 Posted: Mon Aug 04, 2008 8:10 am Subject: help needed calculating how much i've overpaid on a PDL |
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Original loan: $400
Amount Paid: $1080
I have others too, but this is the biggest refund i'm expecting.
Michigan Law:
Citation:
Mich. Comp. Laws 487.2121 et seq.
Loan Terms:
Maximum Loan Amount: $600
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One with licensee or more than one with any other licensee
Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)
Cooling-off Period:
Repayment Plan: Yes
Collection Limits:
Collection Fees: One $25 returned check charge
Criminal Action: Prohibited
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acoch
Joined: 18 Jul 2008
Posts: 20
Debtcc Points: 351
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