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 Posted: Wed Mar 21, 2007 10:40 am Subject: payday loan nightmare |
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I currently have 7 payday loans out. Does anyone know the laws for the state of alabama. All were taken out over the internet
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raeyvenselou
Joined: 21 Mar 2007
Posts: 8
Debtcc Points: 218
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| Posted: Wed Mar 21, 2007 10:53 am Subject: |
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You are not alone! I personally have 10 out and am working on getting rid of them. You will find this an excellent place for support. Go to www.paydayloaninfo.org and go to Alabama. It will tell you the laws for your state. Most of the internet payday lenders are illegal and shady and will say anything to scare and intimidate you.
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Sassnlucy
Moderator
Joined: 12 Mar 2007
Posts: 2620
Debtcc Points: 28250
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| Posted: Wed Mar 21, 2007 2:09 pm Subject: |
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Inquire with your state banking dept for the latest info.
| Quote: | Legal Status: Legal
Citation:
Ala. Code ยง 5-18A-1 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 10-31 days
Maximum Finance Rate and Fees: 17.50%; 3%/month after default
Finance Charge for 14-day $100 loan: $17.50
apr for 14-day $100 loan: 456.25%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: None (max $ amount of loans at one time: $500)
Rollovers Permitted: One (rollover)
Cooling-off Period: Next business day after 2 continuous loans repaid
Repayment Plan: Yes
Collection Limits:
Collection Fees: One $30 NSF fee; Court Costs; Reasonable Attorney's Fees up to 15% of face amount of check
Criminal Action: Prohibited (Unless check returned due to closed account)
Where to Complain, Get Information:
Regulator: Alabama Banking Department
Address: P.O. Box 4600 Montgomery, AL 36103
Phone: (334) 242-3452
Fax: (334) 353-5961
Regulatory Contact: Arlene Baldwin, , Consumer Services Specia_list, Bureau of Loans
http://www.bank.state.al.us/ |
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mcranberra
Joined: 14 Aug 2006
Posts: 527
Debtcc Points: 7151
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