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Is there any limit to what pdls can take from my account?  

0
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.
 

asked Nov 22, 2006 12:52 AM

nemo
Best Answer
3
best answer

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?

answered Nov 22, 2006 02:59 AM

4 Answers

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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.

answered Nov 22, 2006 03:30 AM

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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: (88icon_cool.gif 925-2521
Fax: (907) 465-2549
Regulatory Contact: Patrice Walsh,, Financial Institution Examiner
http://www.commerce.state.ak.us/bsc/

answered Nov 22, 2006 03:45 PM

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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.

answered Jun 15, 2007 04:33 AM

Anonymous
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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)

answered Jun 15, 2007 04:52 AM

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