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 Posted: Sat Oct 25, 2008 4:58 pm Subject: payday loans |
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I live in Ky, and have 5 payday loans that now I can't pay. What can they do? Thanks! Sue
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neveragain!!!
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susie_q
Joined: 25 Oct 2008
Posts: 23
Debtcc Points: 415
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| Posted: Mon Oct 27, 2008 2:22 am Subject: |
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Legalities of Payday Loans in KY are: -
| Quote: | Legal Status: Legal (Applies to check cashers only)
Citation:
Kentucky Rev. Stat. Ann. § 286.9.010 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 14-60 days
Maximum Finance Rate and Fees: $15 per $100
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: Two ($500 aggregate loans outstanding to all licensees)
Rollovers Permitted: None (cannot renew, rollover, or consolidate)
Cooling-off Period: None
Repayment Plan:
Collection Limits:
Collection Fees: One NSF fee (if disclosed)
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Kentucky Office of Financial Institutions
Address: 1025 Capital Center Drive, Suite 200 Frankfort KY 40601
Phone: (800) 223-2579
Fax: (502) 573-8787
Regulatory Contact: Gary Davis,, Branch Manager |
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phoenix
Joined: 14 May 2008
Posts: 1081
Debtcc Points: 6075
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| Posted: Mon Oct 27, 2008 4:30 am Subject: |
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Please explain. I need info. Thank you. I am scared and dont really understand all of this. What does it mean?
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Guest
Debtcc Points: 100
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| Posted: Mon Oct 27, 2008 4:44 am Subject: |
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To start with, could you give us some general information to work with [nothing personal, please!] We'd like to have the name of the lender, amount borrowed, total amount repaid, and whether it was an internet or storefront lender, for each of your outstanding loans. That will enable us to see which of your lenders are legal, and which aren't. Once we've determined that, we can move on from there.
Hang in there. Breathe! We'll be here for you.
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unclewulf
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