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 Posted: Fri Jul 20, 2007 12:22 pm Subject: wa state payday loan re-payment plan ?
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I have a question, I have several loans, I called each company to find out how to convert to a payment plan.
All of them seem to be different, most make you pay the fee (say $95 on a $700 loan) when you first convert. Then they split the loan amount out into 4 or 5 payments. Some of them told me they make you pay the $95 and then split the loan with a fee again? i.e. $795 /4 say...others said you pay the $95 and then they split the $700 and don't make you pay another fee. Can anyone tell me if it's legal for them to charge you the $95 and then charge it again when they split the loan into 4 payments? I can't find the WA state law, just very high level descriptions that say legally after 4 loans you can do a payment plan
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sunnyday1661
Joined: 20 Jul 2007
Posts: 1
Debtcc Points: 45
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Posted: Fri Jul 20, 2007 2:57 pm Subject:
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The loan terms are explained in your state laws.
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Loan Terms:
Maximum Loan Amount: $700
Loan Term: Max: 45 days
Maximum Finance Rate and Fees: 15%: first $500; 10%: remaining portion of the loan in excess of $500 up to the $700 maximum
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%
Repayment Plan: A company and a borrower may voluntarily enter a payment plan at any time. A borrower, however, has a right to convert a small loan to a statutory payment plan after four successive loans and prior to default on the last loan. |
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Bridget
Joined: 03 Mar 2006
Posts: 351
Debtcc Points: 4963
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