Don’t know why I wrote this poem, but I know what it’s like to have no money, no hope, and no clue.

Got a little bit dark in the end – didn’t really plan it that way – just sort of rhymed.

So if you have ever had any experience dealing with collection agencies after you have got behind on a Payday Loan you may fully “get it”.

At Clf we get allot of traffic from borrowers who have collection agency scumbags chasing them, harassing them, and being downright unsportsmanlike, by threatening to have them put in jail.

My Payday Loan Poem

I was down on my luck, my brains, and my stash
The weekend was coming and I needed some cash
So I applied for a loan down on Davenport Street
Borrowed some money for only one week

When the week was all over I didn’t have the doe
So I never made payment – I just let it roll
The Cash Advance lender was so cool and so kind
He smiled and he said that it was juuuusssttt fine!

When my next Paycheck came I couldn’t pay it off
So I made the mistake of going back to the trough
I borrowed more money just to give me some time
Then I was told how the interest had climbed

For one thousand dollars and 30 days in
Over 200 bucks is the vig I was payin’
So I had to get funded from another cash lender
To pay off the first their cold legal tender

Now the stress was profound like I was slipping away
And I was recalling way back to the good old bad days
When I needed some cash cause I couldn’t pay the rent
Or when I needed some swag to pay down bad debt

I asked for more hours and I worked overtime
The boss liked me more and I didn’t spend a dime
I went home real late and like a baby I slept
And when the sun came up shining I wasn’t in debt

So now my credit it damaged – more like dead in the ditch
And the phone keeps on ringin’ from some bugger’s bitch
She calls me a loser and all sorts of names
She figures I’ll pay her because I feel shamed

She says that they’re coming to put me away
Gonna do time with some dude called Big Ray
And the prospect of that makes me fill sick
I don’t like big dudes and I don’t like big _____

But before they can take me I have one last plan
I got a new marine flare and full Jerry Can
I’m going downtown back to Davenport Street
And that loan sharkin’ mother is gonna feel some heat

If you’re getting tired of being denied a Payday Loan, consider yourself lucky my friend. These cash advance companies are the worst place to get a loan from. They are in the business of fleecing borrowers with extremely high interest rates and huge penalty fees. If you have never applied for a loan with a Payday lender, then don’t start now. It can turn into a financial addiction that sends you spiraling down into a mountain of debt, and endless collection agency phone calls. You can really hurt your credit rating as a result, and the stress it puts on you is terrible.

Did you know that some borrowers have even committed suicide because of payday loan and/or cash advance debts. These are usually young people that don’t understand yet that, “IT’S ONLY MONEY AND NOTHING TO GET HUNG ABOUT”. The reason these young borrowers feel like their world is crashing in on them, is because they actually believe the threats coming their way from the payday loan company or a collection agency. If you can repay your loan then you may as well not answer the phone, and if you do answer the phone when they call, just hang up. Don’t take them seriously friend, and don’t let it get you down. It’s only money, and the worst they can do is hurt your credit bureau report, and perhaps garnish your wages for awhile if you signed and agreement with them giving them permission. Depending on what State you live in, you may be able to request your employee deny the payday loan company access to your paycheck and any garnishing.

After reading all this, are you still really tired of being denied a Payday Loan?

I’ve seen quite a few blogs out there on payday loans, just for the sake of getting traffic onto their domain and making money from clicks. I have an idea of what the best payday loan blog should look like. It should be a blog dedicated to helping people never take out of payday loan as long as they live. Payday loans are the worst way to borrow money and are arguably in the category of predatory. One thing for sure, just like cigarettes, just because the government says some business model is legal does not mean it is moral. No question about it unfortunately – Payday lenders are amoral in the opinion of California Loan Find.

Payday loan blogs should go into great detail about the fees that are charged when getting a payday loan and how much it costs you and interest and penalty fees when you roll over a payday loan. An ethical personal finance blogger will tell you every time that I cash advance or payday loan is the most costly kind of borrowing imaginable on earth. There was a day when this kind of costly borrowing would have been against the law, but I guess this kind of lending is here to stay.

Some of the arguments in Congress on the side of payday loan lenders are as follows:

- they provide a form of lending that can’t be found anywhere else
- they provide a form of lending that is fast and can be helpful to a borrower in dire straits
- they fill a market void in the lending business

Well, I suppose this is true, but any blogger that focuses its subject matter on pumping up payday loans just for the sake of getting their visitors to fill out an online application form for a commission is also taking advantage of hapless consumers.

Some borrowers who want payday loans asked to have their loans approved by a lender that is faxless. I know, it sounds funny to say it that way, but basically they are just looking for a payday lender that doesn’t require the borrower to fax in their information such as ID, driver’s license, and a recent pay stub from their employer.

Of coarse this means that you will get your payday loan approved faster and get the money in your account quicker. The only rub is that to find a faxless payday loan company is extremely difficult these days. The reason most payday loan lenders want you to fax in all your information is because they want to “check you out” using Teletrack. You can read more about Teletrack by following the link above.

If you do find a good faxless payday lender that truly doesn’t require you to fax your information in, then please leave your comment below so that our other visitors can use that same lender to speed up the process.

For San Diego we have listed all the operating Payday Loan companies in the area. We have not listed any Payday Lenders anywhere outside the San Diego City limits – we will list those areas surrounding the main city area later. We have listed whether or not the Cash Advances are Direct Lender loans to borrowers, and whether or not they are faxless (no faxing required) Payday Loans.

We have a comment area at the bottom so you can edit this list for which lenders are still open for lending, which lenders are still faxless, and which are still direct lending Paycheck Advance lenders. If you see one of the companies below that needs to have an update please let us know – we don’t want borrowers from CLF calling any of these Payday Loan institutions thinking they are faxless or direct lenders, when they are indeed not. Your comments are welcome, as some of these companies are recorded for their lending process, and some are not.

For each Payday Lender listed for San Diego, we have included their street address, business name, and their phone number. We have not included ZIP codes at this time. Hope this helps you find a Direct and Faxless Payday Lender near your home, or place of work. As always we highly recommend that you make sure you pay off your Payday Loan ASAP. You never want to roll these kinds of loans over – NEVER.

List of Payday Loan/Cash Advance Businesses in San Diego

The Check Cashing Place (Direct Lender = not recorded – leave comment)
945 5th Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 239-6151
Lending Product = Payday Loans

Cash Plus (Direct Lender = not recorded – leave comment)
3007 Clairemont Drive, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 275-7587
Lending Product = Payday Loans

Check Center (Direct Lender = not recorded – leave comment)
1722 Euclid Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 264-2805
Lending Product = Lending Agency

Advance America (Direct Lender = sometimes/inquire)
3630 Rosecrans Street, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 225-5716
Lending Product = Payday Loans

Ace Cash Express (Direct Lender = not recorded – leave comment)
3740 Rosecrans Street, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 291-1465
Lending Product = Payday Loans

Checkmate Check Cashing & Payday Loans (Direct Lender = not recorded – leave comment)
6906 Miramar Road, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 858 695-2000

A Check Cashing Etc. (Direct Lender = not recorded – leave comment)
4090 El Cajon Boulevard, San Diego, CA, USA – Faxless (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 563-6543

Checkmate Check Cashing & Payday Loans (Direct Lender = not recorded – leave comment)
9211 Clairemont Mesa Boulevard, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 858 270-1300

USA Checks Cashed (Direct Lender = not recorded – leave comment)
4298 University Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 283-2020
Lending Product = Personal Loans and Bad Credit Financing

USA Checks Cashed (Direct Lender = not recorded – leave comment)
4913 Convoy Street, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 858 268-3500
Lending Product = Personal Loans and Bad Credit Financing

Moneytree (Direct Lender = depends on location)
3445 Midway Drive, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 223-6669
Lending Product = Payday Loans

Super Pawn (Direct Lender = not recorded – leave comment)
1471 Garnet Avenue, San Diego, CA, USA - (No Teletrack – unknown, PLEASE COMMENT) – Phone: 858 272-9700
Lending Product = Payday Loans

Payday Loan Corporation (Direct Lender = not recorded – leave comment)
910 Grand Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 858 274-5709

Check Advance (Direct Lender = not recorded – leave comment)
5419 El Cajon Boulevard, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 583-2100
Lending Product = Payday Loans

Cash For Gold We Pay More In Cash or We Make Cash Loans (Direct Lender = not recorded – leave comment)
5423 el Cajon Blvd., San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: (888) 465-3990

USA Checks Cashed (Direct Lender = not recorded – leave comment)
449 Broadway, San Diego, CA, USA – Faxless (No Faxing PDL) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 702-8110
Lending Product = Personal Loans and Bad Credit Financing

Payday Your Way (Direct Lender = not recorded – leave comment)
5945 Mission Gorge Road, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 280-6480

Plaza Ocean View (Direct Lender = not recorded – leave comment)
3655 Ocean View Boulevard, San Diego, CA, USA – Faxless (No Faxing PDL) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 262-3837

Check ‘n Go (Direct Lender = NO)
8199 Clairemont Mesa Boulevard, San Diego, CA, USA - (No Teletrack – unknown, PLEASE COMMENT) – Phone: 858 576-7444
Lending Product = Payday Loans

Payday Loans San Diego (Direct Lender = not recorded – leave comment)
782 8th Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 330-5809

A Check Cashing Etc. (Direct Lender = not recorded – leave comment)
4488 Convoy Street, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 858 565-6777

Checks Cashed 24 Hours (Direct Lender = not recorded – leave comment)
4280 El Cajon Boulevard, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 281-2274

Check Advance (Direct Lender = not recorded – leave comment)
6485 El Cajon Boulevard, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 287-9183
Lending Product = Payday Loans

Cash Plus (Direct Lender = not recorded – leave comment)
5604 Balboa Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 858 292-5554
Lending Product = Lending Agency

Cash Plus (Direct Lender = not recorded – leave comment)
5971 University Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 582-5626
Lending Product = Payday Loans

Advance America (Direct Lender = sometimes/inquire)
3145 El Cajon Boulevard, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 640-1799
Lending Product = Payday Loans

The Check Cashing Place (Direct Lender = not recorded – leave comment)
2452 Market Street, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 232-4151
Lending Product = Payday Loans

Cashpoint Payday Advances (Direct Lender = not recorded – leave comment)
9272 Miramar Road, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 858 684-3186

Cash N Advance (Direct Lender = not recorded – leave comment)
9484 Black Mountain Road, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 858 653-3861

USA Checks Cashed: Pacific Beach (Direct Lender = not recorded – leave comment)
1607 Garnet Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 858 273-6100
Lending Product = Personal Loans and Bad Credit Financing

Payless Loans (Direct Lender = not recorded – leave comment)
4090 El Cajon Boulevard, San Diego, CA, USA – Faxless (No Faxing PDL – unknown) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 563-6543

USA Auto Title Loans (Direct Lender = not recorded – leave comment)
5404 El Cajon Boulevard, San Diego, CA, USA – Faxless (No Faxing PDL – unknown) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 287-2414

Ace Cash Express (Direct Lender = not recorded – leave comment)
2932 University Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 497-0714
Lending Product = Payday Loans

Moneytree (Direct Lender = depends on location)
3331 Palm Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 423-6669
Lending Product = online payday loans

The Check Cashing Place (Direct Lender = not recorded – leave comment)
3030 University Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 296-6617
Lending Product = Payday Loans

Cash Bee Cash Advance (Direct Lender = not recorded – leave comment)
6114 University Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 583-0200
Lending Product = Pay Check Cash Advance

Advance America (Direct Lender = sometimes/inquire)
1490 South 43rd Street, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 527-0150
Lending Product = Payday Loans

Western Check Cashers Inc. (Direct Lender = YES)
10606 Camino Ruiz, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 858 271-8866
Lending Product = Lending Agency

Frontera Investment Inc. (Direct Lender = YES)
725 East San Ysidro Boulevard, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 662-3515

USA Checks Cashed (Direct Lender = not recorded – leave comment)
3001 El Cajon Boulevard, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 281-8840
Lending Product = Personal Loans and Bad Credit Financing

Check Into Cash Advance Centers (Direct Lender = not recorded – leave comment)
5163 Clairemont Mesa Boulevard, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 858 569-1297
Lending Product = Payday Loans

USA Checks Cashed (Direct Lender = not recorded – leave comment)
5071 Federal Boulevard, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 263-9800
Lending Product = Personal Loans and Bad Credit Financing

Mobile Money (Direct Lender = not recorded – leave comment)
3330 Market Street, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 231-7009

Advance America (Direct Lender = sometimes/inquire)
1515 Palm Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 423-5260
Lending Product = Payday Loans

Temp Cash Fast (Direct Lender = not recorded – leave comment)
2335 Paseo De Las Americas, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 737-9330

The Check Cashing Place (Direct Lender = not recorded – leave comment)
4884 Newport Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 223-5435
Lending Product = Payday Loans

The Check Cashing Place (Direct Lender = not recorded – leave comment)
9526 Miramar Road, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 858 695-1613
Lending Product = Payday Loans

Quick Advance (Direct Lender = not recorded – leave comment)
6780 Miramar Road, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 858 566-5491

Bobar Two (Direct Lender = not recorded – leave comment)
1777 Palm Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 423-0110

Multi-Mex Inc. (Direct Lender = YES)
3024 Imperial Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 236-9504

ABC Money Exchange (Direct Lender = not recorded – leave comment)
510 East San Ysidro Boulevard, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 690-5001

Envios De Dinero (Direct Lender = not recorded – leave comment)
3570 University Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 516-2401

Payday Money Center (Direct Lender = not recorded – leave comment)
4488 Convoy Street, San Diego, CA, USA – Faxless (No Faxing PDL – unknown) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 858 565-6777

Edcatm (Direct Lender = not recorded – leave comment)
3535 India Street, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 294-3199

Express Financial Services (Direct Lender = not recorded – leave comment)
2850 National Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 702-3222

BorrowSource Payday Loans San Diego (Direct Lender = not recorded – leave comment)
7007 Friars Road, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 817-8462

MRK Casa De Cambio (Direct Lender = not recorded – leave comment)
337 East San Ysidro Boulevard, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 662-1181

Cash Advance San Diego (Direct Lender = not recorded – leave comment)
1049 6th Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 393-6672
Lending Product = Payday Loans

Check ‘n Go (Direct Lender = NO)
675 Saturn Boulevard, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 424-3600
Lending Product = Payday Loans

USA Checks Cashed (Direct Lender = not recorded – leave comment)
10825 Westview Parkway, San Diego, CA, USA – Faxless (No Faxing PDL – unknown) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 858 635-9500
Lending Product = Personal Loans and Bad Credit Financing

USA Checks Cashed (Direct Lender = not recorded – leave comment)
2909 Coronado Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 429-1300
Lending Product = Lending Agency

Urgent Cash (Direct Lender = not recorded – leave comment)
7608 Linda Vista Road, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 858 573-2800
Lending Product = Payday Loans

Moneytree (Direct Lender = depends on location)
3010 Clairemont Drive, San Diego, CA, USA – Faxless (No Faxing PDL – unknown) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 275-6669
Lending Product = payday loan service

The Check Cashing Place (Direct Lender = not recorded – leave comment)
6913 Linda Vista Road, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 858 560-4225
Lending Product = Payday Loans

Ace Cash Express (Direct Lender = not recorded – leave comment)
6435 University Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 582-4682
Lending Product = Payday Loans

Fast Pay (Direct Lender = not recorded – leave comment)
3050 University Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 683-3902

Checkmate Check Cashing & Payday Loans (Direct Lender = not recorded – leave comment)
642 East San Ysidro Boulevard, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 662-3960

Advance America (Direct Lender = sometimes/inquire)
6628 Mission Gorge Road, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 282-6127
Lending Product = Payday Loans

Dollar Smart Money Center (Direct Lender = not recorded – leave comment)
405 Washington Street, San Diego, CA, USA – Faxless (No Faxing PDL – unknown) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 542-0500
Lending Product = Loans

Check ‘n Go (Direct Lender = NO)
1264 University Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 682-4000
Lending Product = Payday Loans

Check Into Cash Advance Centers (Direct Lender = not recorded – leave comment)
1965-A El Cajon Boulevard, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 543-9781
Lending Product = Payday Loans

New Money Express (Direct Lender = not recorded – leave comment)
4202 El Cajon Boulevard, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 281-2274
Lending Product = Payday Loans

Cash & Carry Italian Foods (Direct Lender = not recorded – leave comment)
1747 India Street, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 232-5095

R P International (Direct Lender = not recorded – leave comment)
443 East San Ysidro Boulevard, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 662-4696

Frontera Investment Inc. (Direct Lender = YES)
7094 Miratech Drive, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 858 549-7061

Otay Financial Center (Direct Lender = not recorded – leave comment)
2496 Roll Drive, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 661-6810

San Diego Payday Loans (Direct Lender = not recorded – leave comment)
8650 Genesee Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 877 261-1574

T J Currency Exchange (Direct Lender = not recorded – leave comment)
335 East San Ysidro Boulevard, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 428-0066

Otay Financial 3 (Direct Lender = not recorded – leave comment)
8490 Avenida De La Fuente, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 661-0160

Euclid Check Cashing (Direct Lender = not recorded – leave comment)
220 Euclid Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 263-4455

Giromex Inc. (Direct Lender = YES)
2121 Imperial Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 231-0181

New Money Express (Direct Lender = not recorded – leave comment)
1255 Imperial Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 232-2274
Lending Product = Payday Loans

Am Check Payroll Hr Benefits (Direct Lender = not recorded – leave comment)
1111 6th Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 595-7900

The Check Cashing Place (Direct Lender = not recorded – leave comment)
4121 University Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 282-6893
Lending Product = Payday Loans

Ace Cash Express (Direct Lender = not recorded – leave comment)
6686 El Cajon Boulevard, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 465-1856
Lending Product = Payday Loans

Advance America (Direct Lender = sometimes/inquire)
6784 El Cajon Boulevard, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 589-1157
Lending Product = Payday Loans

Casa De Cambio (Direct Lender = not recorded – leave comment)
120 Willow Road, San Ysidro, CA, USA – Faxless (No Faxing PDL – unknown) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 428-0410

Moneytree (Direct Lender = depends on location)
6979 El Cajon Boulevard, San Diego, CA, USA – Faxless (No Faxing PDL – unknown) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 465-9400
Lending Product = Online Payday Loans

New Money Express Inc. (Direct Lender = not recorded – leave comment)
989 5th Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 232-2274
Lending Product = Payday Loans

EZ-Loans & Payday Advances (Direct Lender = not recorded – leave comment)
6364 El Cajon Boulevard, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 286-1886

Quick Cash Funding (Direct Lender = not recorded – leave comment)
3600 Wilshire Terrace, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 858 505-9227

Shidaal Express (Direct Lender = not recorded – leave comment)
501 West Broadway, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 516-1221

Intercam (Direct Lender = not recorded – leave comment)
364 East San Ysidro Boulevard, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 690-0776

Check ‘n Go (Direct Lender = NO)
9460 Mira Mesa Boulevard, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 858 693-3100
Lending Product = Payday Loans

Casa De Cambio (Direct Lender = not recorded – leave comment)
117 West San Ysidro Boulevard, San Ysidro, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 428-0410

Easy Cash Community Pawn Center (Direct Lender = not recorded – leave comment)
San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 222-7296

New Money Express (Direct Lender = not recorded – leave comment)
2036 Dairy Mart Road, San Ysidro, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 690-2274
Lending Product = Payday Loans

Giromex (Direct Lender = not recorded – leave comment)
4202 University Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 280-8611

The Check Cashing Place (Direct Lender = not recorded – leave comment)
3551 National Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 232-4406
Lending Product = Payday Loans

Ace Cash Express (Direct Lender = not recorded – leave comment)
4874 Genesse Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 858 273-5709
Lending Product = Payday Loans

Mason Douglas Inc. (Direct Lender = YES)
9473 Black Mountain Road, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 858 527-1516

Moneytree (Direct Lender = depends on location)
6403 Mission Gorge Road, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 285-7000
Lending Product = Payday Loans

Advance America (Direct Lender = sometimes/inquire)
4730 Clairemont Mesa Boulevard, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 858 490-0292
Lending Product = Payday Loans

Otay Financial (Direct Lender = not recorded – leave comment)
6930 Camino Maquiladora, San Diego, CA, USA – Faxless (No Faxing PDL – unknown) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 661-6810

VGR Business Group Inc. (Direct Lender = not recorded – leave comment)
2535 Otay Center Drive, San Diego, CA, USA – Faxless (No Faxing PDL – unknown) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 661-0059

Cash Can (Direct Lender = not recorded – leave comment)
7084 Miramar Road, San Diego, CA, USA – Faxless (No Faxing PDL – unknown – PLEASE COMMENT) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 858 537-9306

Marco Check Cashing (Direct Lender = not recorded – leave comment)
318 East San Ysidro Boulevard, San Diego, CA, USA – Faxless (No Faxing PDL – unknown) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 619 662-1181

The Check Cashing Place (Direct Lender = not recorded – leave comment)
6143 Balboa Avenue, San Diego, CA, USA – Faxless (No Faxing PDL – unknown) (No Teletrack – unknown, PLEASE COMMENT) – Phone: 858 277-0927
Lending Product = Payday Loans

Well that covers our list of all the Payday Loan companies in San Diego. You should be able to find one that is close to wherever you are.

We started Clf off with a post on APR quite some time ago now, and we want to make a special post directing you to a Youtube video that demonstrates the reality of some Payday Loan APR (annual percentage rate). When it comes to Payday Loans you of course want the lowest APR possible, but when you read their fine print, these Payday Loan companies are all taking advantage of your current financial status (possibly a bad credit rating or very low FICO score)

This video was first brought to our attention by Emily Winkle from Check N’ Go. Just so we are perfectly clear, Clf in no way recommending the Check N’ Go Payday loan company, and furthermore, we want you to know that this video we are posting was provided by Check N’ Go. We often get lending institutions or their affiliates trying to post comments on Clf (do to our fairly high ranking in the search engine results for personal financing related keywords) and that is part of the game. Rarely (if ever) do we elaborate on something they have commented about. Usually they are just trying to drop a link in to our blog post directing traffic to their web site, and they have no intention of having a sincere dialogue regarding personal financing. Basically, they’re parasites who try to bleed off your traffic which we worked so hard to get. In this case, the video is very well made and shows visually and verbally how bad Payday Loan APR can get if you don’t have your sh*t together when paying the Cash Advance company back on in due time.

So here is it; Payday Loan APR Video

www.youtube.com/watch?v=mSWnN9BAol8

So you can see how ugly these Payday Loan companies can get when you miss a payment or bounce a check. Then the collection agencies are “sicked on you” and start bugging you all the time. Some even threaten to put you in jail, and if you ever have that happen, please read this post about recording your phone calls with them and turning them into the authorities.

It’s really a crime that borrowers are fooled into signing these scam loan agreements in the first place. The only way you can consider getting a Payday Loan is if you KNOW you are going to pay it back on time and you hopefully plan NEVER to use a Payday Loan again. And yes…..this includes Check N’ Go.

One of the saddest things I see is people searching for another loan to pay off their existing payday loan debts. This is a sign that a borrower has let their high rate APR loans, such as payday loans and cash advances, swell out of control to the point when they are desperate to find a way to clean up their short term lending debt.

It also means that when a borrower is looking for a way to pay off their payday loan debts, they are beginning to “get real” about their personal finances, and has faced the fact that some sort of debt consolidation is required – pronto. This is actually really good news, as long as the borrower (or YOU!) finds a loan that is approved by reputable lender, bank, or lending institution of some kind.

So we’re not talking about another payday loan here – we’re talking about a typical/normal installment loan whereby you make payments back on the note periodically (monthly or biweekly) until the loan is paid up in full. Of course this more of a consolidation loan, as the borrower consolidates all of their payday loans and cash advances into one lower payment. This will save the borrower hundreds (sometimes thousands) of dollars in APR costs – interest.

Many lenders who are willing to lend money to someone who is clearing up, and paying off, various different payday loans will generally charge allot of fee costs up front and interest rate costs as a way to penalize the borrower. This doesn’t seem fair, I know – but this is just the reality of the banking business. This includes conventional so-called banks, and the loan shark style lenders who take advantage of borrowers who can’t get a conventional loan.

The most important thing I can suggest (out of the gate) is to NOT get another cash advance or payday loan for $1500, $2000, or $3000 dollars. That is the worst thing you can do. The best thing you can do, if at all possible, is borrow some money from a relative that you can trust (and vice versa) to pay off the payday loans, and then pay them back with no interest – or at least very LOW interest. Usually I would suggest never borrowing from family and friends unless it’s an emergency, but in a case where you gave allot of built up debt that is rolling over penalty fees and high interest, it IS an emergency. If you can’t get a low interest loan from a close friend or family member, then start talking to the banks and conventional lenders.

Start by getting an appointment with a loan officer at the bank and branch you do your banking with right now. This is your best chance for a conventional loan with a reasonable APR (annual percentage rate).

Tell the loan officer about your payday loan debts (ALL your payday loan debts) and any other debts you may have. It’s very important that you tell the loan officer about every penny you owe. Then, and only then, will you be on the road to financial recovery and stability in your life. If you only have payday loan debts that total under $5000 – something like $2000 to $5000 – you will likely get approved by your banks loan officer for a small, short term loan.

If you have over $5000 owing in payday loans, your bank may still help you out with a personal loan, but they may not. Why? Because you may have other outstanding debts on the books that bring your total debt up to what the bank thinks is unmanageable and therefore label you as too high of a risk. This can especially be the case if you already have a debt consolidation loan with your bank, you are over extended, and your employment situation is precarious.

If this is the case you will be looking at a completely different kind of situation, whereby you may need to hire an attorney, or attorney’s office (such as the Lexington Law Firm) to act a trustee for you and negotiate with all of your debtors, and not just the payday loan companies you owe money too. The attorney (or attorneys) will negotiate your with all the banks and lenders you owe money to, and setup an agreement with them so that you pay off all your debts over time, and for a much lower rate. If you have allot of payday loan debt, this will save you big bucks.

You may not be at a stage where you need some credit repair company or lawyers office to help you, but I had to mention it.

For the purposes of this post, we need to show some equations and examples of multiple payday loans being paid off at once.

Example #1- Paying Off 3 Payday Loans

For this example we’re using an example that one of our visitors emailed us about. He had 3 different payday loans he had to pay back. His cash advances were as follows.

1. payday loan with The Cash Store for an original paycheck advance of $1000 – arrears, penalties, fees, and interest making the new amount owing; $2872.89
2. payday loan with Speedy Cash for an original paycheck advance of $1500 – arrears, penalties, fees, and interest making the new amount owing; $3797.23
3. payday loan with CashNetUSA for an original paycheck advance of $2000 – arrears, penalties, fees, and interest making the new amount owing; $4119.63

The total owing on this borrowers payday loans is $10,789.75 dollars, and counting, growing, and moving. As you can well see, if this borrower does not get it together and find a loan for $10,000 or more at a reasonable APR, or they come into some money through a family loan, an angel loan, lottery, inheritance, or big job promotion, they will be buried in growing debt for a long time to come.

In this example our borrower had other debts with department store credit cards, Visa, and Mastercards, totaling $4000 dollars and change. He needed a loan for $15,000 dollars to pay off all these debts and his payday loan debts which were strangling him.

So for $15,000 we can calculate his new responsibilities with the bank. This is a biweekly payment schedule, and the full length of the loan is 3 years at an APR of 9%. In some case the APR will be even higher if the bank sees the borrower as a higher risk. I’ve seen this kinds of consolidation loans with annual percentage rates as high as 15% – and these are conventional lenders.

Loan Calculation Results for Paying Off all Payday Loans and Credit Cards

Total Amount to be payed: $17,050.95 over 3 years
Total amount of interest $2,050.95 over 3 years
Payments: $218.00 biweekly (every two weeks)

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Example #2- Paying Off 2 Payday Loans

For this example we’re using a fictitious example of a college student (we’ll call Mary) who has 2 payday loans outstanding. They are as follows;

1. payday loan with My Payday Loan for an original advance of $1000 – arrears, penalties, fees, and interest making the new amount owing; $2567.74
2. payday loan with The Money Tree for an original paycheck advance of $2000 – arrears, penalties, fees, and interest making the new amount owing; $6748.35 (this can happen believe it or not – seen worse) $2000 can grow into over $10,000 if you understand the APR for a payday loan can be as high as 500%. Over time with fees and penalites it can really ugly, and then the payday loan company will hire collectors to harass you until you pay up. They don’t really care if you pay off your total amount, but even better, pay them back in small amounts over time based on their penalties, late payment fees and interest.

So the total Mary needs to pay off these two payday loan is $9,316.09. She needs a $10000 loan from a reputable lender. She gets a loan with an interest rate of 6% over 3 years, and paid once a month payment periods.

Loan Calculation Results for Paying Off Mary’s Two Payday Loans

Total Amount to be payed: $10,924.83
Total amount of interest $924.83
Payments: $299.31

Notice how small Mary’s interest cost is for the 3 year payback period. Notice how her payments are a steady $300 dollars a month. The payday loan companies are all now paid off, and they can’t send collection agencies after her. She can rest easy, making her monthly payments on her $10,000 dollar loan and get her personal finances back in order once and for all.

As long as she doesn’t over extend herself again and spend more money than she can afford to pay back on the new “things” she’ll be fine. No personal finance crisis is fixed with a simple debt consolidation loan – it requires a change in perspective and change in lifestyle. A change in spending habits an a change it many things that go with that big change.

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As you can see in both of above examples, the borrowers are crawling out from under a massive amount of debt. By paying off their payday loans with a “real” installment loan, they can get on with their lives and chalk it up to “the price of an education”.

If you have payday loans that are getting way out of hand because you don’t have the monthly income to pay off your debts, and the penalties are adding up so fast that it’s mathematically impossible to overcome the situation, then it’s time to get a new loan to pay off all your payday loans.

It’s about time we saw some government action regarding payday loan lenders. There are changes coming fast all across the US that will force predatory lenders in the payday loan business to make changes in the way they do business – but do these laws have teeth? Will payday lenders find loopholes in the new laws?

Will non-conventional lending laws be enforced?

Do law makers have to make tougher laws?

Do the new laws give payday lenders too much wiggle room?

In different State Legislatures across the United States there are laws being passed that attempt to inhibit payday lenders from carrying out business in a manipulative way. It may not be that easy to deceive borrowers and applicants in the near future, but in my opinion the new laws give payday loan lenders way too much wiggle room.

Before I go any further, I want to make it clear that predatory lenders in the paycheck loan business are obviously in out there, but that does not mean that ALL lenders are unscrupulous.

Some lenders obey all of their State laws and they go out of their way to make sure the applicants and borrowers understand every penny of the fees and interest they will be paying.

I think that at as long a these non-conventional lenders make it perfectly clear to their borrowers what the associated fees, late payment penalties, actual interest rates (true APR), and their actual payment options are, then it’s just a legitimate business.

Payday Loan Companies Adjust To New Laws

I found it encouraging to see the Virgina General Assembly reformed their payday lending laws which took effect January 1, 2009. Here is a quote from the above referenced article;

“Payday stores are be barred from lending to borrowers who currently have unpaid payday loans from another lender and they can’t make a loan to a borrower on the same day that the borrower repays an earlier loan. Payday lenders also are prohibited from harassing borrowers who fail to repay a loan, or threatening them with criminal prosecution”

Great. Good start – right? Maybe not.

What some payday lenders did in Virginia to “get around” the new laws was offer a completely new lending product that has a massive interest rate. They started approving open-ended loans that carried huge interest rates and fees.

This whole thing reminds me of the movie Bedazzled when Dudley Moore (or Brendan Fraser depending if you have seen the original or not) asks the Devil for something and when it’s granted there is some other detail added to the wish – which is of course horrible. No matter how detailed the request made the outcome was always horrible.

No matter how many laws are made to stop paycheck lenders from charging extremely high fees and/or deceive borrowers, they seem to find another detail or loan product that fleeces the borrowers in the end.

Stop Lenders From Abusing The System

So what do the law makers do – it’s simple in my mind – the federal government can simply create a law which prohibits payday lenders from charging more than a determined APR or EAR – end of story.

So what would that legal APR level be? I don’t know….how about a maximum EAR (Effective Annual Rate) of 100%. Now let us do the math and show the difference between a maximum 100% EAR compared to what it is now.

APR Payday Lenders Charge Now

The law from State to State varies on the fees a payday lender can charge, but a good average seems to be $15 dollars for every $100 dollars lent. So if a consumer borrows $1000 for two weeks (which is very typical) this means they would have to pay $150 in interest when it’s all said and done.

For this example if the borrower was charged $15 interest over a term of 1 year they would be paying an APR of 15%. The issue here is that the customer is only borrowing the money for 2 weeks. This makes the APR skyrocket to 390%! Criminal don’t you think? But they’re not finished yet. They charge administration fees, late payment penalties, so-called State fees, etc., etc.

In many cases, by the time the total EAR is calculated the payday lender is lending money at a rate of over 500%. Keep in mind that a typical car dealership loan will only carry a 7% APR for the entire term of the loan.

If Payday Lenders Could Only Charge an EAR of 100%

So in my perfect world (“or more perfect union”), just for the sake of argument assume that the Feds passed a law in Congress that only allows payday lenders to charge an EAR of 100%. Sounds like a filthy interest rate still right? Just hold on a second please and hear me out.

So for a $1000 dollar loan the lender can charge $1000 dollars if the money is borrowed for a full 1 year period. Since we’re talking about a two week period we have to do some short division – $1000/26 (26×2 = 52 weeks in the year) = 38.461538461538461538461538461538. I think we can round this number off $38.46 – whadda think?

So in my fantasy scenario the payday loan lenders from coast to coast can only charge borrowers $38.46 total for a $1000 two week advance. After tax let us see what it comes out to. Furthermore, assume the Fed writes a law forcing payday lenders to only charge a State tax, and no City, County, Jurisdiction, or District tax. For our scenario lets make the State tax 7.25%.

So $38.46 x .0725 = 2.78835 (rounded to $2.79) Add $2.79 to $38.45 and that gives us $41.24.

This seems reasonable to me. I’m stuck behind an 8 ball and I need a quick cash advance for $1000 to cover the rent, make a car payment, go to the Casino, and drink my face off. I pay the payday lender a total of $41.24 to keep their $1000 dollar for a period of 14 days (or as the English would call it – a fortnight)

If payday lenders ever saw a Federal law coming down like this example they would be shaking in their boots. They would be terrified at such a prospect and claim that they would not have a profitable business model. Hmmm…what did people do in the 1930s when they were “behind the 8 ball”.

One of the reasons the payday lenders would cite for this claim would be that they have such a high rate of delinquency they would actually lose money after their Charge-offs were considered and their true overhead was calculated.

I say screw ‘em. They’re still making a profit and they’ll just have to be careful when it comes to choosing who to lend money to.  Many payday loan companies would go out of business, and gee whiz……that would be a shame.

I’ve seen people online asking if they can be arrested for defaulting on a payday loan, and I know why. Because collection agencies have unscrupulous collectors who use foul tactics to frighten borrowers who have defaulted on repayment(s). Tell the collection agency our payday loan company you are recording the phone call. Just watch what happens. It’s completely legal to say that. Don’t actually record the call – just say you are.

I can personally relate with these kinds of strong arm tactics and unfortunately I have not seen any law passed in the western world that prohibit collection agencies from uttering (or screaming) falsehoods in order to frighten borrowers embroiled in default.

So the answer is NO! You can’t be arrested for defaulting on a payday loan payment – just hang up, or if the collection agency goons are daring enough to threaten you with arrest (or they’re going to take you away in cuffs) on a document. If you don’t have the money to make a payment on your loan then there is NO sense in talking to them.

I can tell you a personal story of what I used to do when collection agencies called me with a rude and belligerent tone. Usually the collection “specialist” would be young and I would ask them if they liked their job and that I knew they didn’t. I would try and explain to them that their job went against every natural human instinct which kindness and compassion.

If they threaten you with being sued, jailed, or disgraced simply ignore them. I urge you to hang up without saying a word – you’re doing yourself and them a favor.

If you insist on speaking with the collecting representative be polite (you’ll feel better about yourself if you don’t get mean yourself) and tell them that you have the legal right to record your conversation with them. This is fun because they can’t be caught harassing you on tape because they may end up in trouble with the law themselves.

The truth is that these aggressive tactics used by collection companies often go over the line and they have more to lose than you. Besides trying to tell you that you will be arrested for delinquency, some of their employees can actually lose it on the phone and start making all sorts of outlandish threats. They may be the ones standing if front of a judge if they get caught.

However, if you default on your payday loan (or cash advance) there are some consequences to face. Your credit rating will be damaged as the payday loan company will report your delinquency (sometimes prematurely). The lender in some cases will take a borrower (client) to small claims court for payment and restitution in the form of wage garnishment. This is rarely the case. The costs the payday lender incurs while taking a borrower to court are far too much to create a positive ROI (return on investment).