I have received a Payday advance from an online lender. I have done business this company before with no problems. At the end of last month, I signed up for an additional loan, which was paid to me directly into my Savings Account. When it became time to repay the loan, I called Customer Service and told them that I would not be able to pay back until 7/15. They told me that would be okay, but I would have to pay the full amount…about $1500. Well, I cannot pay the full amount tomorrow, and when I talked to CS again today, they told me that if I did not pay the FULL SUM tomorow, they will fax over a copy of the Wage Assignment to my employer to have them send my entire PAYCHECK to them. This would be my regular PAPER CHECK. Can they do this without a judgment from a court? I did electronically what is called a Wage Assignment when I took out the loan which says they can request from my employer to send any due monies earned by me directly to them. Can they do this?
I am not running from them, I plan to pay them in full, but I am a single parent and if they took my next paycheck in full, I would be homeless, as that would be my rent check. I fully plan to repay them, but can only pay a part tomorrow, and probably the remainder on 8/15. I just want to make sure they CAN’T just fax over a paper to my employer and have my paycheck seized and sent directly to them. Thank you SO MUCH in advance for taking the time to read this and respond. I am really worried as I do not want to jeopardize my rent. I realize that payday loans are stupid and I just got in over my head this time.
Yawna, thanks for your opinion, but you did not answer my question. I don’t think you know the answer anyway.
Rose, thanks for your answer. I will try that. Nice to know someone out there has some good advice and not just sounding ignorant.
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Yes, I don’t know why people borrow money from these payday loan companies. If you stay on a budget and don’t spend what you dont have, you wouldn’t be borrowing money from these people. I hate to be blunt, but its the truth.
All they are doing is putting money out there knowing most people won’t be able to pay it back. This is how they make their money, by charging a very high interest when skip payments.
This is why no one else answered your question. You have a lot to learn.