Cannot repay a payday loan? There is help for you!!!
Never, ever use a Rapid Cash!!! They will withhold information from you.
For example, if you cannot payback your loan, you have a RIGHT to enter into CFSA extended payment agreement. (You can do this once a year.) As long as you go in before the loan is due, you can sign for a CFSA extended payment agreement. They HAVE TO BY LAW "freeze" the loan and allow you to repay it in AT LEAST four equal payments without it acruing any INTEREST. And you don't have to make the first payment until your next payday!
So if you are in trouble financially, you don't get trapped just paying off the finance charge and not paying any of the principal. THEY WON'T TELL YOU ABOUT THIS OPTION! They'll just let your loan default and then send you harrassing letters from their lawyers (which happened to me).
Once you've missed the payment, you can't do the CFSA extended payment agreement. I tried to send them payments after my loan had defaulted and they mailed them back. I spoke to their lawyer who told me they'd only be willing to make the loan current again, but would not take amything but the full amount! I explained I could not do that but I could make 4 equal payments over a 2 month period. He refused and threatened to take me to court for a wage garnishment. I was more than willing to go to court and show the judge that Rapid Cash had returned my payments and I had made a good faith effort to pay off the loan.
So what did these jerks do? They got a process server to lie about serving me papers. They took me to court without ever SERVING ME THE LAWSUIT PAPERS! (They never did. The server swore he served me papers at my home address - but it during a time I was thirty miles away at work! I was never given anything!) I didn't know about the lawsuit or judgement against me *until* I got the wage garnishment! Of course they won the lawsuit and got the wage garnishment because I was a "no show" in the trial I knew nothhing about!!!
What is so unfair is that I was never given a chance to show the judge the payments I tried to make and which Rapid Cash returned! A wage garnishment goes on your credit report - which totally ruined my credit. And it's so stupid because they did not get the money any faster by getting a wage garnishment than if they had accepted the 4 payments I tried to make! The only benefit to them was that their unethical, scummy lawyer got paid.
Just don't let this happen to you. If you get in trouble, go in BEFORE YOUR LOAN IS DUE and demand a CFSA Extended Payment Agreement. ANY payday loan center who is a part of the CFSA has to offer this option.
Read about it here:
http://www.cfsa.net/public_education_campaign/extended_payment_plan.html
As of July 31 all CFSA members are required to offer customers who are unable to repay their payday advance on the agreed upon due date the option of entering into an Extended Payment Plan (EPP). This new Best Practice gives customers more time to repay their loans with no additional fee or interest, and helps customers avoid a cycle-of-debt by providing a cost-free safety valve.
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