DebtConsolidationCare [A+ on BBB] Logo
DebtConsolidationCare Forums
Discuss your problems and get out of debt
Get honest and blunt feedback on your debt issues from Experts for FREE
For Free Debt Counseling: Call 800-DEBT-913 or

Does anyone know the laws concerning payday loans in NJ?

member profile picture

Does anyone know the laws concerning payday loans in Jersey?




Leah
Posts: 2323
Credits: 51497.6

Sub: #1 You will find the Payday loan laws for New Jersey here (just sel
Fri, 05/04/2007 - 08:44

You will find the Payday loan laws for New Jersey here (just select your state),

http://www.debtconsolidationcare.com/paydayloan/explain-p dls-laws.html




Unregistered

Sub: #2 i just want to know what the laws are in nj for payday loans
Thu, 05/28/2009 - 13:10

i just want to know what the laws are in nj for payday loans




Unregistered

Sub: #3 Pay day loans are ILLEGAL in the state of NJ. All you need to p
Thu, 05/28/2009 - 13:37

Pay day loans are ILLEGAL in the state of NJ.
All you need to pay back is the principle amount borrowed. All fees and interest that you have paid go towards the principle. So if you borrowed 200 and paid 90 in fees(an example) all you owe them is 110.00. They will scream and shout and lie to get you to pay whatever they want, but bottom line is they are not legal.
You will need to close your account , otherwise they will go in and take it all. Every cent you have




Shazzers


Posts: 17419
Credits: 159278.85

Sub: #4 CLICK HERE to find out how to deal with illegal lenders.
Thu, 05/28/2009 - 15:17

CLICK HERE to find out how to deal with illegal lenders.




Unregistered

Sub: #5 actually, you are not ONLY required to pay the principle. if the
Wed, 11/10/2010 - 09:40

actually, you are not ONLY required to pay the principle. if the company sees so fit they can charge you the max rate cap...in nj it is 30%...i have been through this and i found this information out from nj state! so, if you are contacting them you may be asked to pay the 30% as well...which for a $300 would be $90




Buzzette

Debt Samaritan
Posts: 401
Credits: 6281.6

Sub: #6 Take the advise of those that respond to you. I did and so far
Wed, 11/10/2010 - 10:08

Take the advise of those that respond to you. I did and so far I've received back a refund and PIF letter from one of my 5 PDL's. The only way to get away from illegal payday lenders is to close your bank account, file a complaint with the Attorney General in your state along with the FTC and BBB. Be sure to document all of your correspondence with your lenders via email, fax or USPS mail. If you haven't already done so revoke your ACH and wage assignment with each illegal lender and a cease and desist letter against calling you at work, or family and friends.




Shazzers


Posts: 17419
Credits: 159278.85

Sub: #7 Quote:actually, you are not ONLY required to pay the principle.
Thu, 11/11/2010 - 06:26

Quote:
actually, you are not ONLY required to pay the principle. if the company sees so fit they can charge you the max rate cap...in nj it is 30%...i have been through this and i found this information out from nj state! so, if you are contacting them you may be asked to pay the 30% as well...which for a $300 would be $90


That applies to the small loan, NOT a payday loan, there is a difference.




Add new comment

Attachment
More information
  • Files must be less than 2 MB.
  • Allowed file types: txt pdf jpg jpeg png.
CAPTCHA
This question (Case Insensitive) is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA

Share post
-->

Page loaded in 0.601 seconds.