FYI about Checkngo Installment Loans

eleroo....I think the best person to answer that question would probably be Goudah...you could maybe PM her if you need an answer right away...off the top of my head I would say no, since they are still backed by a bank and the rules are very different for that...

I'm inclined to agree with moringstarr. Check 'n Go installment loans are backed by a bank and legal. They are not a pdl.

When I was in my desperate frame of mind, I contacted them about the installment loan, and it was backed by the Bank of Deleware...I do not know if it still is. Is this not the one that backs Cash Call? Would the same rules apply? I konw there have been MANY posts regarding Cash Call being backed by a bank. I would be interested in finding out how and if Check n Go is different from Cash Call. There have been several posts about both.

Yeah, it can't be fought like a pdl. It's legal and your friend could get herself sued if she were to treat it like a pdl.

Telectrack is not just for pdl's, it's for any sub prime lender. So rent a furniture places and the like also report to it. Check n Go installment loans are sub prime loans, so it would make sense that they would report the loan to Telectrack. In a way it's a good thing because getting a pdl right now is only going to make things worse for your friend.

eleroo - beat your friend! Did she not learn from your experience? Tell her no, no, no! :shock:

I know. I need to beat the mess out of her!! :-)
Fortunately, the pdl company she went to was actually concerned about her financial fate and said that she did not have enough income to get the pdl (never heard of that before, but maybe this one has been in trouble before or something) and that they encourage all of their customers to "phase out" of their pdls by coming down at least $25 per pay period if they can't pay more. Luckily, she did not get it and I told her she is much better off.

Well thank god, at least the pdl company as nasty as they are are at least concerned about her wellbeing. You sure don't see or read that very often. That might be something you should post in the success stories. I don't know just a thought.

ladybug

I think that's a great idea ladybug. This was a local storefront pdl company...one that is relatively new in our area. The name of the company is quick cash. The branch manager was the person who turned her down. From what I understand, when pulling my friend's teletrac report, the branch manager was quite surprised at the checkngo installment loan. My friend also said that the branch had lots of signs posted making reference to potential long-term financial damage with pdl abuse...apparently they (or at least the manager) actually care whether or not the customer is destitute!!! Imagine that...a pdl company with a heart. :-)

eleroo, your friend got lucky. She found a store front with an intellgent manager who gave her sound advice. We have Quick Cash where I am. And, I must say, the manager is NOT nice and wouldn't even consider turning any one away. They just want the money. Of course, all store fronts/states/managers are different. She got a good one. I'm actually glad to read that.

Meeee toooo!!! At this point she is so up in the air about how she is going to pay her checkngo loan off she is not thinking very clearly. In my opinion, and I have told her this, that even though she is being screwed with the interest and they're not following their contract, at least she has an end in sight. With a regular pdl, she could be trapped for years. Not only will she have to pay the installment loan off, but she will have to keep taking out pdls to pay for other pdls...etc, etc...we all know how it goes.

I have to add an interesting story about LEGAL pdl's to this thread...

A co-worker recently received a phone call from one of the legal PDL's located here in MI. They were calling in regards to another co-worker who used HIS name for a reference - and guess why they were calling? To find out where she was, because she had defaulted and wouldn't return their calls to her home. The funny thing is they passed right through her hands on the phone on the way to my co-worker's voice mail.

So...the moral of the story is: don't screw around with legal lenders (PDL's or otherwise). They WILL contact your references in a search for you if you default. They didn't violate any laws in doing so, because they didn't reveal the nature of the call, just their company name and that it was important that she call them back - but that was enough to figure it out.

You're right, suebee. If you don't "disappear" without a trace, no calling, no nothing, they won't try calling all your contact numbers, your job, your family, etc. If you call them back - or call them to begin with - and let them know you're still alive and not running from them, they more than likely won't call the other phone numbers they have. Hell, write a letter if you're afraid to go in there or call! Let them know you are alive and want to work out payments! Just let them know you are aware that you do owe this money and have every intention of paying it back. That's why they're hunting you down.

Yeah, I had one that called all of my references when I was gone on my homeymoon and left my cell phone at home, on purpose. So, they called my best friend, my friend at work, and my mother. My two friends were cool. They took the name and number and left me voice mails. My mom FREAKED! "You have bill collectors calling MY HOUSE!" Well...she doesn't have to worry any more. No more PDLs, and no more loans at all of any kind. Excpet my car. Those nessecary ones.

Oh...but once I called them, and told them to not call my references again, they abided by my wishes. Thought I would add that. Definitiely, talk to them.

yep, that's the best bet - don't avoid them. They are LEGAL - following your state laws - therefore, you should do what is required to work things out with them. Most states (but not all) provide for payment arrangements in their state law regarding PDL's, so why not avail yourself of that?? Avoiding them and ignoring their calls will only lead them to the only recourse they have - taking you to court.

It's always better not to avoid them, because trust me, they don't go away. It is frustrating to get numerous calls from them, though, when you have given them the same information three times!

I totally agree. When I was trying to get out of the pdl cycle I made sure to contact all of my pdls first. I never had any trouble with them contacting my references. My friend is going to default this Friday and she is scared to death. I told her to make sure she calls them Friday to let them know about the default. I know that the best thing I did was default on the pdls. It immediately stopped the interest and put me in a good position to negotiate. With this being an installment loan, I'm not sure she will be able to negotiate, but maybe the interest will stop being added on and she will have a fighting chance to dig out of the hole.

CNGworker, If come onto this site, be big enough to say what you mean.