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 Posted: Wed Aug 22, 2007 8:48 pm Subject: Paydayok.com
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Has anyone ever had to ask them to make payment arrangement or payment plans with before? My job is cutting hours and if I pay them, I will end up running short on a more important bill like electric. I am paying them $40 every two weeks right now just for fees. I was wondering if anyone ever dealt with them before or not?
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sunshine4u
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vanryankelly
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Posted: Thu Aug 23, 2007 4:09 am Subject: sunshine
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sunshine, is this the only pdl you have? Paydayok, I do not believe is even licensed. These fees they are chargin you, they more than likely shouldn't be. If you don't mind, could you please tell us what state you are in, how much the loan was for (principle amount only) and how much you have paid back? We can help you out! 
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cannr
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Posted: Thu Aug 23, 2007 6:06 am Subject: paydayok.com
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Yes it is.
$450
Finance charge: $54.64
Total payment: $504.64
Annual Percentage Rate: 260.72% (e)
TN is my state, thanks
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sunshine4u
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Posted: Thu Aug 23, 2007 6:10 am Subject: cycle
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its been a cycle. I pay 45 every two weeks, I can do this up to four times. Then after fourth time, I have to pay $45 + 45 (the lowest) towards the principal. Then you have to pay it in full the next period after or pay $45 fee plus something toward the principal (no less than the fee you are paying) or you have to renew the loan by going up on the amount you owe
I am in TN
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sunshine4u
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Posted: Thu Aug 23, 2007 1:54 pm Subject: sunshine
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sunshine, hang on, honey. I'll be back. I'm going to go over a few things with you regarding this. I'm leaving work and going home. Hang on!
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cannr
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Posted: Thu Aug 23, 2007 5:20 pm Subject: reply
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Okay, sunshine. I'm posting your TN pdl law so you can see for yourself. In TN, no rollovers/extensions are allowed. This means that your pdl (who is not licensed to do business) is charging you fees that are prohibited in your state. In other words, every debit they have taken out of your account should be applied directly to the principle amount of the loan. You borrowed $450.00. I understand that. They are debiting $45.00 every 2 weeks. I understand that. Once you hit your 4th $45.00 "fee", they will then take the $45.00 + another $50 to go towards the principle of your loan. This means that soon they are going to be debiting your account every two weeks in the amount of $95.00! I need to know how much you have paid them so far in their illegal "fees" that they are not allowed to charge in your state. Can you tell me how much you have paid them so far? And, also, when is their next debit coming out?
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cannr
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Posted: Thu Aug 23, 2007 5:22 pm Subject: reply
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| Quote: | Tennessee State Information
Legal Status: Legal
Citation:
Tenn. Code Ann. §45-17-101 et seq. and Tenn. Comp. R. & Regs. § 0180-28-.01
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: the lesser of 15% of the check or $30
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: 3 (2 per licensee)
Rollovers Permitted: None (cannot renew or otherwise consolidate)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: One $30 NSF Fee; Court Costs
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Tennessee Department of Financial Institutions
Address: 511 Union Street, Suite 400 Nashville TN 37219
Phone: (615) 741-2236
Fax: (615) 532-1018
Regulatory Contact: Bart Daughdrill,
http://www.tennessee.gov/tdfi/ |
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cannr
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Posted: Thu Aug 23, 2007 6:03 pm Subject: PDL
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I had PayDayOk, at one time, too. The 'fee' ,that comes out of your checks, does NOT go toward your balance. It's just a fee for the "privilge" of using their service. Payment arrangements?? Yep..they will 'help' you with those ( if you want your fee to go higher, every 2 weeks, that is). Just telling you from personal experience. On your 5th debit, from your account, they will take a fee PLUS $50.00 ( this $50.00 goes toward your balance)....and every pay, after the 5th one, they will CONTINUE to take a fee, plus $50.00. This is what they did to me. I had a $500.00 'loan' from them. my 'fee', every two weeks was $65.00. That really adds up!! I am in the state of PA.
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sdchargers_63
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Posted: Thu Aug 23, 2007 6:08 pm Subject: reply
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sd, that's what I posted for sunshine. I believe she understands the $45.00 fees up until the 4th renewal, then it goes up to the $45.00 + $50.00 towards the principle. I posted for her that this means they will be debiting her account for the amount of $95.00 every two weeks. I am waiting for her response to my questions.
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cannr
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Posted: Fri Aug 24, 2007 12:08 am Subject: response
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I can pull up the history tommorrow. My debit goes through Sat again. I been using paydayok.com for over a few months now so I am sure I have paid a GOOD sum amount of just fees alone. If this is not legal in my state, is there anything I can do to fight it or no?
I will look up and see exactly how much I paid in illegeal fees, do you mean the $45 + 50 or just the regular fee? thanks tons
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sunshine4u
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Posted: Fri Aug 24, 2007 4:08 am Subject: PayDayOk
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Well...with PAyDayOk ( with me, anyway), they told me that " payment arrangments really weren't authorized". Every time you had a fee taken out,..Sunshine4u..that fee DID NOT go toward your balance. If they take the $50.00 out, ALONG with the fee, the only amount thst goes toward your balance is the $50.00. Did I answer your question? If not, please let me know.
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sdchargers_63
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Posted: Fri Aug 24, 2007 5:33 am Subject:
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Sunshine, I think she means to add up everything you have paid them so far.
Am I right Cannr?
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RoxyNY
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Posted: Fri Aug 24, 2007 6:37 am Subject: Payday OK
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My experience was that I had paid in excess of my loan amount and when they received my documentation to that fact I received an email from them that they were sorry I was dissatisfied with my loan and they would mark my acct PIF. I have seen several others on here with the same result. This is in the case when you have paid over the amount of the principle. Some have even pushed and received refunds.
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motomom716
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Posted: Fri Aug 24, 2007 9:09 am Subject: paydayok
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cannr I sent you a quick message showing how much I paid, if you could reply to me at email removed for your safety - Goudah I'd appreciate it. I dont have account here yet. 
I want to do something before next pay period atleast... its killing my paycheck especially when they do 95.00 (fee + principal)
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sunshine4u
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Posted: Fri Aug 24, 2007 9:15 am Subject:
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Sunshine, all you have to do is register. Its free and easy, and we would love to have you as a member of our community
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kashzan
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