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 Posted: Thu Apr 06, 2006 3:11 pm Subject: Payday loans |
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What happens if you have more payday loans than the state allows?
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franklinfamily03
Joined: 15 Mar 2006
Posts: 37
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| Posted: Thu Apr 06, 2006 3:19 pm Subject: |
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I'm not aware of any such law. Which state do you belong to? Is there any limitation on the amount of payday loans for consumers?
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stella
Joined: 07 Dec 2005
Posts: 511
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| Posted: Thu Apr 06, 2006 3:33 pm Subject: State law |
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The State of Tn states only three pdl's, however there is a loop hoop. Only 3pdl's per person not account. Between me and my husband we have WAY too many. It is basically killing us to pay the fees. We pay 300 every payday to these places. I want to consolidate but I am afraid because we have more than state law allow. FYI.... I did not know about this law until last week, while researching payday loan laws, the pdl places NEVER even mentioned it much less checked to see if we had any out.
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franklinfamily03
Joined: 15 Mar 2006
Posts: 37
Debtcc Points: 1577
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| Posted: Thu Apr 06, 2006 4:59 pm Subject: |
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Franklin,
I can't imagine that you would be penalized for consolidating. Who's going to bring up the fact that you have too many loans? Not the pdl people, they don't know. Don't worry about it, it's better to take a step in the right direction. I know from experience that $300 in loan fees every pay period can only go on for so long.
_________________
"It's a treat, being a long-distance runner...."
Allan Sillitoe, The Loneliness Of A Long-Distance Runner
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finsfan13
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| Posted: Thu Apr 06, 2006 5:09 pm Subject: |
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Franklin, can you mention the source where you found this info?
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stella
Joined: 07 Dec 2005
Posts: 511
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| Posted: Thu Apr 06, 2006 5:46 pm Subject: source |
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I searched for tennessee cash advances and it showed up, I can't remeber the site.
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franklinfamily03
Joined: 15 Mar 2006
Posts: 37
Debtcc Points: 1577
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| Posted: Thu Apr 06, 2006 5:48 pm Subject: |
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It is on the TN website under deferred presentment and I think it is under the commissioners section.
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NotsoLucky
Joined: 02 Nov 2005
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| Posted: Thu Apr 06, 2006 8:25 pm Subject: |
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3 huh? Well I had 16. So someone wasn't checking the teletrack record. And on teletrack, they want me to send them a copy of my driver's liscense and social security card to get a copy of my license. Does this sound right?
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rmunson
Joined: 06 Feb 2006
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