How to Get Out of Payday Loan Debt in California


How to Get Out of Payday Loan Debt in CaliforniaWe have been covering state by state payday loan news as of late and today’s blog will be on how to get out of payday loan debt in California.

California is a state that is ripe with payday loans and has a population of people who are very active in borrowing money through these types of loan companies and we thought this would be a good state to concentrate on this week.

[Click here to see how we deal with payday loan debt in California and any other state!]

Usury Laws


usury lawsCalifornia does not require many of their lending institutions like pawnbrokers, credit unions, banks and yes, payday loan companies to follow usury laws.

In other words, pretty much any lending institution falls under this definition leading to huge amounts of interest being charged for short-term loans.

For example, a two week $300.00 payday loan would have an interest rate of over 460% bringing the total due at about $430.00 plus counter fees!

Now, figure in the borrower will roll over their payday loan on average three times (this adds new fees and interest total to the loan) can see how easy it is in this state to get caught up in The Payday Loan Trap.

When you consider the average borrower that uses these companies ends up taking out up to 10 loans and takes well over 6 months to pay them back at huge profits to the loan companies you can understand why these companies exist.

It is not to help people who need it!

They are there to make money, plain and simple, and not only to make money but to make lots of money!

The Solution


the solutionWe always tell everyone who asks us for a solution to payday loan debt hat the only way to be sure you are safe from the pitfalls of these companies is to not use them!

Most people will still choose to go ahead and do business with them, so we then advise that the only way to safely use a payday loan is to take out only what you need and can pay back IN FULL on your first due date!

NEVER extend a payday loan, EVER!

NEVER take out more than one payday loan EVER!

Yes, we get a bit emotional about the nevers, but they stand true every time! If you go against the nevers, you will always lose in the end.

In Too Deep


We know it can be hard and we here at Help With Payday Loan Debt have been on both sides of these loans and we know how easy it is to get caught up in them and get trapped.

If you have out of control payday loan debt we can help!

We have a plan we follow that helps people when they get caught up in the payday loan trap and would be happy to take a look at your situation. Just pop over to our Payday Loan Repayment Plan and see how we can help you

Summary


We hope this information helps you in your everyday dealings with short-term loans!

As always, we want to hear from you!

If you have any questions or comments please leave them below in the comments section and we will address them promptly!

[Click here to see how we deal with payday loan debt in California and any other state!]

6 thoughts on “How to Get Out of Payday Loan Debt in California”

  1. I live in Las Vegas, which must be the capital of Payday loans, they seem to be on every street corner. Love the big fancy buildings. But, on a sad note, I have known a couple of people in the past who got caught up in the trap. It seems that technology has given these people new creative ways to get more money. Thank you for helping out. Do you only work with Payday loan customers? or will you work with people who have amassed large Credit card debt as well? I have always been suspicious of debt consolidation companies and wary of recommending them.

    1. Hi, Jacqueline!

      Thanks for stopping by and checking us out!

      At this time we only work with payday loan debt and we hope to someday run out of the debt but that may be a long time from now and we will be here for anyone who needs help with it!

      They do look fancy and comfortable and that is all in the way they market these types of loans, to0 make the customer feel right at home.

      I understand your hesitation when recommending consolidation loan companies, and I can assure you we feel the same way as we too have been duped by bad companies in the past, that is why we do everything we can to help the people in debt, not the companies that are owed!

      Shawn>>

  2. Oh, is that true, that the interest can go as high as 400% in California? Wow, that’s really outrageous!

    My take on this is, although it is important to trim down debts and loans, one has to devise a plan on how to aggressively make money. Because, it one has to mind only the trimming of loans, then he or she will just be punishing himself or herself. As one of the gurus that I follow has said, “Do not just live below your means. Increase your means, too!”

  3. I don’t know about you, but I think payday loans are very similar to loan sharks, minus the violent means in which loan sharks go about getting their money back.

    What do they expect? They’re loaning people money because the person doesn’t have money… how can they expect people to pay back what they owe AND pay interest? I’ve always thought it was ridiculous

    1. Hi, Aria!

      Oh, we have stories about these companies threatening violence and everything else under the sun to collect a debt and they are vultures for sure!

      If you ever need help with this kind of debt please stop back and let us go get them!

      Shawn>>

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