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 Posted: Mon Aug 04, 2008 5:24 pm Subject: Check Smart and Ace Cash |
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I am down to two payday loans left. One is with Check Smart and one is with Ace Cash. After reading this website, I can see they are two of the worst. I have just had some surgery so cannot pay either of them this payday. I know once before I had to deal with Ace on payment arrangements and they were terrible. What should I do with these two store fronts? I live in Missouri. I am freaking out a little. Thanks.
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j9284
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Debtcc Points: 100
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| Posted: Tue Aug 05, 2008 2:33 am Subject: |
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Legalities associated with payday loans in Missouri are: -
| Quote: | Legal Status: Legal
Citation:
Mo. Rev. Stat. § 408.500 et seq.; 4 Mo. Code Regs. § 140-11.010, 140-11.020
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 14-31 days
Maximum Finance Rate and Fees: Not Specified (No borrower shall be required to pay a total amount of accumulated interest and fees in excess of 75% of the initial loan amount on any single authorized loan for the entire loan term and all authorized renewals. Otherwise, interest is set pursuant to small loan law which provides that parties may set rate by contract.)
Finance Charge for 14-day $100 loan: $75
apr for 14-day $100 loan: 1980%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: Six (borrower must reduce principal amount of loan by 5% or more upon each renewal)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: NSF fee; Collection costs (including court costs and reasonable attorney's fees) Licensee cannot use a series of ACH transactions to collect a single check.
Criminal Action: Prohibited (Unless check returned due to closed account or stop-payment by maker)
Where to Complain, Get Information:
Regulator: Missouri Division of Finance
Address: Consumer Credit Section, P. O. Box 716 301 W. High Street Jefferson City MO 65102
Phone: (573) 751-3242
Fax: (573) 751-9192
Regulatory Contact: Joe Crider,, Supervisor, Consumer Credit |
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phoenix
Joined: 14 May 2008
Posts: 867
Debtcc Points: 5618
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| Posted: Tue Aug 05, 2008 8:09 am Subject: |
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I have a loan with Checksmart too. You can request an Extended Payment Plan as long as its one day before its due. They split the amount due in 4 payments and hold your check. From what people say on here, Checksmart's corporate office is not very friendly, so if you could make arrangements with the store manager, you might find them easier to deal with.
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chensley
Joined: 16 Jul 2008
Posts: 28
Debtcc Points: 451
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