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 Posted: Wed Nov 22, 2006 1:52 am |
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Ok, I have 1 pdl that I am paying currently. They have already taken enough out of my account, is there any limit on it? Im form AL.
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nemo
Joined: 22 Nov 2006
Posts: 2
Debtcc Points: 47
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| Posted: Wed Nov 22, 2006 3:59 am |
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nemo
Hi, welcome to the forums!
Usually you are only allowed to keep a payday loan for a month in Alabama. You cannot be charged more than 17.5%, and thereafter 3%. One rollover is permitted, and one NSF. Alabama does allow the residents to request a repayment plan if you have defaulted.
What loan company are currently dealing with?
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Teleport
Moderator
Joined: 09 Aug 2005
Posts: 1483
Debtcc Points: 38851
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| Posted: Wed Nov 22, 2006 4:30 am |
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Thanks Mikey.
Is there any such law for Alaska as well? Though I am residing in AL presently but I applied for the loan when I was in AK and used my home address there.
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nemo
Joined: 22 Nov 2006
Posts: 2
Debtcc Points: 47
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| Posted: Wed Nov 22, 2006 4:45 pm |
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This is Alaska State Information
| Quote: | Legal Status: Legal
Citation:
Alaska Statute 06.50
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Min: 14 days
Maximum Finance Rate and Fees: $5 + the lesser of $15 per $100 or 15%
Finance Charge for 14-day $100 loan: $20
apr for 14-day $100 loan: 520%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: Two (renewals)
Cooling-off Period:
Repayment Plan: Yes
Collection Limits:
Collection Fees: $30 NSF fee; Court costs of up to $700 over the amount of the payment (if disclosed in loan agreement)
Criminal Action: Prohibited (Unless check returned due to closed account)
Where to Complain, Get Information:
Regulator: Alaska Division of Banking and Securities
Address: P.O. Box 110807 Juneau, AK 99811
Phone: (888) 925-2521
Fax: (907) 465-2549
Regulatory Contact: Patrice Walsh,, Financial Institution Examiner
http://www.commerce.state.ak.us/bsc/ |
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keystrokes
Joined: 13 Jul 2006
Posts: 501
Debtcc Points: 7286
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| Posted: Fri Jun 15, 2007 4:33 am |
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can someone please give me the state law for alabama on payday loans. I am having a hard time comprehending what to put in the letter to the pdl company.
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nene4
Guest
Debtcc Points: 100
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| Posted: Fri Jun 15, 2007 4:52 am |
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i have 6 pdl out from the internet and i live in nj can you help with this
ameriloan 250 (225 pd with one due out 6/22 for 75)
tendollar 300 (735 pd with one due out 6/22 for 95)
xpresscash 300 (360.00 with ond due out 6/22 for 90)
loanshop 300 (135 with one due out 6/22 for 45)
loanshop 300 (135 with one due out 6/22 for 45)
cashdirect 300 (198.00 with one due out 6/22 for 66)
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smithmapleshade
Joined: 07 Jun 2007
Posts: 19
Debtcc Points: 599
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