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AALM Consulting Services/multiloansource.com

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Posts: 34
Credits: 925.1
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Is online lending illegal in Kentucky? I took out a loan from this company, then heard that online lending was illegal in Ky, and I dont know if it is or not!




susie_q
Posts: 34
Credits: 925.1

Sub: #1 AALM Consulting Services/multiloansource.com
Sun, 04/22/2012 - 13:42

Also...for a $500 loan, they are charging $150 a month JUST in finance charges and other "fees", and NONE of the $150 charge goes toward the principal. I can make arrangements to pay it down, but would still be charged the $150 charge! What kind of robbery is THAT???!!! Can anyone on here give me some insight into this company? I was also under the impression that "roll overs" were also illegal in Kentucky, which, is EXACTLY what this amounts to! Please help!!!:confused:




jonheller83
Posts: 65
Credits: 918.25

Sub: #2 Payday lending is legal in Kentucky but with certain restriction
Sun, 04/22/2012 - 22:28

Payday lending is legal in Kentucky but with certain restrictions. You can read about them here: http://www.debtconsolidationcare.com/paydayloan/explain-p dls-laws.html

Yes, you are right. Rollovers are not permitted in Kentucky. Its illegal. This raises some doubts about the legality of the PDL itself. Check with the Kentucky Office of Financial Institutions to find out if they are licensed to operate in Kentucky.

If they are not licensed, you only need to pay back the principal amount minus all the interest and fees they have already taken out. If you have overpaid, you can ask for a refund. If AALM doesn't want to co-operate or harasses you, file a complaint with the AG and the FTC.




SOAPLADY


Debt Samaritan
Posts: 17181
Credits: 474368.58869987

Sub: #3 The loan would be illegal if they are rolling over the loan. Us
Mon, 04/23/2012 - 04:30

The loan would be illegal if they are rolling over the loan. Use the link in my signature line for information on how to deal with this type of loan.




OhioGal1


Debt Samaritan
Posts: 5256
Credits: 83046.746477606

Sub: #4 This lender is not licensed in KY. Follow the advice in my sign
Mon, 04/23/2012 - 07:18

This lender is not licensed in KY. Follow the advice in my signature link.




susie_q
Posts: 34
Credits: 925.1

Sub: #5 AALM Consulting Services/multiloansource.com
Mon, 04/23/2012 - 07:41

Thank you OhioGal! I will do just that! It's amazing the info and help you can get on this site!!!;)




Unregistered

Sub: #6 AALN Consulting Services/multiloansource.com
Wed, 05/09/2012 - 14:18

I am having the same problem with this company for a $450 loan. Is this roll-over rule legal here in Ohio?:confused: HELP!




SOAPLADY


Debt Samaritan
Posts: 17181
Credits: 474368.58869987

Sub: #7 Ohio laws.... State Legal Status Lending of payday loan is cons
Wed, 05/09/2012 - 14:33

Ohio laws....

State Legal Status
Lending of payday loan is considered legal (-Low Cost) in the State of Ohio.

Loan Specifications
  • Maximun Amount of Loan - $500
  • Term of Loan - 31 days
  • Maximum Rate of Finance and Fees- 28% per annum
  • Finance Charge on $100 loan for a 14 day period - $1.08
  • APR for $100 loan for a 14 day period - 28%
Debt Limits
  • Maximum Number of outstanding loans permitted at a time - 1, 4 per year
  • Permissible number of Rollovers - None
  • Cooling-off Period - Limit of 2 loans in 90 days
  • Repayment Plan - Yes, available. 60 days time period. No fees.




Unregistered

Sub: #8 Internet pdl's are illegal in the state of KY. Kentucky does not
Sat, 09/29/2012 - 14:05

Internet pdl's are illegal in the state of KY. Kentucky does not license ANY online pdl company. I also am having a problem currently with this company.




waffles


Posts: 1691
Credits: 30966.556501921

Sub: #9 Thanks for reviving a 5 month old topic to state what was alread
Sat, 09/29/2012 - 18:23

Thanks for reviving a 5 month old topic to state what was already stated..




Unregistered

Sub: #10 stupid people
Mon, 12/24/2012 - 07:46

please dont be a stupid person. read the rules and regulations listed in the contract. these are awful loans that can be of some use, but the overall outcome is not positive. use it only if you absolutely need to and READ ALL OF THE CONTRACT!!!!!!!!





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