Debt Consolidation Care Answers
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Any help on how to consolidate payday loans?  

0
Hello

New here and just wanted to say hi and thank you
in advance for any help and info. Was wondering
on how to get started or where to go for
consolidating pay day loans. My wife and i have
about 1700.00 in loans. Not sure if you have to
be at a certain amount to do it or what? Thank
you so so much.
 

asked Jun 25, 2007 07:58 PM

harley993
Best Answer
4
best answer

Missouri State Information

Legal Status: Legal

Citation:
Mo. Rev. Stat. § 408.500 et seq.; 4 Mo. Code Regs. § 140-11.010, 140-11.020

Loan Terms:
Maximum Loan Amount: $500
Loan Term: 14-31 days
Maximum Finance Rate and Fees: Not Specified (No borrower shall be required to pay a total amount of accumulated interest and fees in excess of 75% of the initial loan amount on any single authorized loan for the entire loan term and all authorized renewals. Otherwise, interest is set pursuant to small loan law which provides that parties may set rate by contract.)
Finance Charge for 14-day $100 loan: $75
apr for 14-day $100 loan: 1980%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: Six (borrower must reduce principal amount of loan by 5% or more upon each renewal)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: NSF fee; Collection costs (including court costs and reasonable attorney's fees) Licensee cannot use a series of ACH transactions to collect a single check.
Criminal Action: Prohibited (Unless check returned due to closed account or stop-payment by maker)

Where to Complain, Get Information:
Regulator: Missouri Division of Finance
Address: Consumer Credit Section, P. O. Box 716 301 W. High Street Jefferson City MO 65102
Phone: (573) 751-3242
Fax: (573) 751-9192
Regulatory Contact: Joe Crider,, Supervisor, Consumer Credit
Regulator Website

Licensee Database

Complaint Instructions

Complaint Form Link

Online Resources:
Unsecured Loans of $500 or Less: Introduction and Overview

answered Apr 21, 2008 08:18 AM

18 Answers

0

Hello and welcome to the forums! We are glad you are here. In order to help you, need to get a little more information. First, are your PDL's internet or storefront and what state are you in. Also, break down how much your loans are for and what you've actually paid in fees on them.

answered Jun 25, 2007 08:00 PM

0

My PDL's are store front and i live in Wisconsin.

Loan 1 - $400.00 paying $100.00 bi-weekly since April
then uped the loan to $800.00 now will be paying
$200.00 bi-weekly starting this friday.
Loan 2 - $800.00 fees of $176.00 bi-weekly since May
Loan 3 - $500.00 fees of $122.00 bi-weekly starting
this Friday
Loan 4 - $187.50 fees of $37.50 bi-weekly for past
2 paydays

answered Jun 25, 2007 08:23 PM

0

What companies are you dealing with, chad? Perhaps there is someone here from Wisconsin that has dealt with the same ones.The storefront ones are operating legally so they can take you to court. It is best to find a way to get them taken care of first. Have you tried talking to them and setting up payment arrangements?

answered Jun 26, 2007 11:19 AM

0

I am dealing with Payday Loan Store, Advance America
Cash Net and EZ Loans. I would really like to consolidate them fees are getting to be to much and
other bills are suffering.

answered Jun 26, 2007 12:42 PM

0

[font=Times New Roman][/font]I am living in Ohio and have 4 payday loans with the following
1. Checksmart 912.50
2. National Check Cashers 912.50
3. Quick Cash 912.50
4. Cashland 912.50

I have been dealing with these companies for over two years and now I wish to consolidate them. Does anyone have any advice on how to do this. I have closed my account because 5/3 told me to do so. I am feeling very worried. Are there any consolidation companies who deal with the storefront pdl's. I would appreciate any advice. Please help.

Jeff.

answered Aug 13, 2007 09:11 AM

Anonymous
0

Can I get help to consolidate payday loans

answered Aug 16, 2007 09:37 AM

0

Welcome to the Community icon_biggrin.gif Are these store front or internet loans. Also, what state are you in, what was borrowed, what has been paid? This info will help us to better help you! If they are store front, you need to try to make arrangement with them, they usually go by the state laws, and tend to file suit. Feel free to ask questions..KAren

answered Aug 17, 2007 09:16 AM

0

I am in texas and have pdl's totaling over $9,200 and some of these I have paid on one loan that the loan was for $225 and have so far paid $685 in fees. Any help, I would love to consolidate or negotiate lower fees.

answered Apr 2, 2008 03:49 PM

Anonymous
0

I am in the same boat as the person above and I want to get out of the cycle without having to close my account or stopping my direct deposit.

answered Apr 17, 2008 03:19 PM

Anonymous
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