This Article is About
payday loans
payday loan companies
brick and mortar stores
high interest rates
full time job
brick and mortar
bad situations
average person
landlords
Pay Back Payday Loans The Easy Way
Join 1000's of Authors at StreetArticles Today!

Pay Back Payday Loans The Easy Way

School is back in session all over America, and stay at home mothers and fathers are now finding free time to take a part or even full time job to catch up on bills. Many of these responsible parents are doing this to pay back payday loans they may have unintentionally defaulted on, and hopefully they will pay back payday loans the easy way.

Responsible? Then why are they in default?

Today's lending practices leave quite a bit to be desired, and it is very easy for good people to find themselves in very bad situations with short term cash loans.

These loans are set up to trap the average person and rob them blind in roll over fees, counter fees and incredibly high interest rates, as high as 2000% annually.

The companies actually want to trap the borrower and fee them to death, so to speak.

Why do people take them out?

People get under the gun for cash and these companies provide it and provide it quickly. Online loan companies can get you cash within hours into your bank account, and local brick and mortar stores are everywhere.

These loan companies are very wise and business smart. They plant their stores in high poverty areas that have an abundance of people with bad or no credit, and they prey on them.

Landlords will steer tenants who are short on rent to these loan companies, not caring what happens to the borrowers.

In other words, it is open season on the poor and disadvantaged.

Once they get you to take out a loan, they have you. The average person who takes one of these loans out will roll it over between 4 and 5 times, and the fees add up so fast they then need another loan to cover the first loans interest. In other words, they are now trapped in the payday loan trap.

Payback the easy way?

If you or someone you know are in the position mentioned above and are ready to get these loans out of your hair forever, you can either pay them back on the payday loan companies terms and pay incredible amounts of interest or you can be smart and contact a payday loan consolidation company to help you get them taken care of.

These consolidation companies can stop and even reduce the interest, stop all harassing calls and threats, and set up one simple bi weekly or monthly payment plan that the borrower can afford.

Summary

If you are in need of consolidating your payday loans, fight back, get hold of one of these companies, and get rid of these things once and for all.

The only good payday loan is the one you never take out!

Do you have any horror stories involving these payday loan companies? Please share them below!

Please feel free to share this article and leave any questions and comments below!


Street Talk

Very informative article with good information. Excellent linking.

Reply
  about 5 years ago

Thanks Robert.

Reply
  about 5 years ago
Anna Ware  

You are relly helpfull too people that have this problem. Brilliant article.

Reply
  about 5 years ago

Thanks Anna. As long as they are here, we will be too!

Reply
  about 5 years ago

Good advice for anyone caught in these payday loan traps. The interest they charge is criminal. They can get loads from the bank at 2-3% and then charge over the odds from folks on the street. Should be banned, the government needs to shape up!

Reply
  about 5 years ago

I agree! Seems money brings out the best in people.

Reply
  about 5 years ago

And worst...

  
  about 5 years ago
adam26  

Nice article. It is sad that this lending practice is still legal.

Reply
  about 5 years ago

Adam, watch for some articles on why it does not even matter if they are illegal. I will be writing on that subject next. Thanks for reading!

Reply
  about 5 years ago
William6  

Great Article Shawn, I see a lot of these loan places around here in suburbia USA. Most are located within or close to strip malls along with Title pawns, gold buyers and the run of the mill pawn shop. All 3 do a thriving business. You are right about feeding on the poorer people. Many of the strip malls I mentioned,are in neighborhoods where apartment complexes and rental units make up most of the population.

Reply
  about 5 years ago

Seems there is never a shortage of creeps that work there either. Thanks for reading William!

Reply
  about 5 years ago
You May Also Like
Native American Payday Loans Are Booming
It seems that regardless of what individual states do to curb these money pits, Native American payday loans are booming. Seems they have changed their names to short term loans to get around usury laws, and claim they are not covered by the laws of the states. Not covered by…
By:  in  Finance  >  Debt Relief   Sep 11, 2013  
8
  Likes: 7

I Am Drowning In Payday Loans
A former colleague of mine was in the financial industry after the collapse of the economy in 2008. He was doing great until that year, but I never realized how far he had fallen until we spoke over the phone. He told me “I am drowning in payday loans” and…
By: David Schmidt in  Finance  >  Debt Management   Aug 15, 2013  
6
  Likes: 6

Need Debt Help Now? Consolidate Payday Loans Today!
Don needed money fast, now Don is saying "I need debt help now!" It is time for Don to consolidate payday loans today! What happened? Don got himself caught in the payday loan trap. he needed money right away, so he went to a payday loan company and took out…
By:  in  Finance  >  Debt Consolidation   Dec 06, 2012  
13
  Likes: 4

Missouri And Payday Loans, What You Need to Know!
Missouri and payday loans, what a combination! These laws were written to protect the borrowers but they, like many other states, have had to have had a nudge by the loan companies at the time of writing. What are the laws? The laws of Missouri state that you may take…
By:  in  Finance  >  Debt Consolidation   Nov 20, 2012  
4
  Likes: 2

I Have Too Many Payday Loans And Need Help
A good friend of mine spoke with me a few nights ago and told me “I have too many payday loans and need help.” At first I was surprised that he had turned to payday loans in order to fill the gap on his bills, but I quickly realized he…
By: David Schmidt in  Finance  >  Debt Consolidation   Nov 07, 2012  
19
  Likes: 11

Too Many Payday Loans Help!
When it comes to payday loans there is one simple rule everyone should remember. It is extremely easy to get a loan, but ten times more difficult to get rid of one. For many men and women across the United States, this type of rhetoric rings true. It is a…
By: David Schmidt in  Finance  >  Debt Consolidation   Oct 02, 2012  
11
  Likes: 12

Help Me With My Payday Loans
So many people are screaming out "Help me with my payday loans!" Seems more and more people are getting in over their heads in payday loan debt by the day, and I am not seeing anything changing in the near future. What is happening? These loans were designed to be…
By:  in  Finance  >  PayDay Loans   Apr 29, 2013  
4
  Likes: 2

It Is Possible To Pay Off Multiple Payday Loans, But 80?
Many people today are working 2 jobs and doing everything in their power to pay off multiple payday loans, but could you imagine managing 80? There are new numbers out that are revealing we are headed in a direction we should not be going, and it is getting worse by…
By:  in  Finance  >  PayDay Loans   Mar 03, 2013  
1
  Likes: 5

Nevada And Payday Loans, A Complete Payday Loan Trap Set Up!
Nevada and payday loans go together like hot butter on popcorn. This state is set up for complete and major profits for the payday lender and do not do much for the borrowers but make them poor at an alarming rate! How so? The payday loan laws of this state…
By:  in  Finance  >  Debt Consolidation   Nov 20, 2012  
2
  Likes: 2

Debt Relief From Payday Loans - What Can You Do?
Getting relief from payday loans may seem impossible and without any options. However, that's not true, there are always options. And in reality you have more ability to stop the payday cycle that you're trapped in than you may think you do. So here are three options you can consider.…
By: Leo E in  Finance  >  Debt Consolidation   Dec 23, 2012  
0
  Likes: 0

Can You Consolidate Payday Loans?
Many people end up in trouble with payday loan debt and are asking, can you consolidate payday loans? The answer is a big yes, and the sooner the better. The main reason a person would want to consolidate these loans is because they are in default and or are stuck…
By:  in  Finance  >  Debt Consolidation   Feb 05, 2013  
6
  Likes: 8

Help Too Many Payday Loans - Can You Help Me?
I want to share a conversation I had not long ago with a new friend. This is a conversation that I know is happening each and every day, maybe it’s one you've even had. For privacy issues I will can him Jack. Good news after our chat his problem has…
By: Leo E in  Finance  >  Debt Consolidation   Feb 14, 2013  
0
  Likes: 1

Help RLJ Eliminate Payday Loans
As I was reading updates from my Google alerts, I finally ran into some sanity involving payday loans that I just had to share with everyone. We all need to get behind Robert L. Johnson and help RLJ eliminate payday loans! Who is RLJ? RLJ is Robert L. Johnson, founder…
By:  in  Finance  >  Debt Consolidation   May 11, 2013  
6
  Likes: 5

Help To Many Payday Loans – What Can I Do?
Each and every day I get an email or a phone call from someone completely freaking out because they have been sucked into the payday loan trap – and it happens so fast it really catches people by surprise. For example just yesterday Cathy called me totally stressed and freaked…
By: Leo E in  Finance  >  Debt Consolidation   Jan 03, 2013  
3
  Likes: 1

Can I Consolidate Payday Loans
Many of the emails and phone calls I get everyday are people asking what options they have for getting out from under their payday loan debt. And the one question I get most is people asking if they can consolidate their payday loans – and the great news I get…
By: Leo E in  Finance  >  Debt Consolidation   Feb 06, 2013  
1
  Likes: 1

Article Views: 1863    Report this Article