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Pay day loans

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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?




Shazzers


Posts: 17419
Credits: 159278.85

Sub: #1 Hello jlgts and welcome to the community! :) I am also from Oh
Thu, 07/24/2008 - 12:41

Hello jlgts and welcome to the community! :) I am also from Ohio. If you only have two Internet loans, why would you want to pay someone else to take care of them for you. Ohio has pretty good laws for pdl's, and I am sure you could do this yourself. As far as the store fronts, most store fronts are members of the CFSA in Ohio (Community Financial Services Association of America), this means they must give you the EPP but only if you ask for it! You must ask for it at least one day before defaulting, that will allow you to pay off those loans in four equal payments on each payday.

I will post Ohio laws here shortly, but would appreciate it if you would provide the following info:
-Name of pdls
-Internet or store front
-How much borrowed
-How much paid back.

I will be moving this to the payday loan section! :D




Shazzers


Posts: 17419
Credits: 159278.85

Sub: #2 Yes, you can close your account, and I would advise you to do so
Thu, 07/24/2008 - 12:43

Yes, you can close your account, and I would advise you to do so, but only after you have made arrangements with the store front lenders. :)




Shazzers


Posts: 17419
Credits: 159278.85

Sub: #3 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




Unregistered

Sub: #4 pdl
Thu, 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


Posts: 17419
Credits: 159278.85

Sub: #5 OK, so you live in Pa? The thing about Pa. is there is a loophol
Thu, 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?




Shazzers


Posts: 17419
Credits: 159278.85

Sub: #6 Pa laws: You can't be charged with fraud for closing your accoun
Thu, 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




Unregistered

Sub: #7 new york laws for payday lending
Fri, 07/25/2008 - 00:23

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




Shazzers


Posts: 17419
Credits: 159278.85

Sub: #8 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




Unregistered

Sub: #9 Pay day loans
Fri, 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




Unregistered

Sub: #10 payday loans
Sat, 07/26/2008 - 06:05

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




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