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#2
06-25-2009, 07:08 AM
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PayDay loans are horrible! What I did is let everything go through my bank account so now I owe my bank like 800 bucks but its better than owing 6 different payday lenders!
Either way, its not the best idea. Im in Ohio so payday loans are illegal but they change what they are called now so they are still able to do em here. Best of luck! I feel everyones pain! On top of payday loans I have 25000 in cc debt, not sure how to tackle all of this but I will do my best! __________________
KateM24 
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#4
09-27-2009, 04:28 PM
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I hope this helps. It "copied" from the Ohio Revised Code. Also, sorry for the bold letters, my computer is acting up. Also, I called upon the Ohio AG and I received a call four days later from them asking about my complaint. The Ohio AG is very good.
1321.36 Short term lender license required - out-of-state transactions. (A) No person shall engage in the business of making short-term loans to a borrower in Ohio, or, in whole or in part, make, offer, or broker a loan, or assist a borrower in Ohio to obtain such a loan, without first having obtained a license from the superintendent of financial institutions under sections 1321.35 to 1321.48 of the Revised Code. No licensee shall make, offer, or broker a loan, or assist a borrower to obtain such a loan, when the borrower is not physically present in the licensee’s business location. (B) No person not located in Ohio shall make a short-term loan to a borrower in Ohio from an office not located in Ohio. Nothing in this section prohibits a business not located or licensed in Ohio from lending funds to Ohio borrowers who physically visit the out-of-state office of the business and obtain the disbursement of loan funds at that location. No person shall make, offer, or broker a loan, or assist a borrower to obtain a loan, via the telephone, mail, or internet. Effective Date: 2008 HB545 09-01-2008
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#5
09-27-2009, 04:31 PM
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I hope this helps. It "copied" from the Ohio Revised Code. Also, sorry for the bold letters, my computer is acting up. Also, I called upon the Ohio AG and I received a call four days later from them asking about my complaint. The Ohio AG is very good.
1321.36 Short term lender license required - out-of-state transactions. (A) No person shall engage in the business of making short-term loans to a borrower in Ohio, or, in whole or in part, make, offer, or broker a loan, or assist a borrower in Ohio to obtain such a loan, without first having obtained a license from the superintendent of financial institutions under sections 1321.35 to 1321.48 of the Revised Code. No licensee shall make, offer, or broker a loan, or assist a borrower to obtain such a loan, when the borrower is not physically present in the licensee’s business location. (B) No person not located in Ohio shall make a short-term loan to a borrower in Ohio from an office not located in Ohio. Nothing in this section prohibits a business not located or licensed in Ohio from lending funds to Ohio borrowers who physically visit the out-of-state office of the business and obtain the disbursement of loan funds at that location. No person shall make, offer, or broker a loan, or assist a borrower to obtain a loan, via the telephone, mail, or internet. Effective Date: 2008 HB545 09-01-2008
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#6
09-27-2009, 04:35 PM
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One thing I forgot to mention. The above law was passed last September so if you took out your loan before that there may be different laws they are following.
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