkCash.com - $500 ($80 biweekly)
I live in Pennsylvania, and none of the lenders seem to have any problem with it, so I guess they are licensed here.
I already made some payments, although in most cases not enough to amount to the principals borrowed (for example for UnitedCash loans I paid total of $180 so far, thinkcash $320 etc). In most cases I borrowed money from these lenders several times before, paid off, then re-borrowed..... it truly is a circle. My next payment is due 8/8.
As I mentioned, I tried to get a personal loan with more reasonable interest to pay off my payday loans, but I just could not find a lender (BTW, it seems that most lenders now call payday loans personal loans). I kind of hate not to pay off my debt as I originally agreed, since no one put a gun to my head to make me take the loans. But I just can't make the payments, it became impossible, no matter how I stretch my budget.
Obviously, I'd like to get out of this vicious circle of paying with no end in sight. The burden is unbearable, it effect everything I do, at work as well as home. All I can think of is where to get money for the next payment..... The irony of the whole thing is, that had I not have to pay these loans, I would have extra money left at the end of the month. Yet, instead I am falling behind my regular bills now.....
After reading some of the posts, I have a basic idea what will need to be done, but still, a personalized advice based on the info I provided would be very appreciated. And I mean VERY APPRECIATED!
BTW, I suppose the pay advance companies monitor sites like these - does that mean they may be a step ahead of me (us) before we even take any action? I mean, if they know what can be done, I'm sure they are somehow trying to keep some back door open, so to speak, to get all the money they can, aren't they? I mean, is there REALLY something that we, as customers can do, without paying all the interest at the end anyway, and on top of that risk some legal problems? I guess I'm just too pessimistic....or scared. Well, most likely both. HELP please!!!!