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 Posted: Tue Aug 05, 2008 7:01 am Subject: help calculating PDL refund |
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Can someone please help me with an example of how much i should be paying (Max) for a PDL in the state of michigan.
Example, $300.
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
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Shazzers
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| Posted: Tue Aug 05, 2008 9:31 am Subject: |
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It would depend on some other factors too. They can charge a database verification fee, so you would need to know what that amount was.
But aside from that charge, a $300 loan would be as follows:
First $100 - $15
Second $100 - $14
Third $100 - $13
So that would be a $42 fee for a $300 loan. Plus the verification fee, and any other charges (bounced check, etc).
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