![]() ![]() If the loan is illegal, the most likely outcome is that you pay back the original loan amount only. If the loan is illegal, and you went after them, you could do it in small claims or even if you hired a lawyer, if you won the case they would likely have to pay your fees. If they could, they would cut off your thumbs not as punishment for late payment, but because they know you'd have to take out another loan to pay for the ER visit. They are a half step away from loansharks. Payday loans are predatory products designed specifically to take advantage of desperate people. Currently the government has been rolling back regulation and oversight, so they're in good shape at the moment. The only "risk" to their business model is government regulation. Clearly this is not as risky of a business model as one would think. Just like the hundreds of EULAs you never read but have nonetheless agreed to.īut the lenders coming in are terrible and awful risks too.Ĭounterpoint: payday lenders are everywhere and are thriving. If there's a chance you can't pay your rent or utilities call them ahead of time and see if there's anything they can do to help you (partial payment now and full payment in 15 days, or a fee for a delayed payment just one time, or for your utilities possibly a payment plan, etc.) Maybe call your cell phone and have service turned off for 30 days?Īt what point is people needing to sit down and read a financial loan contract "victim blaming"?īecause people aren't lawyers or good at math, so no amount of reading a pile of intentionally confusing legalese will prevent people from signing a contract. Maybe cut some grass or see if you can get a part time manual labor gig on the weekend for a few hundred bucks this month also to help make ends meet? Then be super tight with your spending this month and try to get the rest of your bills paid off. If you have the money to pay it off you should do so. They say they'll refund you any extra payments (and legally they'd be required to). You'd probably want to send them more like $500 thought to guarantee you fully pay it off with any interest accrued between giving them the money and it being processed etc. There should be a phone number you can call to speak with a person that would have the actual answers, but i believe if you only recently took this loan out, your total pay off amount should be closer to the $427.56 amount your seeing. The site refuses to give that information until after I have agreed to refinance and paid a fee. Whenever I go to the refinance tab, I get no information on what my payment amount would be changed to, when my new due date would be, or what my new interest rates would be. Is there any way I can lower this? Is there anything I can do at all to avoid repaying such an egregious amount? I know I really messed up by not simply reading the contract before signing but surely there's something I can do, right?ĮDIT: I want to add that I looked in to refinancing the loan, but the Speedy Cash website is extremely ambiguous. $1873.26 for a $425 loan, $119 out of every check I receive for the next 6 months. I didn't read the contract before signing (I know, major facepalm) and I've just come to realize that not only will I be paying back $1,309 due to interest, but also an additional one-time payment of $564.26 in principal and CAB fees. Anyways, I signed up for a payday loan through Speedy Cash for $425. In hindsight, this was a bad idea, as I would've come out WAY cheaper just paying the late fees on my rent. To keep this brief, I had to take out a payday loan to make rent last month. Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īlways do your own research before acting on any information or advice that you read on Reddit. ![]() Get your financial house in order, learn how to better manage your money, and invest for your future. Banking Megathread: FDIC, NCUA, and your cash.Private communication is not safe on Reddit. Scam alert: Ignore any private messages or chat requests.
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