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 Posted: Wed Jun 11, 2008 5:23 pm Subject: PDL questions - laws regarding PDLS in Oklahoma |
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I have about 4 internet payday loans, and off which renew every two weeks. I just read the laws regarding PDLS in Oklahoma, and I can't quite understand if the loans I have are legal or not. Can someone please help?
Oklahoma State Information
Legal Status: Legal
Citation:
Okla. Stat. Tit. 59 § 3101 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 12-45 days
Maximum Finance Rate and Fees: $15 per $100: $0- $300; $10 per $100: $301-$500
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot renew; a loan made within 13 days after a previous one was entered into shall be considered a renewal and shall not be made)
Cooling-off Period: Second business day after the 5th consecutive loan repaid
Repayment Plan: Yes
Collection Limits:
Collection Fees: $25 NSF fee (if disclosed) unless dishonored due to theft or forgery
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Oklahoma Department of Consumer Credit
Address: 4545 North Lincoln Boulevard, Suite 104 Oklahoma City OK 73105
Phone: (405) 521-3653
Fax: (405) 521-6740
Regulatory Contact: Jack Stone,, Deputy Administrator
Regulator Website
Licensee Database
Complaint Instructions
Complaint Form Link
Online Resources:
Brochure: The Payday Lending Borrowers Rights Brochure
Deferred Deposit Lenders Resource Page
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HelpPlease
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Debtcc Points: 100
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| Posted: Wed Jun 11, 2008 10:56 pm Subject: |
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Dear Helpplease,
Your question is not clear for us to give the answer. Please provide the following information, so that our community members can help you to say whether they are legal: -
• What are the payday loan companies from which you have borrowed?
• Which of them are internet and which are from store front?
• What are the original amounts borrowed?
Please also tell us that which part of the document you didn’t understand?
Regards,
Phoenix
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phoenix
Joined: 14 May 2008
Posts: 572
Debtcc Points: 4068
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| Posted: Thu Jun 12, 2008 3:12 am Subject: |
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In addition to the info phoenix asked for above, please also tell us how much you have repaid to each lender, including interest and fees - that will help us determine whether you have already overpaid any of them.
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SUEBEEHONEY70
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Joined: 12 Oct 2006
Posts: 4393
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| Posted: Fri Jun 20, 2008 3:50 pm Subject: Internet loan |
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A man called and said I owed on a internet loan from 2006 If i didn't pay today the would charge me with internet fraud because i closed that checking account. This is the first time anyone has contacted me. Am I in jeopardy of being arrested like he said.
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beckywade
Joined: 20 Jun 2008
Posts: 1
Debtcc Points: 10
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| Posted: Fri Jun 20, 2008 9:47 pm Subject: |
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I don’t think that you can be charged under internet fraud case and it’s also very unusual for them to arrest you only because of non-payment of debt. But let me tell you that these payday loan companies are really nasty ones and generally say anything to collect debt. I think this call too is a pressure tactics. But I am not quite sure what to do in such a position.
Hope other members are there to help you better.
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phoenix
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Posts: 572
Debtcc Points: 4068
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Shazzers
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Posts: 4306
Debtcc Points: 27388
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| Posted: Sat Jun 21, 2008 12:56 pm Subject: |
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I saw this site and figured since I am in Oklahoma as well, I would try to figure out what damage I have done to myself...Here goes...
OneClickCash- Loan-$400,Paid-$955,Owe-$250
Cashspot- Loan-$400,Paid-$250,Owe-$400
StcAdvance- Loan-$200,Paid-$370,Owe-$200
ThinkCash- Loan-$1000,Paid-$930.53,Owe-$886
(I don't know that ThinkCash is actually considered a PDL)
Any suggestions on how to get out of this mess?
Thanks.
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OU66
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