Established Contributor
Posts: 786
Registered: ‎09-15-2008
Re: PayDay Loans--Help!

Here's my take on this, and this is strictly my take as I, at one point, had 5 or 6 at the same time. If they are store fronts (meaning you actually walked into a store and signed papers) let them default, then call for a payment arrangement.


If they are all via the internet and I hope they are, depending on what state you live in, you are not liable for ANYTHING. Let me explain. MOST internet PDL's are illegal, unlicensed companies. If they are not licensed, they have NO authority to loan, never mind collect. Most state laws require that the business be licensed in the state in which you live. Pennsylvania for example states that for internet lending, the lending company must be licensed somewhere in the US. NJ and NY for example PROHIBIT them period, meaning no one can lend to these residents, licensed or not.


I warn you though, if these are internet PDL's, once you default, they will call you, they will call your work at some point and they will threaten you with fraud and arrest. This also is obviously illegal and a scare tatic the collection companies use. They will want you to pay and pay within the hour. I have one pay day loan company, located in the UK (which I just found out about) that still calls me this day after 2 years or so. I paid them back there $200 (they claim it was interest fees, I say screw you, it's what you lent me).


If you want to, post the company names and your state and I will help you further.

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