Paying internet payday loans back or not?

The only things that can ruin your credit are like unsecured debts like a credit card, secured debts such as financial instituion loans, autmotive, mortgage loans.

Someone with more information that than I will come along with more information but that should be enough information to think about. Sorry I couldn't be a better help :oops:

Some questions that we need to know such as what state do you live in, and what is the dollar amount of the payday loans. Have you paid anything back at all? :roll:

ladybug

I can offer my own opinion (as I so freely do!). If the pdl is indeed unlicensed/illegal, I really doubt they are going to show up on your credit report. To do this, these illegal companies would have to report an illegal transaction (pretty stupid) to a collection agency (who would probably also be illegal). Some illegal companies will turn you over to a legal collection agency (they're stupid). If this were to happen, all you would have to do is send a letter of debt validation. The illegal company would have to validate their illegal transaction (stupid again). If anything were to show up on your credit report and it was from one of the illegal companies, all you would have to do is dispute it. The majority of the time, these illegal pdl's aren't going to report you to anyone. They are illegal. They know they are illegal. That's why they use horrible illegal tactics to try to get their money. However, I have read on here that some people (very few) have had something show up. We then advise to dispute it. If these illegal pdl's are the nasty horrible illegal ones, they won't do that. They'll spend their time harrassing the heck out of you.

good advice cannr and ladybug......I've been paying back on the loans I took out last year what I can-because it would make me feel better BUT I'm not going to give them a penny more and I'm not going to strap myself..I only get paid 2 a month and with no child support its VERY hard....these loans will be paid back on my terms........ :D

The only place I have ever heard of a PDL reporting to is Teletrack, which covers PDL's and rent-to-own places, among other subprime businesses. All it would mean is you can't get another PDL. Too bad, right?? :D

I still feel that this is a moral issue. If the PDLS are illegal I don't believe that they can do anything to you, if you don't pay them. however , I think , (and it is just my opinion) that you do have an obligation to pay what they gave you. After all they did deposit the money into your account, and you did usd it.Again, it is a moral issue, and each of us have to do what we think is right. We have to be able to live with ourselves , and our decisions.

I agree. Plus, there is the whole issue of high interest loans to consider. These places will say that they have to charge these crazy rates because so many of their customers defualt. If everyone were to pay back at least principle, these loan sharks would lose their argument.

I see both sides really......

i have taken out about 6 payday loans in the last month and have found out from this website that most are illegal. do i have to pay them back. :? Also, i just lost my job tuesday and have some due this week, what do i do :?

also i live in tennessee.

I am sorry to hear about your job loss, I have been there. Well like what was stated earlier, it is a moral issue. You took the money and used it for whatever reason and I personally feel that you should pay it back or you are going to be just like them.

The legal storefronts will sue you if you don't work out some sort of payment arrangements with them so it would be in your best interest to contact them before hand, that way they will be more willing to work with you. That is what happened in my case and everything has worked out just fine.

You need to advise them that you just lost your job and they might be easier to work with.

ladybug

distressed - I'm posting your TN pdl law. Please post which pdl's you are dealing with, how much you have borrowed (principle only) and how much you have paid back so far (total - do not break it down). Also, when are your debits due to hit your bank account
You will find the Payday loan laws for Tennessee here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

these were not store-front loans,but internet loans.

That's fine. Your internet pld's are more than likely charging you illegal fees. If you would like, you can post who they are, what you borrowed, and how much you have paid back.

i will have to look at my bank statements and find out who i took out loans with and how much i have paid. will take a little time. also i am worried that they will call my references. they no idea what i have done.

these were not store-front loans,but internet loans.

greenlight cash-$200.00-payment due next week no payment made yet.
one click cash-$300.00-pd$180.00 so far
Geneva roth-$300.00-pd$180.00 so far
BIG-$200.00-pd$210.00 so far
paydayok-$500.00-152.00 so far
NLS cash advance-$250.00 pad76.00 so far`

remember i live in the state of tennessee.

also, i just want to thank everybody for being here. this website is such a lifesaver for i felt that i had no one to talk to about my situation. i will recommend this website to anybody who is in financial trouble and need a shoulder to cry on. :D

Distressed...why not join this site?? Please read the following:

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

This will be your first step...then you can contact your ipdls and explain the law to them and make arrangements to pay what you legally owe. POst any questions you may have and we will help you along the way.