Monthly Archives: February 2014

5 Rules to Get Out of Your Payday Loan

How to get out of your payday loan
Screw Your Lender

Are you buried with payday loans? Are you being harassed daily by phone calls from lenders? You are or you wouldn’t still be reading this. That is, unless you’re a payday loan collector and you want to learn my tricks to be a powerful payday loan collector and earn more money.

Here’s my 5 rules for getting rid of your payday loans.

Rule #1: Payday Loan Lenders Aren’t Your Friends
The full time job of your payday loan lender is to keep you in debt! Payday loan lenders are not your friend! PDL collectors have much more experience than you do. They’ve “heard it all” and have a killer reply to every excuse you offer; unless you’ve done your homework. (I can help you with HOMEWORK!)

Rule #2: Don’t Let the Lender Get Inside Your Head 
Don’t allow the collector to “get inside” your head. Share nothing; zero information. Never use abusive language. This is a game so keep your cool. For the collector, it’s not personal. They’re simply doing their job. Payday loan collectors are generally not the “cream-of-the-crop.”  Those who are really good, move up the food chain to mortgages, credit card debt…

Rule #3: Never Give a Lender Your Bank Account Info
Never, ever give a payday loan lender access to your bank account again. Use Western Union, Money Gram, a money order, a prepaid card… anything but your bank routing and account numbers! NEVER!! And NEVER cash a check you receive from them! More on this later.

Rule #4: Do Not Volunteer
Never volunteer any information to a lender or collector. They already know EVERYTHING about you as a result of your original payday loan application. That means no updates regarding your phone number (get a throw away, prepaid phone at Target, Wal-mart, Radio Shack…), your employment, your address, your new bank account, your new puppy’s name, children’s names… NOTHING!

Rule #5: Convince the Lender You Have No Money & No Future
Your Job #1 is to “poor mouth” yourself; you have zero money today and zero prospects for tomorrow. If the lender smells money, you’re going to have to give her some. Your mantra is, “I’m in dire straits for the foreseeable future.” True or not, your goal is to convince them that this is your reality. You must convince your lender they have NO HOPE of collecting money from you!

Now go make some serious coin and payoff those other bills.

Want more ideas for getting rid of your payday loans? Get my book, “How to Get Out of Your Payday Loans.”

And be sure to sign up for my weekly “Tips & Tricks” for deleting your payday loan debt.

How to Get Out of Your payday Loan-Tactics

Get out of your payday loan
Get out of your payday loan

1. STOP GETTING PAYDAY LOANS: Do not rollover or  “reloan.”

2. CLOSE YOUR BANK ACCOUNT: So the payday lender doesn’t attempt to cash your check or use electronic authorization to debt you account when the payday loan lender realizes you are not going to Continue reading How to Get Out of Your payday Loan-Tactics

Virginia – A Borrower’s Guide to Payday Loans

Get out of your payday loan
Get out of your payday loan

Virginia – A Borrower’s Guide to Payday Loans 

• Be aware: Some payday lenders are now offering “lines of credit” or loans secured by your car title as an alternative to a payday loan. These loans are unregulated. The following laws DO NOT apply to installment and car title loans in Virginia.

  1. 1. The Payday Lender must give you at least two pay periods to repay your loan. If you are paid weekly or more often, the payday lender must give you at least 14 days to repay your loan. 
  2. If you are paid every two weeks, your minimum loan term is 28 days.  Continue reading Virginia – A Borrower’s Guide to Payday Loans

Installment Loan Versus Payday Loan. By: Royal Paine.

payday-loan-vs-installment-duck
I’m really a DUCK!

By: Anonymous Payday Loan Insider. Installment Loan versus a Payday Loan and Think Finance’s “RISE” small dollar loan product.

If it looks like a duck, walks like a duck and swims like a duck, it’s probably a duck. And so it goes for payday loans and installment loans. With a payday loan, a borrower receives $300 in return for paying $360 to $390 on their following payday. Depending on the number of actual days outstanding, the APR is the interest payable on an amount borrowed plus other fees expressed as an annual percentage rate of charge. Payday loan APR’s typically range from 390% to 580%+. (Let’s not even start on rollovers!)

“Think Finance” has something they call a “RISE” product. It’s an installment loan. Meaning the loan is amortized: it’s payed down in equal amounts over 6 to 18 months. They offer these loans as “low as 71% APR’s. Sounds great, right? A small dollar loan to be paid back over a longer period of time. Good for the consumer… Continue reading Installment Loan Versus Payday Loan. By: Royal Paine.