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 Posted: Wed Mar 29, 2006 9:02 am Subject: Help in understanding payday loan laws for my state |
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http://www.consumerlaw.org/action_agenda/payday_loans/content/NCLC_SUM MARY.pdf
This is for my state. Do they have to be licensed for my state? How do I find out if they are? I also have loans that total $1,765.00. It clearly states that it is their responsibility to insure that I do not have other loans out. does this make a difference?
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c_stephanie
Joined: 28 Mar 2006
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| Posted: Wed Mar 29, 2006 9:03 am Subject: |
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what state are you in?
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jj
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| Posted: Wed Mar 29, 2006 9:11 am Subject: |
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Alabama
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Guest
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| Posted: Wed Mar 29, 2006 9:15 am Subject: |
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Good Question c_stephanie. My state says it is also the lenders responsiblity to make sure the borrower has only one outstanding loan. Obviously they didn't obide by that law.
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NotsoLucky
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| Posted: Wed Mar 29, 2006 9:29 am Subject: |
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some states, like Illinois require payday lenders to enter all customers into a state run data base. When the new payday loan reform law went into effect here in January, they just renamed their old payday loan as short term loan (not regulated by the state) and introduced the payday loan as regulated by the state as a new product. Needless to say they try and steer you towards the un- regulated higher interest loans and away form the lower interest , shorter term payday loans.
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LCW
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| Posted: Wed Mar 29, 2006 10:06 am Subject: |
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Hi all,
Please go through the entire document. There is a chart on the last page, which desribes State Regulation of Payday loans.
Though the document was posted in May 2004, still it would help consumers. And those seeking for more information can contact LRB.
http://www.legis.state.wi.us/LRB/pubs/wb/04wb9.pdf
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stanley
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| Posted: Wed Mar 29, 2006 11:15 am Subject: |
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Deleted by PDL Associate
Last edited by PDL Associate on Thu Apr 20, 2006 8:09 am |
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PDLAssociate
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| Posted: Wed Mar 29, 2006 11:21 am Subject: |
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None of the ones we had loans with were law obiding companies. They aren't even licensed to lend in my state or the state they are in.
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NotsoLucky
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| Posted: Wed Mar 29, 2006 11:27 am Subject: |
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Deleted by PDL Associate
Last edited by PDL Associate on Thu Apr 20, 2006 8:10 am |
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PDLAssociate
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| Posted: Wed Mar 29, 2006 11:29 am Subject: |
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Nope not on any credit report or any check services.
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NotsoLucky
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| Posted: Wed Mar 29, 2006 11:32 am Subject: |
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Deleted by PDL Associate
Last edited by PDL Associate on Thu Apr 20, 2006 8:10 am |
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PDLAssociate
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| Posted: Wed Mar 29, 2006 11:37 am Subject: |
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Well, I will never get another payday loan as long as I live. They are loan sharks stealing hard earned money. I have found there are more ways to borrow money than a high interest payday loan.
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NotsoLucky
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| Posted: Wed Mar 29, 2006 11:42 am Subject: |
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Deleted by PDL Associate
Last edited by PDL Associate on Thu Apr 20, 2006 8:10 am |
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PDLAssociate
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| Posted: Wed Mar 29, 2006 11:48 am Subject: |
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most people think they will be able to take the loan out and pay it back in full once they receive their paycheck. This is where the cycle began for me. I had to start taking out loans to cover fees, and they just kept adding up. When you're desperate for money it does seem tempting, but i learned my lesson and will never go back to payday loans ever again and will also try to stop others that are thinking about it.
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fka
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| Posted: Wed Mar 29, 2006 11:49 am Subject: |
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fka22
If we all stick together and make people aware of the problems and financial ruin these loans cause, maybe someday these places will have no choice but to shut down.
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NotsoLucky
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| Posted: Wed Mar 29, 2006 11:59 am Subject: Help in understanding payday loan laws for my state |
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I have learned my lesson - none of the pdl's asked how many I had out - when I tried a couple of times they said no am not eligible. I now have them consolidated with T&C and boy are they good.
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oh2benc2
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