Debtconsolidationcare: Internet's first get-out-of-debt community
473,117 members

Internet's first get-out-of-debt community 472,096 members


Debt Consolidation Forums Payday Loan help

Pennsylvania payday loan laws



jeannebean

Posts: 4
Credits: 1036.4
[Donate]
Sub: Pennsylvania payday loan laws
Thu, 30/12/2010 12:23

Hi,

Does anybody know what the law is in PA regarding payday loan companies? I have tried to research it on my own and can't come up with anything.

~Thanks



Article Rating: 
Unregistered

Sub: #1 Any further updates on this post?Thu, 12/30/2010 - 12:23



Any further updates on this post?


Unregistered

Sub: #2 I've written back on at two other forums on this site. I've donFri, 11/12/2010 - 10:04



I've written back on at two other forums on this site. I've done a bit of research into this payday loan thing because I myself have got caught up in the mess that they can cause. I even faxed and emailed a letter to the Department of Banking. I received a call back today and was told that ALL payday loans are illegal in the state of Pennsylvania. The kind gentleman also told me that THERE ARE NO payday loan lenders licensed to do business in this state. Any lender that wants to do business here MUST be licensed in Pennsylvania but they CANNOT offer payday loans. They can offer short-term installment loans and they must abide by Pennsylvania's regulations pertaining to fees and interest. Check the Consumer Discount Company Act. He told me that there is a program that helps people in need of cash when they cannot qualify for a loan called the Better Choice Program which there is information about on the Department of Treasury's website. He also suggested writing a letter to the lenders stating the information regarding the illegality of payday loans in Pennsylvania and making some type of arrangement to pay back the principal if there is a balance. He also told me that anyone who has problems with the collection firms who are tied in with these payday loans should file a complaint with the PA Attorney General's office. He did caution that the lenders may still take you to court and there is a possiblity that the judge may still see the contract as valid but you may still have to pay back the principal. It will depend on the judge. All of these payday lenders charge a so-called refinance fee if you don't pay off the loan with your next paycheck. I plan on telling them that they should apply those payments to the loan and I'll pay off whatever is left in installments. I wish everyone the best of luck.


Shazzers
Shazzers


Posts: 17128
Credits: 158679.4

Sub: #3 [QUOTE=Anonymous;669455]I have taken a few of those loans an am Fri, 03/19/2010 - 18:57



[QUOTE=Anonymous;669455]I have taken a few of those loans an am unable to pay them back. they have done everything from threating my child to calling my mother to contacting my internet provider. they have told me they will take my drivers licen for up to three years. they will charge with felonys. these amount I want to apy back I CAN NOT [PAY THEM BACK THE KIND OF MONEY THEY WANT AT ONE TIME. THE AMOUNT they want is sometimes 400 or 500 dollars. i am on a very tight budget an these people will not be nice. i am aperson who wants to pay my debt just in small amounts since i am not working an living on unemplyment with two kids.[/QUOTE]
Start a new topic with the following info and it will help us to help you:
-Names of each pdl company.
-Whether they are store front or Internet.
-How much you borrowed.
-How much you paid so far.
-The state in which you reside.

Visit my blog-TAKE CONTROL!
CLICK HERE To join my Social group, The Payday-Loan-Free Advocates!
Online Complaints Ohio Attorney General
Online complaints: Federal Trade Commission.
Ohio Payday Loan Laws


Shazzers
Shazzers


Posts: 17128
Credits: 158679.4

Sub: #4 Quote:Originally Posted by AnonymousYou do not have to pay them!Fri, 03/19/2010 - 18:56



Quote:
Originally Posted by Anonymous
You do not have to pay them!!!!!!!!!!!!!!!!!!!! Close your account and walk away.

Anyone who borrows money should ALWAYS pay back the principal amount!

Visit my blog-TAKE CONTROL!
CLICK HERE To join my Social group, The Payday-Loan-Free Advocates!
Online Complaints Ohio Attorney General
Online complaints: Federal Trade Commission.
Ohio Payday Loan Laws


Unregistered

Sub: #5 HelpFri, 03/19/2010 - 16:05



I have taken a few of those loans an am unable to pay them back. they have done everything from threating my child to calling my mother to contacting my internet provider. they have told me they will take my drivers licen for up to three years. they will charge with felonys. these amount I want to apy back I CAN NOT [PAY THEM BACK THE KIND OF MONEY THEY WANT AT ONE TIME. THE AMOUNT they want is sometimes 400 or 500 dollars. i am on a very tight budget an these people will not be nice. i am aperson who wants to pay my debt just in small amounts since i am not working an living on unemplyment with two kids.


Unregistered

Sub: #6 You do not have to pay them!!!!!!!!!!!!!!!!!!!! Close your accoTue, 03/09/2010 - 06:59



You do not have to pay them!!!!!!!!!!!!!!!!!!!! Close your account and walk away.


Shazzers
Shazzers


Posts: 17128
Credits: 158679.4

Sub: #7 Quote:Originally Posted by AnonymousSo What do we do than? I clMon, 09/14/2009 - 13:35



Quote:
Originally Posted by Anonymous
So What do we do than? I closed my bank accounts. Should I proceed with notifying the PDL's????
CLICK HERE to find out how to deal with illegal lenders.

Visit my blog-TAKE CONTROL!
CLICK HERE To join my Social group, The Payday-Loan-Free Advocates!
Online Complaints Ohio Attorney General
Online complaints: Federal Trade Commission.
Ohio Payday Loan Laws


Unregistered

Sub: #8 Help NeededMon, 09/14/2009 - 13:29



So What do we do than? I closed my bank accounts. Should I proceed with notifying the PDL's????


sdchargers_63
sdchargers_63
Debt Samaritan
Posts: 1757
Credits: 17313.35

Sub: #9 pdlSat, 08/22/2009 - 12:04



That info is good to know. I'm sure just about everyone, on this Forum, has had PDL's at one time or another. The 'nightmare' of getting out of them is horrible. So...our own state (PA, where I live) can't even protect us? Wow!!


Unregistered

Sub: #10 Payday loansSat, 08/22/2009 - 11:39



What is Pa laws on payday loans?


Pages

Add new comment

Full HTML

  • Web page addresses and e-mail addresses turn into links automatically.

Filtered HTML

  • Web page addresses and e-mail addresses turn into links automatically.
  • Allowed HTML tags: <a> <em> <strong> <cite> <blockquote> <code> <ul> <ol> <li> <dl> <dt> <dd><img>
  • Lines and paragraphs break automatically.

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
CAPTCHA
This question (Case Insensitive) is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Enter the characters shown in the image.
Share post


Page loaded in 2.092 seconds.