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Guest · Posted: Tue Nov 28, 2006 9:38 pm Subject: PDL LOAN EDUCATION

So does everyone think that there is a need for a public education initiative regarding pdls in hopes that the demand for these loans will shrink?

Posted: Tue Nov 28, 2006 9:40 pm Subject: education

Guest I woulfd totally AGREE with that one. Can you beleive it? If I would have knew that the loans were ILLEGAL I would have never taken one. These companies need to disclose their information and maybe so many people would not fall prey. Also they need to be educated on the risk of these loans. I Agree!!! KYSIDE38

Guest · Posted: Tue Nov 28, 2006 9:41 pm Subject:

How do you think it should go? Who do you think should pay for it and who would run it?

Guest · Posted: Tue Nov 28, 2006 9:43 pm Subject:

kyside--i was actually thinking about education on personal financial management/responsibility. pdl's are not illegal in a lot of areas so to say that repeatedly without that is not accurate. I also think that they are legal in WV, aren't they. You just have to follow their guidelines in some credit code, is that correct?

Posted: Tue Nov 28, 2006 9:44 pm Subject:

They are QUITE ILLEGAL in WV

Posted: Tue Nov 28, 2006 9:44 pm Subject:

Guest these people are loan sharks in disguise and while education about debt and loan use is a great idea all around, I believe that store front, internet and title pawn should ALL be made illegal. These predators can find other ways of making money that might not be some harmful to joe public. See my blog as I try and achieve this goal in 2007

Guest · Posted: Tue Nov 28, 2006 9:46 pm Subject:

so ashley, can you define what a loan shark is in todays terms or actions?

Posted: Tue Nov 28, 2006 9:46 pm Subject:

I think "prohibited" applies to check cashers only, but I am not an attorney. this is listed on the paydayloaninfo.org site:

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

Posted: Tue Nov 28, 2006 9:47 pm Subject: education

Guest Payday loans are PROHIBITED in WV. Check your Associated Press Release. WV is full of bleeding hearts!!!!!

Posted: Tue Nov 28, 2006 9:47 pm Subject:

Guest, they are ILLEGAL in WV

Guest · Posted: Tue Nov 28, 2006 9:48 pm Subject:

ahh Rach, so there you have it, they are not illegal in WV, just for a check casher to do it. anyone know what the small loan law is all about?

steelers???

Posted: Tue Nov 28, 2006 9:49 pm Subject: education

Guest, WV no longer has check cashers. Storefront was shut down by AG and FDIC. Gone for Good unless they want to follow the LAW!!!!!! KYSIDE38

Guest · Posted: Tue Nov 28, 2006 9:51 pm Subject:

rach--that is for New Jersey. what about WV?

Guest · Posted: Tue Nov 28, 2006 9:52 pm Subject:

ashley, i sure would like to hear a definition. so many say that on here but i don't think many really know what they are talking about.

Posted: Tue Nov 28, 2006 9:53 pm Subject: education

Guest Would you like to make a call to State of West Virginia Attorney Generals office and ask if they are Legal or Not? I have the number. They will definately answer your question!!!! Kyside38 Very Happy

Posted: Tue Nov 28, 2006 9:55 pm Subject:

Okay a loan shark is this definition a company that offers illegal unsecured loans at high interest rates to individuals They provide loans to those who are are unable to obtain it from other sources. Then they threaten or intimidate to try and collect on these loans without cause or reason

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