2 Minute Payday Loan Trap

By Shawn Lee Martin

2 minute payday loanIt is amazing the number of ads you see for fast easy money from payday loan companies.

The one I saw today that stuck out like a sore thumb was “Get your 2-minute payday loan”  It should have said, “Get your 2-minute payday loan trap!”

They claim no credit checks, instant approval and the money deposited in your checking account today!

Now, if paying them off were even half that easy!

In the time, you can flip a timer over and boil the perfect egg you can mess your financial life up and end up paying for months and months.

Well, we decided if they can offer a two-minute plan for a disaster we will offer a two-minute plan for recovery!

Need help with payday loan debt?

Click here for your 2-minute solution!

Their Plan

The payday loan industry came up with this 2-minute plan to get you and get you now.

They know you need money fast and will be less apt to take the time to read the fine print before you accept the money into your account.

All most customers are seeing is themselves spending the money they did not have 2 minutes prior.

This can be a dangerous situation for the borrower as most of these quick loans are made online and the rules of borrowing are totally different than the brick and mortar stores policies.

They suck you in with the quick money and then they strike on your first due date by only taking out the two-week interest charge unless you contact them no later than three business days before the due date with a different amount you want to be taken out of your checking account.

This leaves the whole balance due plus two more weeks interest and a fee charge on your next payday which, in this case, is in two weeks.

This little fact about having to call the company with a different amount you want taken out on  payday to apply to your balance usually is gone over very briefly in between telling you how quickly you will be getting your money and it is really easy for these companies to dupe you on this very important part of your agreement.

Also on their side is sending you the disclosures and loan terms after you have already borrowed and in most cases spent your money and reading these reminders of what we borrowed when they do arrive usually is not very high on our priority list.

This can be a repeating cycle that turns into huge amounts of debt for the borrower in very little time and huge amounts of profits for the loan companies.

Here are a few horror stories that have resulted because of this practice. These were reported in 2011 and things have gotten considerably worse since this report.

Some pretty grim stories from some unsuspecting customers.

One has to ask one’s self how much is enough?


We here at Help With Payday Loan Debt feel that everyone should avoid online payday loans period!

There are too many other options for help and using these other options will save you from the sharks that pretend to care about your situation in the payday loan field.

These loans will bury you, many of them are illegal and most of them are based outside the USA, causing all kinds of accountability problems at best.

Their loan collection practices are ruthless and several states have made payday loans completely illegal, but the companies do not care.

Regardless of the Federal or state laws, they still continue to write and collect loans daily throughout the USA and abuse the banking system.

We have seen them go as far as changing the name on bank ACH drafts when collecting payments from any stopped account payment requests made by the borrower.

They just simply submit a new ACH with a different name.
I hope this article serves as a reference when dealing with these companies and if you are in trouble already with one or more of these loans, please see our Payday Loan Repayment Plan to find out how we deal with these kinds of companies and how we can help you.

8 thoughts on “2 Minute Payday Loan Trap”

  1. Hi Shawn
    You are so right about these “easy money, fast” loan companies ripping off customers that can least afford it. They cater to the financially desperate, and once in debt, it’s very, very hard to get of. It’s a vicious circle.
    Sharing this post to my Pinterest board. Well Done, Shawn
    Gordi D.

    1. Hi Gordie!
      Thanks for visiting and thanks so much for t6he compliments!
      Please do spread the word that we are here to help anyone who needs it with these types of debt.


  2. Hi Shawn,
    I am really glad to see a website whit that purpose, to help people forget about those short term loans. Keep it up man.

    1. Hi, Lyubomir!
      I agree, it is best to never do business with these companies.
      One of our jobs is to keep people informed on the pitfalls of payday loans, and there are many of them.
      Thanks for stopping by!


  3. I’m as poor as the next guy yet, I’m starting to think about a new career in going after these bottom feeders.

    You sure do know how to tap into one’s emotions there Shawn.

    Thanks for the valuable information here


    1. Hi, Larry!

      Yes, it does make your blood boil for sure.
      Spread the word that we are here for anyone who needs help with payday loan debt1


  4. I am so glad to hear there are people out there who want to help those who have made the mistake of playing with those blood sucking leeches.

    Praying on the weak is not going to earn them very many points in the end.

    Thank you for this useful site. I have book marked it for future reference. I know a ton of people who could use it.

    1. Hi, Travis!
      Unfortunately, they do not care about points, all they care about are huge profits.
      Thanks for stopping by and please do spread the word that we can help anyone with payday loan debt!


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