Payday loans. Charging way too much interest. I got a couple of them and Im being charged 400 a month in inter?

Dose anyone know how to stop them from charging so much interest. Id like to pay them off in payments but that all I can do. I can barely take care of my four kids. Any one know of someone who can help?Payday loans. Charging way too much interest. I got a couple of them and Im being charged 400 a month in inter?As long as they are legal, there is little you can do. You should never use these types of loans if possible. They all charge exorbitant interest.



Some jurisdictions impose strict usury limits, limiting the APR that any lender, including payday lenders, can charge; some outlaw payday lending entirely; and some have very few restrictions on payday lenders. Due to the extremely short-term nature of payday loans, the difference between APR and effective annual rate (EAR) can be substantial, because EAR takes compounding into account. For a $15 charge on a $100 2-week payday loan, the APR is 26 脳 15% = 390% but the EAR is 1.1526 - 1 脳 100% = 3686%.



Alternatives to payday loans

Other options are available to most payday loan customers.[27] These include pawnbrokers, credit union loans with lower interest and more stringent terms[28], credit payment plans, paycheck cash advances from employers, bank overdraft protection, cash advances from credit cards, emergency community assistance plans, small consumer loans and direct loans from family or friends.



Payday lenders do not compare their interest rates to those of mainstream lenders. Instead, they compare their fees to the overdraft, late payment, and penalty fees that will be incurred if the customer is unable to secure any credit whatsoever.



The lenders therefore list a different set of alternatives (costs expressed here as APRs for two-week terms):



$100 payday advance with $15 fee = 391% APR;

$100 bounced check with $48 NSF/merchant fees = 1,251% APR;

$100 credit card balance with $26 late fee = 678% APR;

$100 utility bill with $50 late/reconnect fees = 1,304% APR.



Title loans are another type that should also be avoided unless you really want to risk losing your car.Payday loans. Charging way too much interest. I got a couple of them and Im being charged 400 a month in inter?
There's no way to stop them from charging you the outrageous interest rates, you agreed to the rates when you took the loan. As I'm sure you've now realized, never take a payday loan, they're the equivalent of legal loan sharking. Try borrowing money from a friend/relative to pay them off, then pay off your friend/relative with a reasonble interest rate more in line with the market. Payday loans. Charging way too much interest. I got a couple of them and Im being charged 400 a month in inter?I'm sorry to hear you're in that type of situation with them, but honestly there isn't much you can do. You need to payoff the loan and be done with them. You should take it as a lesson learned. You cannot take out a loan and then expect to get out of it later because you don't like the interest they're charging you.
I could be wrong but I don't think you can do anything about it. My friends step daughter took out a loan with them and she ended up losing her car because of it. She tried fighting it but lost her case against them. She agreed to the loan and signed papers and that's it. She didn't read the fine print on the papers. But each state maybe different, I would call a lawyer in your area and ask questions about it. Maybe in your state you can do something about it. Good luck!Payday loans. Charging way too much interest. I got a couple of them and Im being charged 400 a month in inter?To get rid of them - an Act of congress.



As for who can help, not sure if you have Dave Ramsey on a radio station in your area, but his website might have something. I don't follow everything that he says, but he is on a campaign to try to get rid of these businesses or change their model.Payday loans. Charging way too much interest. I got a couple of them and Im being charged 400 a month in inter?
Hello Everybody,

my name is Jason Phillips,a U.S based graduate.i know of a good money lender who loans at a minimum interst rate of 2%.He happens to be Mr.John Clarke.he is the person i owe all gratitude because he gave me loan of $50,000 to fund my education for a duration of 10yrs.

So please if you want anything like loan please do well to contact him at clarkeloanscompany@yahoo.com
The only way to avoid the high charges is to avoid the loans in the rfirst place. They are not designed to help you - juts get you deeper in debt.Payday loans. Charging way too much interest. I got a couple of them and Im being charged 400 a month in inter?


Hi I Mrs Corey Goins, i am from New YorK, i saw your question on yahoo answer and i want to refer you to the international loan company that help me consolidate my debit when i was searching for loan and i was in a bad shape, a friend of mine introduce me to clarke loans company that help me get out of my debit,the company offer so all kinds of loan to any where in the world at a very low interest rate and even if you have a bad credit and low income they still offer they service so long you agree to the repayment information, they are the only international loan company that can help you get a quality loan
Are you talking about $400 per month or 400% per month?



Both do not make sense, since The average maximum allowable loan, in most states, can not cost you more than a little over $200 per month, if you were to pay off your loan and reloan it continuously, admitting that that is not cheap either.



On the average, the FLAT FEE for a $700 loan is $95. It does not fluxuate, build or decrease with variations in the time lended, so, in reality it is not interest. However, the government requires that it must be quoted out as an annual percentage rate (APR), even though it is a flat fee loan to be paid off in 2 weeks to a month, so a $100 loan over a 15 day period, reloaned again and again over a 1 year period would become an APR of 365%. And, with all intelligence, these loans are not even slightly meant to be carried for a year, much less for more than a month (one or two of your pay periods).



Now, looking at the above explaination of interest rates... If you are trying to say that you are paying 400% per month interest?... I am baffled!



Did you get qualified for the maximum limit, for your income, from more than one lender then borrow that amount from more than one lender?



If so, then you loaned beyond your means, by your own choosing and decisions. You, yourself. trapped yourself into a cycle of unpayable loans.



Hopefully you got yourself into debt with CFSA affiliated lenders. They have payment plans...Most of which are at no additional fee, in order to pay yourself off out of trouble.



Here are a couple of general rules about taking out payday loans:



Most lenders base your loan limit off of 25% of your gross monthly income. That is a proven formula that is usually payable by most borrowers in their pay periods.



Do not take your loan limit from one lender, then go to another lender to do the same. By doing so, you have just loaned beyond your means.



People do this, and then blame the payday loan industry for their troubles. One lending company does not have a magical means by which to see if you have "maxxed" yourself out with another company.



Loan only from one lender at any time.



Some good advice for an immediate solution:



Check into available payment plans from these lenders. Many CFSA lenders have easy and friendly payment plans that have no additional fees, and no interest.



Stick to land based lenders. Many on-line lenders are not much more than marketing firms and companies, and they are not affiliated with such ethical organizations as CFSA.