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 Posted: Mon Jul 28, 2008 11:15 am Subject: Alabama pdl's |
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I have taken out 4 pdl's from storefront companies in AL. They are:
NetAxcess
Cash Express
Redi-Cash or Readi-Cash
and, Nation's Quick Cash.
When I perform the search to see if they are licensed, only Cash Express shows as beinglicensed in Alabama. Could thismean that these companies are lending through a different company? Or, does this simply mean that the are illegal operations? Also, I really need help understanding what my firststep needsto be in ending this cycle. Should I allow them to present my checksand then ask for thepayment plan that I am entitled under the law. However,thiswill be even more expensive than paying the interest fees. Help!!!!
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pcjohnson2007
Joined: 28 Jul 2008
Posts: 3
Debtcc Points: 54
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| Posted: Tue Jul 29, 2008 9:44 am Subject: |
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Hello and welcome to the community, I am going to post your pdl laws first, but, since these are all store fronts, the chances are, they're legal, and hopefully a member of the CFSA, here is the link to the CFSA to explain what that is: http://www.cfsa.net/. Posted below are the pdl laws for Alabama. CLICK HERE for the licensee data base. My advice is for you to go into these stores and request the EPP (Extended payment plan), what this means is they will let you pay these loans off in 4 equal payments on each payday. If they are members of the CFSA, they must give you the EPP if you request it. I am going to check to see if any of these have websites or listing which may indicate they are members of the CFSA.
| Quote: | Alabama State Information
Legal Status: Legal
Citation:
Ala. Code § 5-18A-1 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 10-31 days
Maximum Finance Rate and Fees: 17.50%; 3%/month after default
Finance Charge for 14-day $100 loan: $17.50
apr for 14-day $100 loan: 456.25%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: None (max $ amount of loans at one time: $500)
Rollovers Permitted: One (rollover)
Cooling-off Period: Next business day after 2 continuous loans repaid
Repayment Plan: Yes
Collection Limits:
Collection Fees: One $30 NSF fee; Court Costs; Reasonable Attorney's Fees up to 15% of face amount of check
Criminal Action: Prohibited (Unless check returned due to closed account)
Where to Complain, Get Information:
Regulator: Alabama Banking Department
Address: P.O. Box 4600 Montgomery AL 36103
Phone: (334) 242-3452
Fax: (334) 353-5961
Regulatory Contact: Arlene Baldwin, , Consumer Services Spec.ialist, Bureau of Loans
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Online complaints: Federal Trade Commission.
Ohio Payday Loan Laws
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Last edited by Shazzers on Tue Jul 29, 2008 9:53 am |
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Shazzers
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Shazzers
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| Posted: Tue Jul 29, 2008 10:12 am Subject: |
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They were all advertised as payday loans. When I go in to pay, its never been in installments, unless there is a different meaning of the term than I am accustomed to.
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PCJOHNSON
Joined: 29 Jul 2008
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| Posted: Tue Jul 29, 2008 10:13 am Subject: |
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The NetAxcess is actually advertised as an internet service provider, though. According to them they offer dial-up internet service to their customers and the payday loan is actually a rebate for these services.
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PCJOHNSON
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Shazzers
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| Posted: Tue Jul 29, 2008 11:09 am Subject: |
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You have to pay them off completely and then re-loan. Only one rollover (pay just the interest) is allowed per lender.
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PCJOHNSON
Joined: 29 Jul 2008
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| Posted: Tue Jul 29, 2008 11:10 am Subject: |
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| Quote: | | The NetAxcess is actually advertised as an internet service provider, though. According to them they offer dial-up internet service to their customers and the payday loan is actually a rebate for these services. |
Wow, that almost sounds like they're blanketing what they're actually doing by calling it a "rebate", you don't pay back a rebate, that is suppose to be cash back for making a purchase or buying services, a discount, a partial refund. Is that what you did? Are they charging you interest on this "rebate"?
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Shazzers
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| Posted: Tue Jul 29, 2008 11:14 am Subject: |
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| Quote: | | You have to pay them off completely and then re-loan. Only one rollover (pay just the interest) is allowed per lender. |
Yet they call it a "rebate"? Do you have loan papers, or "rebate" papers? If they're calling this a "rebate", then something doesn't seem quite right here, I would take a look at those loan papers again and see just exactly how they're wording it, this may be why we can't find a lending license for them, because they're using different terminolgy to blanket what they're actually doing??!!!! 
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Online Complaints Ohio Attorney General
Online complaints: Federal Trade Commission.
Ohio Payday Loan Laws
CLICK HERE to find a Creditor
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Shazzers
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| Posted: Wed Sep 17, 2008 8:26 am Subject: smith haynes watson |
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how can i tell if smith haynes watson collection agency is licensed in alabama
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southernvixon
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