Continuing with our Shark Week theme, we wanted to dive a little deeper into what could actually go wrong if you get a car title or payday loan.

VPLC operates a hotline for Virginians in trouble with or with questions about payday and car title loans.  We give advice and assistance to anyone that calls 866-830-4501. Here are the most common problems we hear about:

• I realize my loan is unaffordable.  You might need the cash now but there is no way you will be able to pay 25% or more of your future income to pay it back.  One caller had monthly payments on a car title loan that are over 50% of her monthly income for two years!  How will she pay her rent and buy food?

• I missed a payment.  The car title lender repossessed my car and now I can’t get to work.  If I can’t pay the entire amount of the loan in a few days they will sell my car and I will lose my job.

• I can’t make an upcoming payment.  I got a $500 payday loan and I have to repay the entire amount plus a  fee in a few weeks.  I can’t pay it back and then have enough money to pay my rent.

• I am getting harassing calls.  I couldn’t make payments on my car title/payday loan and they are calling me at work to ask about my payment even though I told them I need to make the payments smaller.  My supervisor said these calls will put my job at risk.

These loans are nothing but trouble.  We ask that you stay away but if you have already gotten the loan and need help, please call us.