Payday Loan Debt

I have been in payday loans myself and I know first hand how hard they are to get out of. So, what are theyall These loans are short term, high interest rate loans that can reek havoc on any family. We see these commercials with recognizable faces on T.V. that we trust and we think that this is a simple loan for when something bad happens that we are not prepared for. Well, this type of lending is not simple and I will tell you why.

When you get a payday loan, you are giving this company all your banking information. When the time comes for you to repay this loan, they will deposit the check in your bank account even if the money is there or not. The interests rates from these payday loan lenders are from 399% on up to 700% on a seven to fourteen day loan. My question is what are you supposed to live on? How are you going to feed your family or even put gas in your car to get to work? The first answer to pop in your head might be to go get another cash advance to make it to the next payday. This becomes a revolving loan that seems to never end and some people might find themselves getting another payday advance just to cover the bills and the first payday loan.

This is when I woke up and started seeking help. These personal loans were out of control and I needed help. Little did I know that there were laws against this predatory lending and they vary by state. I had debt collectors calling me and threatening me. I didn't know that was illegal for them to threaten me. I thought they were allowed to come after their money any way they saw fit! I had one collector threaten to let his dog lose on me if I didn't pay him on the spot! Finding out these laws helped me in so many ways and I have been out of payday loans ever since!

Being in debt puts a lot of stress on a person and the debt collectors really need to brush up on their manners. There are laws to protect people from being threatened. Many people got into payday loans to get out of an unsuspected cost, only to get into the worst nightmare they ever had, not to take the money and run. Maybe someone should explain to these lenders how to follow the laws, not the money.