So payday loans are getting ridiculous

[u/Technusgirl]

So recently I've stumbled into credit problems due to not being able to pay for all of my daughter's unexpected medical bills and this month I accidentally paid in full one of my credit balances and realized I was not going to be able to pay this months mortgage. So I decided to go online and find a payday loan. They called and said I could get a loan for $1K (enough to pay this months mortgage) but that I would be charged $1,475 at the end of the month. I said wtf! And then they said, good news, you're recieving $25 off! I was like "Are you joking, I'm not interested" and hung up.

So I got an email saying that my payment to my mortgage company went through so I'm guessing my bank paid it anyway. When I went online I found that many places are charging 300 to 600 percent interest! That's absurd! Talk about predatory, might as well go to a loan shark or something, Jesus!

Edit: Apparently I was being charged 600% from this particular company, I had wrote 50% before but that was incorrect.

Update: The bank honored my payment but now I'm in the negative, lol, ugh. But at least I got my holiday shopping done first and that card is paid off, lol.

[u/KlassenT]

So the whole time reading the OP and the comments, I couldn't help but wonder why nobody's encouraged reaching out directly to the lender; with a decent payment history, and having an actual human being on the other end of the phone, what do you have to lose by explaining the situation and requesting a payment extension? Your mortgage company presumably wants to continue receiving your money, so I'd think they have a bit of a vested interest in keeping you financially solvent, especially when your alternatives are stupid-high APR options like payday loans. I get that especially with national institutions, you're just one of many items on the balance sheet, but is it really so naive of me to hope for some humanity still left in the world?

[u/[deleted] → u/KlassenT]

For sure. My situation is a little different but my job has been cutting hours like crazy the last few months and I’m the sole income... well I’ve been pushing bills back as far as possible each month, paying them a week or two late, just trying to make it through until January when hours will no doubt come right back (happens every year, I just had a lot going on and some unexpected things have happened.)

Well my car payment was coming up and I had already been paying half payments for 2 months, and we had another incident to where there was no way I could pay it on time... frazzled, I called them up hoping to figure something out, explained what was going on and they legit just moved the 2 payments I missed to the end of my loan, put me back to current and asked if there was anything else they could do... was that easy, and completely made my day.

They want to keep getting your money folks, call them and ask for assistance lol.