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 Posted: Wed Apr 25, 2007 8:01 am Subject: Storefront payday loans in KY |
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I have four payday loans at storefronts in Kentucky. Every two weeks I have to pay these off and rewrite which right now costs me $300 every two weeks. I have also been in the internet payday loan vicious cycle but currently getting that under control with Langhorne. My plan has been to rewrite for less each payday but still getting caught up from the online loans so this has not been possible. What are options, if any, with these storefront loans? Thanks.
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motomom716
Joined: 17 Oct 2006
Posts: 141
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| Posted: Wed Apr 25, 2007 8:15 am Subject: |
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Storefronts in KY are only allowed to lend a total of 2 loans to a consumer. So two of the loans you have shouldn't have happened. I would call your state's attorney general's office and state banking dept and talk to them. They may have some ideas on how to proceed. The last two companies you loaned with could be in trouble for not properly checking to see if you have other loans out . . . .
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goudah2424
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Joined: 31 Oct 2006
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| Posted: Wed Apr 25, 2007 8:36 am Subject: Storefront |
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Is it the responsibility of the check casher company or the individual writing the check regarding the number of loans taken out?
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motomom716
Joined: 17 Oct 2006
Posts: 141
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| Posted: Wed Apr 25, 2007 8:39 am Subject: |
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In most states they are required to run a "report", most often teletrack. This report will show how many inquiries you've had, and how many outstanding loans you have. If there were already two loans showing, they should not have lent to you.
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goudah2424
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| Posted: Wed Apr 25, 2007 9:14 am Subject: |
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In KY it is the responsiblity of the lender not the person borrowing...as far as I know the only one who doesnt run a report in KY is Checksmart...
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Leah
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| Posted: Wed Apr 25, 2007 9:16 am Subject: Storefront |
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I guess it is quite obvious they don't run a report where I go. I will try and make some calls. I have no problem with paying these just would like to arrange to pay back over a little more time. As always, I appreciate your help.
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motomom716
Joined: 17 Oct 2006
Posts: 141
Debtcc Points: 2075
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