Speedy Cash Holdings Consumer Loan Complaint

Speedy Cash Holdings Consumer loan department,

Installment loan Problems when you are unable to pay California

I currently have an installment loan in the amount of $2600.00 from Speedy Cash which I took out in - of 2014. At the same time, I also have - $300.00 payday loans from - different storefronts in my neighborhood, including Speedy Cash. So basically, I have both a $300.00 payday loan from Speedy Cash and a $2600.00 installment loan. Is that legal? I am drowning in debt and I ca n't handle it anymore. I need some relief. This is very stressful and expensive for me, and I do n't know what to do. I already filed - other complaints about my payday loan situation, - for each of the different lenders. I 've been paying about $140.00 every two weeks on the Speedy Cash installment loan, and I 've already paid $2200.00 between - of last year and - of this year. But my total balance as of - - is still $2600.00! How is this even possible? Are all my payments going toward interest only? I ca n't keep paying on all these loans. I need to prioritize my rent ( $1100.00 ), car payment ( $320.00 ), insurance ( $180.00 ) and my other basic needs


want to default on the loan, but at this point I 'm not seeing another alternative. I recently received - utility disconnection notices from my gas, water and light companies. To make matters worse, I 'm also facing being laid off from work in the next few months. I need help. I do not have the ability to keep paying on this loan and the other payday loans. I recently found out that it 's against the law for lenders to extend multiple loans to a borrower with an outstanding loan. I 'm wondering if it was legal for Speedy Cash to give me a payday loan and a $2600.00 installment loan at the same time? Also, someone told me that in California, there are no interest rate caps on loans above $2500.00, and that might be a reason why I got a loan for $2600.00. Intially, I did n't want that much money. I only wanted to borrow $1000.00, but they ended up lending me way more. Now I 'm having trouble paying it back and my principal is n't decreasing with my payments.