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I have payday installment loans they are worse than the regular pdls i live in illinois...how can i get out of these installment loan traps...they are just as bad as the pdl trap....

Posted: Sat Jan 06, 2007 7:21 pm Subject: pdl

Go to www.paydayloaninfo.org and look up your state laws on payday lending. It is legal there but no rollovers are permitted. Also call your Attorney Generals consumer division and ask questions. KYSIDE38

Posted: Sat Jan 06, 2007 11:48 pm Subject:

What is a payday installment loan? I have never heard them referred to a installment loans.

Posted: Sat Jan 06, 2007 11:52 pm Subject:

I was windering the same thing Lorri, maybe they are talking about a payment arragnment on a PDL

Posted: Sat Jan 06, 2007 11:57 pm Subject:

I'm not familiar with the term either. But, I did have a storefront PDL. I paid extension/rollover fees for 12 weeks and then was required (by state law) to start paying it off in installments. The installment payments were the same amount of the fees, which were pretty high. I'm wondering if this is what videllla is talking about.

Posted: Sun Jan 07, 2007 7:38 pm Subject:

Interesting...and I thought I knew everything about PDL's! In what states do they have these installment loans?

Posted: Sun Jan 07, 2007 7:44 pm Subject:

There is one storefront pdl here in OH that I know of that will let you rollover your loan one time making it due 2 weeks later, although rollovers are not supposed to be done in OH.
Ex: I borrowed $350 one time and when it was due 2 weeks later they told me I could pay $17.50, and it would make it due 2 more weeks later. The total I paid back was $402.50

Posted: Sun Jan 07, 2007 10:07 pm Subject: loan

Here in WV before First American Cash Advance a storefront was shut down they were going to installment loans. This is worse interest than what you were already paying. Cashcall is an installment loan also something like 59 or 60 percent interest for 10 years. They are backed by a bank and are LEGAL!!!! Thats SCARY!!! KYSIDE38