Payday Loan Laws

Author: itsuptome3
Joined: 23 Aug 2005
Posts: 2
Posted: Tue Aug 23, 2005 5:06 pm Post subject: Payday Loan Laws

Hello,
New here and need some fast help if I may ask.
I have a couple pay day loans out that are due on 9-1 and with my hours cut the last two weeks and I didn't know they was going to do this, I won't have all the money to pay them on 9-1.
What do I do, I already called one of them and they said NO, will not accept anything other than the total amount. PERIOD.

Does anyone have any suggestions or laws I can look up?
Thanks!

Some states I see have the POST DATED check law that makes it illegal for them to do anything and forces them to work with you. These were all postdated. I also read that once it bouces, its no longer a check ( if it is postdated ) and becomes a loan, and they have to sue me if it is a loan and would give me some more time to pay them.
?? Cannot find laws on the net covering these type loans. Any websites?

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Author: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 19 May 2003
Posts: 1150
Location: NJ
Posted: Mon Sep 05, 2005 4:30 am Post subject:Payday Loan Laws

Stay AWAY from this type of loan. It is one of the costliest forms of credit imaginable. See the following for more information:

http://www.ftc.gov/bcp/conline/pubs/alerts/pdayalrt.htm
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Do not let what you cannot do interfere with what you can do.

Ira
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Author: maddybeagle
Joined: 18 Jul 2005
Posts: 109
Posted: Sun Sep 11, 2005 11:20 pm Post subject:Payday Loan Laws

It is probably good for you that they dont extend it since it will just work into more fees.

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Author: nixuzer
Joined: 18 Apr 2005
Posts: 94
Location: TX, USA
Posted: Mon Sep 12, 2005 11:04 pm Post subject: Re: Payday Loan Laws

itsuptome3 wrote:

Does anyone have any suggestions or laws I can look up?
Thanks!

Some states I see have the POST DATED check law that makes it illegal for them to do anything and forces them to work with you. These were all postdated. I also read that once it bouces, its no longer a check ( if it is postdated ) and becomes a loan, and they have to sue me if it is a loan and would give me some more time to pay them.
?? Cannot find laws on the net covering these type loans. Any websites?

Well, how did things turn out?
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"No warning can save a people determined to grow suddenly rich." :: Lord Overstone