I am stuck in a cycle of multiple payday loans

You have come to the right place for help! Many of us have dealt with payday loans, and understand the pain and stress of what seems to be a never-ending cycle. There are a lot of suggestions we can make for your situation, but we need a little more information to help you out.

In which state do you live?
Are you dealing with storefronts and internet lenders?
What are their names?
How much was the original loan amount and how much have you paid so far?

This may seem to be a lot of info to gather, but we will need it to give you the best advice for your situation!

Also read this thread to find out what to know before you close your bank account:

http://www.debtconsolidationcare.com/paydayloan/close-account.html

Many times, the best thing you can do to regain financial control and take care of your important bills is to close your bank account.

Welcome to the forum. I know your pain well. I was so caught in the cycle that is had problems eating, sleeping, and performing my duties at work. I can say that the best advice I got was to close my checking account and open another one...at another bank if possible. Things seemed hopeless until I did that. I felt almost immediate relief as soon as I got my first "full" paycheck in over a year!!! Once you regain control of your paycheck then you can regain control of the situation and have some leverage with the pdls. Good luck! :-)

I am in Ohio and all of the laons were internet lenders:

Payday Select loan=$450 paid 240
cashborrower= $500 paid only refinances of $150 each
ameriloan=$300 paid only refinances of $90 each
Emerald =$300 paid only refinance fees of $90 each
Cash Net=$300 paid only refinance fees of $105 each
Check Into Cash =$300 payoff every week $345
Arrow=$300 to pay refinance fee of $90 each

Ok, for Cashborrower, ameriloan, Emerald, Check, and Arrow, can you tell us for each what you paid in total for the refinance fees? In Ohio, rollovers are not permitted. Here are the laws for your state:

Ohio State Information here http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html


It looks like for most of them, they have been way overcharging you for these illegal rollover/refinance fees as well.

Cash borrower=1 refinance fee $150
ameriloan, Emerald, Arrow=1 refinance fee $90 each
Cashnet=2 refinance fees at $105 each

These are SO far...my payday is Friday...

baha, Ohio states pdl's are for "check cashers only". More than likely means internet lenders are illegal in your state. Some of your pdl's are not even licensed at all. Which means illegal.

So if they are illegal they cannot try to collect or only the amount borrowed is due? I am new to this mess. What should my next step be? Should I contact them? Will they start harassing my family/friends/work? Would it be easier to let someone more skilled handle my issues or deal with them myself? I deeply appreciate any help or advice anyone can offer...

Stick with this forum. Some one will be along who will guide you. I have recieved wonderful help and guidence here. I no longer feel alone and ashamed of the mess I have gotten into.I am now trying my best to do the work I need to do to take care of the pdl nightmare.Be patient, follow the advice given, and you will see results

Sassnlucy is from Ohio too. She can give you some more Ohio specific advice. She should be around soon . . . .

Does anyone know more about Ohio? I am trying to figure out what I should do before my next payday (Friday) and could use any good advice that you could give...

Check into cash? That is an internet loan? Are they using another name? Can you check your documents and see if there's another name on there? I can look to see if any of these are licensed in your state.

Also, "Arrow" - is that "Arrowhead Investments"? Or is the name just "Arrow"? And, also, "Emerald"? Is that the full name of the pdl? I can tell you right now without checking that Cash Borrower will not be licensed. ameriloan (a d/b/a/ of MTE Financial) will not be licensed. I need you to answer me regarding Check Into Cash, Emerald, and Arrow.

It is Checkintocash.com. The deposits were listed as CIC. So after I close my account I just wait for them to contact me? How do I set up pay arrangements if they are unliscensed?
Will they contact my family members? I am sooo embarassed of this situation.

baha, hang on! I'm checking! I looked at Cash Net. Is it Cash Net USA? If it is, then they are licensed in your state. It comes up as Cash America Net of Ohio LLC d/b/a Cash Net USA. They are probably a licensed one. So far, that's the only one I'm showing licensed. But I needto know the full names of Emerald and Arrow. I'll check on Check Into Cash now. Please post the full names of Emerald and Arrow.

Emerald Marketing Group LLC
Check Into Cash.com
Arrowhead Investment Loans
What does it mean to me if they are unlicsensed in Ohio?

baha, okay. Calm down. Just for a minute. We need to get all this together and then we can go from there. I checked Emerald Marketing - not licensed in Ohio. Arrowhead Investments - not licensed in Ohio. Check Into Cash is throwing me off big time. They are licensed as Check Into Cash of Ohio LLC; however, it's listing them as d/b/a Check Into Cash, which is a store front pdl. And it lists them as having "branches", like they are a store front pdl. And store fronts are legal in Ohio. Cash Net, I do believe is licensed to do business in Ohio. So that means they are probably operating legally. Check Into Cash? You did that one over the internet? Does it state an address for them? The ones I'm concerned with are the licensed ones.

baha, okay, I think I'm making head way here. On your Check Into Cash, you are paying it in full every two weeks according to your post. You're paying the loan and fees in full every two weeks. Correct? If this is the case, it probably is the licensed Check Into Cash that I found. So they are abiding by your state law by having you pay them in full every two weeks and then you take a new loan out. Am I correct in assuming this is how you're doing Check Into Cash? If so, they are operating legally. Let me know for sure if this is the case with them.

That is it. I pay every 2 weeks and then they reissue a whole new loan.

Okay. So Check Into Cash is operating legally. They are not doing "rollovers" which are prohibited. They are making you pay the full amount and then you reloan. They are legal and abiding by the state law. You do this payment how? Do they debit your account every two weeks for the payment in full and then you go on the web site and request a new loan? However, I'm showing Cash Net as licensed, but they're charging you rollovers/extensions? These are not permitted in your state.

Cannr

Check into Cash is a storefront here in KY and TN...I have seen the store in Lexington. And was called by one in TN...(It was actually a wrong number) They must be both? Kind of like Check n Go?

suzi, that's what was throwing me off. I know Check Into Cash is a store front. However, this member is stating it was an internet loan. Are they doing internet lending also? I don't know. If they are, which would be odd to me but you never know, they are still abiding by the state law. They make this member pay in full every two weeks and then re-loan. So, they are operating legally. It's still just got me so confused as to an internet loan from them. I'm glad I'm not the only one who noticed it's a store front!

I know check n go does both. I wouldn't be suprised. Talk about cornering the market. I googled them and their add states they are internet or 1250 store fronts nationwide.

suzi, who? Check Into Cash? Or Check N Go? If this is the case with Check N Go, who is licensed, then the same may be with Check Into Cash - doing both internet and store front. Holy Moses.....

They are pulling an ACH every 2 weeks for the full $345 then reissue a new loan on Monday. So I suppose it is legal?
What do I do with the illegal ones?
and do I wait until the legal ones contact me or call them before they try to withdraw?

Check into cash does both.. Internet and store front. If you want a good laugh google them and go to their web site. Check n go does both too...

baha, you need to contact Cash Net USA, as they are licensed. But you need to tell them they are not going by your state law regarding rollovers/extensions. Whatever you've paid in rollover fees should be applied to the principle amount of the loan. Check Into Cash is doing it the legal way. No way out of that one. The unlicensed ones, you need to send letters to via email/fax/USPS revoking their debit authorization, stating how much your loan was, how much you've paid, that they are not licensed to do business, revoke any wage assignment you may have signed, tell them to only contact you via email or USPS - no telephone calls. They will probably call anyway. Try not to take the calls. The first ones you need to deal with are the legal ones. Check Into Cash - you need to figure out if when they take out their full amount, if you want to re-loan again. If you do, that's fine, but it'll be a never ending cycle of owing them, but they are legal. Cash Net USA, you need to deal with them by telling them that they are prohibited from charging rollovers and all payments you have made need to be applied to the principle of the loan. You also need to do something about your bank account. You can put a hard debit block on it so that these pdl's can not debit your account any longer. There is a link on this site to read about "closing your bank account". I believe it covers putting blocks on it also. The illegal ones can sit and wait, but send them the letters revoking their debit authorization, etc. As you will need documentation of everything because they will still try to debit your account even though you told them to stop. My suggestion is to figure out your licensed ones first. Contact Check Into Cash if you don't want to re-loan again. You can't do any complaints against them. They've done everything legally so far. Contact Cash Net USA and inform them that they are breaking your state law by charging you rollover fees. It's easier to work with pdl's once you've defaulted. But I'd be very cautious with the ones that are licensed and operating legally.

Thank you so much for your help!
I just got off the phone with my bank, I have to go in tomorrow and put a hard hold on my account after that I will call Check Into Cash and Cash Net and try to work things out with them. I am emailing out the letters to revoke asap tomorrow morning via email and fax (for the ones that have fax numbers. I also warned the 2 people that I used as references that calls may be coming. Hopefully they will not hate me.
So harassment is a reason to file complaint with the AG? If I do have issues and file a complaint does it usually stop the harassment? I don't mind my phone going crazy-but hate the idea of this affecting my family/friends!

baha - good for you! :D You're on the ball! Now the pdl's won't get their debits. The illegal ones really tick me off. And as for the phone calls - even though you tell these pdl's not to contact you via phone (and be sure you do) they'll probably still try to call you. However, I just want you to know that I, too, warned my "references" they might get calls. None of my pdl's ever called my "references". Not once. So you probably don't have to worry about that. And as far as filing your complaints, make sure you do them to all the agencies, not just the state AG. Sometimes the others will come through for you before the state AG does because it takes them a little longer. File with the BBB, the FTC, and your state AG. And, yes, if I was harrassed by repeated telephone calls, I included it in my complaints.

I think they will only call your family or references if they can not get a hold of you any other way. By you taking the initiative to call them and work out a plan they would have no reason to make the calls. Harrassment usually happens when we close out on internet loans and refuse to talk to them..Or if you were to close your account and not contact them which you would never want to do on a legal loan..

If you tell them to only contact you via email or USPS, you've given them the authority to contact you, just not by telephone. So they can't claim they can't get a hold of you. So, hopefully, they wouldn't call your references. Like I said, none of mine did. But I told them to feel free to contact me via email or USPS. Documentation is needed on everything, so get it all in writing.

Payday Select just sent an email stating that they will now consider my account paid in full! WOOHOO!
I also made payment arragements for Check Into Cash and opened my new checking account for payroll. I fell 10X better! Thank you so much for your help!

baha, you go! :wink: If you need any more help, just post! We are here for you! Congratulations! You're well on your way. I'm so glad things are working out for you and you are feeling some relief!

Jsut when you think things are going your way...
5 of the PDLs took fees from my old account totalling almost $700 (this account was closed Friday and the all have received my revoke letter! I am waiting to hear back from my bank manager now...What a crappy way to start the week.

baha, that sucks. Apparently the pdl debits were pending and forced your bank account open. Go immediately to the bank. The sooner you "catch" it, the better off you will be in having the charges reversed off and sent back to the pdl's. Now your account is negative. They can not close it, which is fine. You tell them these are illegal companies deducting unauthorized debits from your account and you need a hard debit block put on the account. NO debits are to go through. Go to the bank. Talk to the branch manager, not the teller. Yes, the pdl's will continue to debit until you die and then still keep on debiting. They don't care if you revoked their privilidge or not. And they'll keep hitting a closed account. They are insane. Get to your bank ASAP and be firm and strong and tell them these are illegal companies and these are unauthorized debits, have the file disputes on every one of them to have them returned, and have them put a total block on that account since you can't close it. Post any problems.

Just got back from the bank...they are great!
I gave the manager copies of all 6 revoke letters and she reversed them out immediatley with dispute papers. Then she put a hard close on the account to prevent further tries at ACH withdraws by the pdls. I alo just confirmed affordable payments with 1 of my legal pdls.I feel like I can breathe.
I was so scared last week at this time, it all seemed hopeless. Thank you for your time and advice, it has made a huge difference in my life. Please let me know if there is anyway I can help others through this crap...

baha!!! I'm dancing here! I'm sooooo happy for you! You're bank worked with you, you've got it under control, you're well on your way to recovery! You know we're here for you. If you need anything at all or have any problems, you just post away! :D And please stick around here on the site. Your experiences will help others. That's what it's all about. And congratulations to you, my friend! :D

I am not going anywhere! I have learned too much for my own good-I am dangerous now! I hope others can find the relief I have...my struggle may not be over, but it feels great to be back in control!

YES! That's the attitude! :D Welcome to our community!