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Posted: Mon Jun 25, 2007 10:30 am

Help! My husband and I have about 7 payday loans that we have taken out over the last year. We are paying over $500 a month, and most of that is just interest. We live in Oklahoma, and they are all internet loans varying from $300-$500 each. I try to pay each one down $50 a paycheck, but am overwhelmed now, and cannot afford to make all of these payments.

Posted: Mon Jun 25, 2007 10:45 am

Some companies are very famous for adding illegal charges and fees. Please be aware of the laws in your state and work out payment arrangements with the loan places. Make sure that you are paying the actual charges only.

Posted: Mon Jun 25, 2007 10:49 am

Thanks. How do I know if they are charging too much? I have looked up the Oklahoma laws, but I am not quite understanding what they are allowed to charge me? I pay $90 interest every two weeks on a $300 loan. There are three we have like this. Some of them are revolving, and the due dates change, and are more interest.

Posted: Mon Jun 25, 2007 11:16 am

These are the laws in your state. Calculate the charges individually on each of the account and go through your payments done. You will know the actual status.

Posted: Mon Jun 25, 2007 11:46 am

Here's what I did and I have 9 pdls. I made a list of each one, went back through my bank records to see how much I had paid. They were debiting every 2 weeks...then I figured out according to my state how much I should have paid. 5 of my loans were paid off or overpaid.

Posted: Mon Jun 25, 2007 3:21 pm

Which companies are you dealing with? Can you list the companies you are dealing with, others can help you by telling you how they were successful in dealing with them. Also, if you are dealing with: MTE/Ameriloan/Rio Resources (they go by a few other names as well). Oklahoma has ordered this company to cease and desist operations and ledning/collecting on all loans to Oklahoma residents. If you have been paying on the original loans for a year, you may have already paid the principal and legal interest your state allows. Do as Morning says, and get this calculated. You also should file complaints with your state's Attorney General's office as many of these companies are not licnesed with the individual state's they offer services to and charge illegal interest rates.

Guest · Posted: Tue Jun 26, 2007 7:00 am

PayDayOK - $500, since 2/06 pay about $150 a month
PayDaySelect - $300, since 4/07, pay about $120 interest only
United Cash Loans - $300, since 5/07, pay $90 interest only
MyCashNow - $420, since 2/07, pay $90 + $50 principle twice a month, down to $270
Geneva Roth - $300, since 5/07, pay $90 interest only, twice a month
CMG Group - $300, since 5/07, pay $90 interest only, twice a month
PayDayOne - $500, since 5/07, pay $65 monthly

Unfortunately, several of these are very recent since we had old payday loans we paid off. We had one store front one we paid off in May. And I had an Ameriloan loan for about a year that we just paid off.

Posted: Tue Jun 26, 2007 7:32 am

It would be helpful if you posted the total amount paid to each company. For example it looks like to me you paid PaydayOK for at least 5 months at $150 per month which would equal $750 on a $500 loan. This is assumed math so it would be helpful if you posted the accurate figures. Also, I do not completely understand your state laws from what the other post stated so you may need to contact the department of finance in your state or your AG to find out exactly what you legally owe on each loan. Just by looking at each one you posted and doing a little math it seem like to me you have paid more than was borrowed on all of them and I suspect they are all paid off according to your state laws but you need to verify this.

Posted: Tue Jun 26, 2007 7:59 am

Please do as the others suggested and contact your state Attorney Generals office. MTE Financial alias Rio Resources has so many names it is hard to follow. I saw United on your list and they are one of them. They have been ordered to cease and desist. It is important to file that complaint. This company should have never loaned money to you. They are breaking the law. Best Wishes KYSIDE38

Guest · Posted: Tue Jun 26, 2007 9:50 am

Okay, here is the info I found per the State of Oklahoma:
The lender must provide full disclosure of the annual percentage rate (APR). The lender is permitted to charge you interest in the form of a fee not exceeding 15% of the first three hundred dollars ($300) plus 10% of the next two hundred dollars ($200) advanced to you (i.e.: $15 for $100 loan, $30 for $200 loan, $45 for $300 loan, $55 for $400 loan, $65 for $500 loan). As of July 1, 2004 the lender may also charge the actual fee for "database verification".
For example: if the lender advances you $300 for 12 days, the lender may charge you up to $45 as a fee for obtaining the loan plus a 46¢ database service charge (an Annual Percentage Rate of 460.92% Other than the specific fees and costs discussed in the section of this pamphlet entitled "Failure to Repay", (see next page), no additional amounts may be directly or indirectly charged, contracted for, collected, received, or recovered by the lender.
You will receive your loan proceeds in the form of either cash or a check from the lender. The lender cannot charge you a fee for cashing their loan proceeds check, or for cashing a loan proceeds check from any other deferred deposit lender.

Does this mean if they are charging me $90 twice a month for a $300 loan that they are not following the state's laws? If so, what do I need to do?

Posted: Wed Jun 27, 2007 10:00 am

Okay, I was not logged in before, and I showed up as a guest. I really need help figuring out what I can do still. Who do I contact? I am new to all of this. I appreciate any help possible! How do I file complaints?

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have about $3000 including interest due to Payday loans

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