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Pay day loans



jlgts

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Sub: Pay day loans
Sat, 26/07/2008 06:39

I have store front payday loans in Ohio. I also have two internet pay day loans. I can not afford to keep paying them as my husbands overtime has been cut at work. I have talked to the pdl assistance people and am considering doing their program. But they can not help me with the storefront loans in ohio because ohio prosecutes. Does anyone have advice on what to do about those ones. Also is it illegal to close your bank account?



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llw1995
llw1995
Debt Samaritan
Posts: 1380
Credits: 14902.2

Sub: #1 winnie. . .on second thought, you might want to start your own tSat, 07/26/2008 - 06:39



winnie. . .on second thought, you might want to start your own thread on this so you can get the help you need. My info will be the same but your post will be identified better.

You only pass this way once. . . . .enjoy what life has to offer!


llw1995
llw1995
Debt Samaritan
Posts: 1380
Credits: 14902.2

Sub: #2 winnie. . as you can see PDLs are prohibited in NY. There are nSat, 07/26/2008 - 06:38



winnie. . as you can see PDLs are prohibited in NY. There are no laws that apply. I also live in NY and repaid ONLY what was deposited into my bank account. Living in NY has it's advantages, and this is one of them. If you need help with this please list who your PDLs are with, how much you borrowed, how much you paid back, and I am assuming they are internet loans? There is a boatload of info on this board to help you out with this. Keep us posted and please supply the info requested.

You only pass this way once. . . . .enjoy what life has to offer!


Unregistered

Sub: #3 payday loansSat, 07/26/2008 - 06:05



I bank at Key bank in Ohio does that make a difference?


Unregistered

Sub: #4 Pay day loansFri, 07/25/2008 - 21:03



I have 3 online loans and 5 store front ones! I let a needy boyfriend help me dig this whole and now I am stuck. I just want to get back to normal not always behind you know. how can i do this my self. I need to get rid of this interest


Shazzers
Shazzers


Posts: 17128
Credits: 158854.5

Sub: #5 Quote:New York State Information Legal Status: Prohibited Fri, 07/25/2008 - 04:16



Quote:
New York State Information

Legal Status: Prohibited

Citation:
Licensed lender law applies but interest rate is that agreed to by contract. N.Y. Banking Law ???? 340 et seq. A check casher licensee cannot make loans nor cash or advance any moneys on a post dated check unless it is a payroll check. N.Y. Banking Law ???? 373. Criminal law sets the usury cap at 25%. N.Y. Penal Code ???? 190.40.

Small Loan Rate Cap
25% per year

Where to Complain, Get Information:
Regulator: New York State Banking Department
Address: One State Street New York NY 10004
Phone: 1-877-BANK-NYS
Fax:
Regulatory Contact: Regina A. Stone Deputy Superintendent

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: #6 new york laws for payday lendingFri, 07/25/2008 - 00:23



what are the laws to payback loans in new york state?


Shazzers
Shazzers


Posts: 17128
Credits: 158854.5

Sub: #7 Pa laws: You can't be charged with fraud for closing your accounThu, 07/24/2008 - 13:19



Pa laws: You can't be charged with fraud for closing your account if you make arrangements to pay these store fronts off BEFORE you close out your account, like I said, go to the stores and ask for the EPP (Extended Payment Plan), you are eligible if you ask for it BEFORE you default, once you have that taken care of, you can close your account, then work on the Internet pdl's. I know that Paydayone is licensed, but I am not sure about My Cash Call, anyone?

Quote:
Pennsylvania State Information

Legal Status: Prohibited

Citation:
Check cashers are specifically prohibited from making payday loans under Check Cashing Licensing Act of 1998, ???? 505(a). Otherwise, consumer discount company act applies. 7 Pa. Cons. Stat. Ann. ???? 6201 et seq.

Small Loan Rate Cap
$9.50 per $100 per year discount or 24% per year

Where to Complain, Get Information:
Regulator: Pennsylvania Department of Banking
Address: Market Square Plaza, 17 N. Second Street Harrisburg PA 17101
Phone: (717) 214-8343
Fax: (717) 787-8773

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: 158854.5

Sub: #8 OK, so you live in Pa? The thing about Pa. is there is a loopholThu, 07/24/2008 - 13:14



OK, so you live in Pa? The thing about Pa. is there is a loophole, the loophole is this, even though pdl's are prohibited in Pa, you will need to pay back interest and fees in whatever state these ipdl's are licensed in. Now I know that paydayone is licensed, and they are fairly easy to work with, all you need to do is speak to them and ask for payment arrangements. Do you have a bank account in Ohio or in Pa?

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: #9 pdlThu, 07/24/2008 - 13:08



Thanks for the info. Although my storefront loans are in ohio i live in Pennsylvania.

first american cash advance
loan 400.00 owe 460.00 pd 0
cash land loan 500.00 owe 575.00 Pd 0
both of the above are store front
Internet loans
paydayone owe 490.00 pd 0
mycashnow owe 442.00 pd 0

WE have had four store front loans for a long time now i switched two over to online to be able to have longer to pay them and to get them out of ohio because the pdl assistance lady said they could not work with ohio companies. The reason i was thinking of going through pdl assistance is becaus i don't understand any of the laws that are posted for the state. I don't know my rights and the paper work for the loan companies seems very intimidating to me. WOuld it really be easy for us to do on our own? What is your opinion now? Is'nt closing my bank account considered fraud?


Shazzers
Shazzers


Posts: 17128
Credits: 158854.5

Sub: #10 Quote:Ohio State Information Legal Status: Legal (Applies to Thu, 07/24/2008 - 12:53



Quote:
Ohio State Information

Legal Status: Legal (Applies to check cashers only)

Citation:
Ohio Rev. Code Ann. ???????? 1315.35 et seq.

Loan Terms:
Maximum Loan Amount: $800
Loan Term: Max: 6 months
Maximum Finance Rate and Fees: $10/$100 + 5% per month
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot refinance)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: Bank charges (if disclosed); $20 collection charge; Court Costs; damages
Criminal Action: Not Specified

Where to Complain, Get Information:
Regulator: Ohio Division of Financial Institutions
Address: 77 South High Street, 21st Floor Columbus OH 43215
Phone: (614) 728-8400
Fax:
Regulatory Contact: Robert M. Grieser,, Deputy Superintendent for Consumer

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


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