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Posted: Fri Jan 05, 2007 10:23 am Subject: Michigan Pay Day Loan Laws

I have some outstanding PDL's and I live in Michigan. I have read the law but I don't understand how it relates to me. I contact one company and was told that I had an original loan with them for $300 and that I now owe $205.32. I informed them that they have been taking funds out of my account for 6 months and I was told that that was for a renewal fee of $90 for every 2 weeks. At this rate I will owe them forever.

Posted: Fri Jan 05, 2007 10:42 am Subject:

How much have you paid so far? Calculate the total payments done on your pdls and compare the charges with your state laws.

Check the loan companies if they are licensed in your state. They are allowed to do business only if they have a valid license in your state.

Posted: Fri Jan 05, 2007 10:43 am Subject:

VGreg -

you've come to the right place!

I also live in Michigan, and I know the payday law here pretty well, after dealing with it myself.

Here's a link to the state payday laws - click on Michigan and you'll find the info:

www.paydayloaninfo.org

Michigan allows payday loans, but there is a limit on interest that can be charged. Also, you need to find out if the company you are dealing with is licensed. If you need help doing this, send me a pm and I'll help you out when I get home from work tonight. Chances are good that if these are internet PDL's, they are not licensed. Many of them are not.

If you need help immediately, please post the names of the companies here, whether they are internet or storefront, how much the original loan was and how much you have paid so far. Many people here are pretty well versed on PDL's and how to handle them. They can help you find out if they are licensed if you can't wait until tonight.

Keep us posted on your progress!

Guest · Posted: Fri Jan 05, 2007 12:43 pm Subject:

The account is with Exprescash and they have withdrawn $184.68 thus far. Today I changed my checking account number so they can't withdraw from it anymore. I called them today to get an address for payoff and was told that I can only do a check by phone. I told her I didn't feel comfortable with that and I was told that that is my only option.

Posted: Fri Jan 05, 2007 12:46 pm Subject: SueHoneyBee70

I don't know how to PM.

Posted: Fri Jan 05, 2007 1:11 pm Subject:

Did you ask the company if money order can be done? Even if they say that they won't accept, send it anyway. They will have to post your payment in your account. The postal dept will ensure that your money order is delivered to the right hands.