Not their problem. This seems to me like fraud. I recently checked my credit score and saw I had a derogatory account from Progressive Financial Services for 150 or so. I looked them up and saw they were a debt collector for other companies so I didnt really know who initiated the charge.
I read a lot of bad reviews about this business not upholding their end of the deal or taking forever to complete transactions. So I was fearful of calling them and getting this resolved. I ended up calling them and they told me how Cox billed me for not paying a bill from 8 years banks providing personal loans in pakistan. They said I could pay the fee in 2 installments or pay a one time fee of 99.
I was very sceptical but also relieved. I ended up saying "I'll call back" and calling Cox to confirm and sure enough, that was the case.
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More than half also said they would pawn something or borrow from friends and family. However, most users did not say they would use credit cards or take out bank loans possibly because many dont have good enough credit to qualify. Dangers of Payday Loans. The most obvious problem with payday loans is their extremely high interest rates. The fee for a payday loan can be anywhere from 10 to 30 per 100 borrowed, which works out to an annual interest rate of 261 to 782.
But these loans also have other dangers that are less obvious.