How to Stop Payday Loan Harassment

If you owe a payday loan company money, youre probably receiving daily harassing calls. Cash loan companies provide a useful service. They offer easy approvals, and credit isnt a determining factor. Unfortunately, some people are unable to repay the money. This is when the harassing phone calls start.

Instructions

1

Ask for an extended loan term. Short-term payday loans require repayment within two weeks. If you cant pay off the loan by the due date, the cash loan company may willingly extend your term. Youll pay additional finance fees, but itll fend off harassing phone calls.

2

Borrow the money from a friend or relative. Payday loan companies are persistent. The best way to get them off your back is to pay off the short-term loan, especially since the loan interest continually incurs. Ask a trusted friend or relative for a no-interest loan. Immediately pay off the payday loan.

3

Write a stop calling me letter. According to the Fair Debt Collection Practice Act, consumers have the right to stop harassing phone calls. Creditors, including payday loan companies, may call debtors several times throughout the day. Once they receive this letter, theyre obligated by law to cease all phone contact. However, they can still contact you via letter or lawyer.

4

Keep a record of threatening phone conversations. If a payday lender leaves a harassing or nasty message on your voicemail, save the message. Furthermore, attempt to record a live conversation. If taken to court, you can countersue for harassment.

5

Submit small payments whenever possible. Because payday loans incur daily interest until the loan is fully paid, submitting partial payments doesnt reduce the balance. Still, itll buy you some time and put a stop to harassing phone calls.