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 Posted: Sat Dec 29, 2007 10:02 am Subject: Payday loan over the internet with PayDayMax
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I took out a payday loan over the internet with PayDayMax. I live in Louisiana and was wondering what the laws were governing this in my state. I read that the most you could borrow was $350. I borrowed $500 and when it came up for repayment or deferment, the cost was $87. Now it is up for repayment or deferment again and the cost jumped to $287. Is that legal? Guess I should have read the fine print. HELP!
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cathy_gulotta
Joined: 29 Dec 2007
Posts: 1
Debtcc Points: 40
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Posted: Sat Dec 29, 2007 12:38 pm Subject:
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I am not for sure but I know that someone here will be able to answer your question.
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landrylou
Joined: 04 Nov 2005
Posts: 310
Debtcc Points: 5184
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Posted: Sat Dec 29, 2007 1:11 pm Subject:
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| Quote: | Louisiana State Information
Legal Status: Legal
Citation:
La. Stat. Ann. ยง 9:3578.1 et seq.
Loan Terms:
Maximum Loan Amount: $350
Loan Term: 60 days
Maximum Finance Rate and Fees: $5 documentation fee + the greater of 16.75% of check or $45 (After default: months 1-12: 36% per year; months 13 and beyond: 18% per year)
Finance Charge for 14-day $100 loan: $25
apr for 14-day $100 loan: 650%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot renew or rollover but licensee may accept partial payment of 25% of amount advanced plus fees and enter into new loan)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: One NSF fee of actual bank charge (if disclosed) + the greater of $25 or 5% of check (if disclosed); Court Costs; Reasonable Attorney's Fees
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Louisiana Office of Financial Institutions
Address: P.O. Box 94095 Baton Rouge LA 70804
Phone: (225) 925-4660
Fax: (225) 925-4548
Regulatory Contact: John J. Braud,, Deputy Chief Examiner
Regulator Website
http://www.ofi.state.la.us/ |
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Leah
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Joined: 04 Mar 2007
Posts: 2333
Debtcc Points: 50556
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Posted: Sat Dec 29, 2007 1:13 pm Subject:
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According to your state laws, it is illegal for them to continue rolling this over, they can only charge you the approriate interest and you must pay it in full so if you have paid multiple rollover fees, then you need to have them apply that to your balance due.
_________________
Passion...it is born...and though uninvited, unwelcome, unwwanted...like a cancer, it takes root. It festers. It bleeds. It scabs...Only to rupture and bleed anew. It grows...it thrives...until it consumes. It lives...and so it must die....in time.
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Leah
Debt Samaritan
Joined: 04 Mar 2007
Posts: 2333
Debtcc Points: 50556
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