Please Don’t Take Out a Payday Loan!
I can’t tell you how many clients I talk to every week that are getting harassed by a Payday Lender. As I’ve previously written, the FDCPA only applies to third party debt collectors, not the original creditor. So, the statute only gets triggered, generally, when a collection agency or a debt purchaser is collecting on a debt they didn’t originate. Congress reasoned that original lenders didn’t need to be covered by the statute because they had a business interest in complying with the statute to maintain customers. However, Payday Lenders do not have this incentive - in my opinion they are around for only one reason; to loan shark.
The most egregious stories I hear from consumers regarding harassment are from payday lenders and the companies that collect debt from them. I get it if you need money for food, but if you are taking out a payday loan for something other than a direct necessity; don’t!
If things are so tight that you need to get a payday loan to eat, please consider taking care of your debt in a more holistic manner. Talk to a Bankruptcy Attorney. Talk to a Debt Settlement/Resolution Attorney. Talk to someone! If you are interested in Bankruptcy, visit www.legalhelpers.com. If you are interested in resolving your debt for a fraction of what you owe, visit http://www.legalhelpers.com/bankruptcy-alternatives/debt-management.html. I’m a part of two law firms that were created to help consumers that are in debt. If you do nothing, nothing will change.
I hope things aren’t so bad for you that you’re considering a payday loan. If they are, my opinion is to start thinking of a long term solution rather than taking out another loan.
-Jeffrey S. Hyslip
