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PDL-struck · Posted: Sat Jun 30, 2007 3:58 am Subject: Are PDL companies legal?

Now when government knows that PDL companies are charging heavy interest rates like 300% per annum then why is govt not banning such companies?

Are these PDL companies legal? Is there any upper limit for interest rates?

Posted: Sat Jun 30, 2007 5:26 am Subject:

The laws vary from state to state but for the most part PDLs are illegal except for the state or states in which they are licensed. If they are licensed they mat not charge interest rates higher than those allowed by the laws of that state. Or rollover the loans if not permitted. Most of them feel however that because they are on the net that they can be above the laws. They have posed serious issues for law enforcement but they are being fined one by one and state by state. They are bad news! Stay away from them!

Posted: Sat Jun 30, 2007 5:49 am Subject:

Most store front lenders are legal because they are required to get licenses from their home state. Most internet lenders are not. More and more states are cracking down on the internet loans from doing business in their states. West Virginia has been instrumental in doing this as well as New York. I know others states have banned them but I can name them off the top of my head. I know my home state has just passed a new law to cap the interest rates to 36 %. Online lenders charge up in the hundreds for interst rates Rolling Eyes

Posted: Sat Jun 30, 2007 8:03 am Subject:

Like everyone has said here, it really depends on the laws of each state, which can be confusing. This is why I feel that federal guidelines re PDL's are strongly needed. Let's keep everyone on the same page.

PDL-struck · Posted: Sat Jun 30, 2007 11:17 am Subject: thanks

thanks for the replies, where can I see the maximum % that can be charged for various states. is there a gov site that has the list of these laws.

Posted: Sat Jun 30, 2007 1:59 pm Subject: loan

I am from WV. I can tell you the internet and storrefront are not allowed here. The Attorney General just shut down the only storefront we had. They are Prohibited in this state. Also you can go to http://www.paydayloaninfo.org and look up the laws in each state. KYSIDE38

Posted: Mon Jul 02, 2007 5:37 am Subject:

if you go to www.paydayloaninfo.org you can find all the laws for each state

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