I did something stupid--took out a payday loan at Christmas. B.I.G. is name of company. ever heard of it.
These firms are legalized loan sharks. The fees that they charge are outrageous.
That doesn't change the fact that you agreed to their terms, and you now owe them the money. Why don't you just bite the bullet, and pay them off? You were good enough to take their money, but now you are hiding from them when it comes time to pay the piper.
The worst thing you can do is "do nothing" and hope for the best. You needed the money for Christmas and now you have to pay back the. show more The worst thing you can do is "do nothing" and hope for the best. You needed the money for Christmas and now you have to pay back the loan.
The comment about legalized "loan shark" is unnecessary. Used wisely, a cash advance loan is less expense then having a $35 NSF from the bank and another $35 charge from the merchant. Also some banks will
charge you a daily overdraft fee of $5 to $8 each day your checking account is negative. When you add up all the fees compared to a $15 to $20 fee per $100 for a cash advance, the legalized loan shark comment can apply to banks.
Read your contract carefully (unlike the first time when you took the loan) and see what if any recourse you have. You probably signed a contract which obligates you to arbitrate any and all disputes.
Foreign cash advance companies usually do not follow US federal or state laws.
Check with your state Dept of Admin (which governs payday lenders) and see if you have recourse with them. They may be able to assist you with this company.
Source(s): I work for a payday lender and we follow the laws of the states we operate in. We only operate in states where we have a license. Unlike your English based company.
Tim S · 9 years agoSource: answers.yahoo.com
Category: Payday loans