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 Posted: Fri Jul 13, 2007 3:50 am Subject: nj payday loans
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I need serious help with my payday loans, what is the law in nj to get out of these if you can't make the 2 week payments? I have loans that if i don't paydown the debt they just keep charging me the finance charge. What can you tell me about just closing my account and saying see ya to these people?
Tiredandpissed
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tina_1864
Joined: 13 Jul 2007
Posts: 2
Debtcc Points: 105
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Posted: Fri Jul 13, 2007 7:01 am Subject:
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| Quote: | New Jersey State Information
Legal Status: Prohibited
Citation:
Consumer loan act applies but rates as agreed to by contract. N.J. Stat. Ann. tit. 17,§ 1 et seq. However, criminal law sets the usury cap at 30%. N.J. Stat. Ann. § 2C: 21-19. A check cashing licensee cannot cash or advance money on a postdated check. N.J. Stat. Ann. § 17:15A-47.
Small Loan Rate Cap
30% per year
Where to Complain, Get Information:
Regulator: New Jersey Department of Banking and Insurance
Address: 20 West State St. Trenton NJ 08625
Phone: (609) 292-5360
Fax: (609) 292-5461
Regulatory Contact: Ludi Hughes Assistant Commissioner
http://www.njdobi.org/ |
Can you give us more information as well, such as are you dealing with storefronts or with internet loans? How much was the original loan and how much have you paid? You probably are due a refund since payday loans seem to be illegal in NJ.
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joshua1987tree
Joined: 01 Jun 2007
Posts: 482
Debtcc Points: 7999
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Posted: Fri Jul 13, 2007 7:05 am Subject:
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Also, as you said, you should close your bank account to prevent them from debiting your account. It's perhaps a good idea to open an account with a different bank because sometimes these places get a hold of new account info if you reopen at the same bank. I would also check with your bank to see what happens if they try to debit from a closed account...like will it force open the account again or not.
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joshua1987tree
Joined: 01 Jun 2007
Posts: 482
Debtcc Points: 7999
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Posted: Fri Jul 13, 2007 7:22 am Subject:
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Please see this thread before you close your bank account as well. You have received some good info from joshua1987tree!
http://www.debtconsolidationcare.com/paydayloan/close-account.html
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Sassnlucy
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