How do payday advance loans Washington work?

Many of the people faced with collectors, so we decided to post excerpts from an interview with a former employee of the “department for the collection of overdue debts”.

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There are two types of collection activities. The first is that ordinary people face. The second is working with large debtors. Let’s talk about the first. It looks like this: in the office ten young guys are sitting on the phones. These are the very people who are called collectors. They are managed by one boss, and they are calling people around the database. This is a pretty monotonous work on which a bunch of textbooks are written.

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First of all, when I got settled, we were instructed to learn the rules – the rules of how to treat debtors. On it you need to take the exam. Legal education is optional, preferably psychological in general, we had guys at work just with the education of a psychologist and they were constantly finding fault with the rules, although he really worked.

Washington Revised Code Ann. 31.45.010 et seq. governs payday lenders. Lenders must have both a check casher license and a small loan endorsement before offering payday loans.

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Formally, we have a whole instruction: how to put a voice – the tonality should be more severe than in ordinary life, which phrases to use. The rules are written down to the fact that in the outgoing number of letters that you send by mail to debtors, you need to use not soft, but hard letters, for example instead of K-999, it is better to write Z-999.

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Almost all instructions are based on the same book – “Soft and Hard Collection”. At this level, the main purpose of the collector, who works with a simple person, is to explain to him that he must pay, and until he does this, we will not lag behind. Many simply hang up, after the fifth call may begin to swear.

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Any loan offered must abide by the following rules:

  • Maximum loan: $700 or 30% of your gross monthly income, whichever is less
  • Minimum loan term: Your next payday
  • Maximum loan term: 45 days

But in our country, almost 90% of the population is very tired and nervous people who do not know their rights. And it is quite clear why, after several calls, people go with tears in their eyes to the bank office and promise to pay. In working with consumer loans, I had little contact with people who flatly refused to return the debt.

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It is very easy to fight collectors, since in USA their activities are not regulated by law, although not prohibited. If they start calling you, you can contact the consumer supervision or the prosecutor’s office, which sends the check to the collection agency. Work stops. It’s not the employees who suffer, but the company itself. If every third debtor made such an appeal, then this business would be dead.

Overcome collectors only those who allow themselves to overcome. Because in reality, they have no rights, they act only in accordance with the internal regulations. In the end, the most unprotected of the situation is an ordinary person who lent someone imprudently. The bank will return your money anyway. An ordinary person can only seek advice and support from people who have actually come across already collectors or know how to interact with them.

Where to borrow money before paycheck?

It happens that the entire budget has already been spent and the money is left only for food and minor expenses, and then unexpected situations have arisen: it requires repair or replacement of household appliances, you need to pay for school or money is required to pay for treatment. In general, the money is needed urgently, and there is no way to reach a salary.

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The first decision that comes to mind is to ask for money from family, friends or acquaintances. This is the easiest and cheapest way to get money – close people rarely ask for a refund with interest. But such a decision is inconvenient because there may be a feeling of awkwardness in communicating with those from whom you will occupy. And if the circumstances are such that it is impossible to repay the debt in time, you will invariably ruin the relationship with this person. Guilt will spoil the mood for a very long time …

Solution number two – to issue a loan in the bank. Here, of course, has its own nuances. Even if the amount is small (within 1000 dollars), the bank will ask for documents on the client’s solvency and, at a minimum, a passport. Also a prerequisite is to check credit history. But if there was no need to borrow money earlier, then there will be no credit history for you, which means your chances of getting a loan are reduced.

Another solution to the problem of a money to payday loan may be your plastic card. An excellent option here would be a credit card with an interest-free period. Then you can get such a card, and next month you can pay off your debt without overpaying a single dollar.

In situations where money is needed quickly, the best solution would be to arrange a loan in microfinance organizations. The interest rate in payday loans is lower than in banks, and you will not be asked to provide a huge package of documents. Therefore, if time is running out, the best option would be to contact such organizations. In order not to get lost in the offers of numerous microfinance companies and not to fall into the clutches of “black moneylenders”, compare the official companies issuing short loans in the loans to payday section on the payday loan company’s website.

The most extreme option would be to appeal to the not so popular pawn shops. But it is worth going for it only if absolutely necessary: ​​after all, it’s not so easy to give your most valuable things as a pledge and it’s not that reliable.

Which of the options to choose, everyone decides for himself, depending on the situation. We hope that this review was useful to you and you will find a quick and profitable solution to your financial problems.