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

Explanation on Ohio payday loan laws



AmandaB

Posts: 96
Credits: 7772.35
[Donate]
Sub: Explanation on Ohio payday loan laws
Thu, 17/02/2011 06:06

Can someone please step by step explain the Ohio PDL LAws?


All I want is to be out of Debt!


Article Rating: 
Unregistered

Sub: #1 pdlMon, 12/31/2012 - 21:27



I have 3 online pdls and they are taking out half of my pacheck every two weeks. They have all been paid in full plus the finance charge but because I didnt call them and tell them the amounts they are telling me I was only paying the finance fee each time. So they are saying I have paid 500.00 in finance fees and nothing on my loan. my loan was only 400.00 and they continue to take the money out, how do I stop this without closing my account? They are putting me in more debt then i was to start out with, i am a single mother and feel I have been robbed. Please help.



Shazzers
Shazzers


Posts: 17128
Credits: 158854.5

Sub: #2 Just to clarify, in 2008 Ohio passed a reform law on payday lendThu, 02/17/2011 - 06:06



Just to clarify, in 2008 Ohio passed a reform law on payday lenders (House Bill 486), which limited the amount of interest they were able to charge, they are now referred to as low cost loans. Each lender is required to be licensed in the state of Ohio, so you need to check the Ohio licensee data base to be sure you are dealing with a legal lender. Ohio Rev. Code Ann. 1321.35 et seq.

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


Anna Sweeting
Anna Sweeting
Debt Samaritan
Posts: 1830
Credits: 29199.2

Sub: #3 Hey guest (tired of paying fees)... you won't be liable for payiThu, 02/17/2011 - 02:26



Hey guest (tired of paying fees)... you won't be liable for paying off the fees and charges in the states where internet lenders are illegal. You will have to only pay off the principal balance.

Hey anonymous... Payday loans are legal in Ohio. In such a situation, you will be liable to pay them off in full. You can go for a payday loan consolidation in order to get rid of the dues. As far as overdrawn fees for concerned, you should have a word with your bank authorities and check out if you may get a payment plan to pay it off. This will make it affordable for you to pay off the fees.


Unregistered

Sub: #4 Pay day loan helpWed, 02/16/2011 - 21:34



I have several payday loans in default in Ohio. I can only pay back a small amount at a time. My bank closed my account due to them making several attempts to withdraw the moey and thtat resultedi in overdrawn fees for every attempt. I now owe the bank for these fees.

Can you help me?


Unregistered

Sub: #5 I see a post on here that states internet lenders are illegal. TWed, 11/03/2010 - 17:32



I see a post on here that states internet lenders are illegal. This is what I am dealing with now, what can I do to get out of this situation? I know I owe what I was given, but all the fees?


Unregistered

Sub: #6 I have been using an online lender for payday loan. The fees areWed, 11/03/2010 - 17:28



I have been using an online lender for payday loan. The fees are rediculously high and I can't get out of this mees! Once I oay them, I'm keft short yet again. I don't quite understand the laws in the state of Ohio or what my rights are. I want to pay what I owe, but need more time and also do not want any legal actions taken against me by the lender or my bank. What can I do? Any help???


Unregistered

Sub: #7 Why do they let people take these loans out if they are illegal Fri, 08/27/2010 - 18:18



Why do they let people take these loans out if they are illegal in Ohio? What happens when you default?


Unregistered

Sub: #8 pay them as much as you can afford when you get payed. they willWed, 08/04/2010 - 17:08



pay them as much as you can afford when you get payed. they will take the money. tell them do what you need to do. they will not do nothung. go in there with i don't care attitude. thats what i did.


sommer.moore
sommer.moore
Posts: 8
Credits: 273.95

Sub: #9 ChecksmartTue, 12/29/2009 - 13:29



I am in the same boat with the same people! They are charging me daily interest also. But I do not see anywhere that says that I will be charged. I only borrowed 500 and now I owe almost 700. And they are very nasty about collecting!


Unregistered

Sub: #10 I have defaulted on a loan with checksmart in cincinnati ohio. Tue, 12/29/2009 - 08:39



I have defaulted on a loan with checksmart in cincinnati ohio. I know I owe the money and I understand that but they are trying to say I owe an additional 5% daily interest on the principal amount and I cannot find this verbage ANYWHERE in my contract. the first part that says interest actually says "You agree that interest will be charged from the date of that you receive the Loan proceeds from us until the princpal together with interest, at the rate of 25% per year, is paid."

so where is this 5% coming from? I know when I can pay it back and at that interst rate I'll owe an additional $940!!!


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 1.698 seconds.