Internet's first get-out-of-debt community - 145,000 members

Posted: Wed Jul 12, 2006 6:15 am Subject: Explanation on Ohio payday loan laws

Can someone please step by step explain the Ohio PDL LAws?

Posted: Wed Jul 12, 2006 12:48 pm Subject:

Read the link below for information about the payday loan regulations in Ohio. Check the lenders first if they are licensed in your state. The interest rates on the principal amount should also within the permissible lines.

http://www.ohiolegalservices.org/OSLSA/PublicWeb/Library/Index/1090000 /1090001/index_html

Some discussions about the laws have taken place on this board also. Go through them as well.

http://www.debtconsolidationcare.com/forums/about9140.html

http://www.debtconsolidationcare.com/forums/ohio-pdllaws.html

http://www.debtconsolidationcare.com/settlement/about12514.html

Posted: Wed Jul 12, 2006 3:06 pm Subject:

Amanda are you dealing with internet lenders or storefront lenders,because the laws for each are different?

Posted: Wed Jul 12, 2006 3:36 pm Subject:

If you are dealing with internet lenders, here is the law.

Posted: Thu Jul 13, 2006 5:44 am Subject:

thank you for that information, but i don't quite understand it all.

Posted: Thu Jul 13, 2006 9:37 am Subject:

It means that your lenders are probably not licensed in your state, and they are charging excessive interest rates.
Please visit my blog and use the template letter for settling with them.
http://pollyandsay.yesdebtfree.org

tb1224 · Posted: Fri Jul 14, 2006 8:19 am Subject:

Amanda - I'm right there with you. You know... I have about as many as you do with some of the same companies and I'm QUITE sure that I have more than over paid my loans. But as bad as it sounds, I probably couldn't even tell you how much because I've had them for a while and just kept letting them take out. It would take some research, but I'm sure that I could figure it out eventually. You're not alone... and I am so relieve to have found this website. It has had so much helpful information and and it is just nice to know that you're not alone. I'm currently signed up with my bank credit counselor to get all of these accounts paid off. It's going to be a big payment every month and will hurt, but it's better than those monkeys taking any more from my account. I too would love a further explaination of Ohio laws. I'm not the best interpretor in the world. Especially with legal talk. So anyone that could break down even more, I would be very grateful! Good luck to you Amanda! Just remember I'm there too!

Robin Parsons · Posted: Tue Jan 22, 2008 7:54 am Subject: West Virginia

I am a West Virginia Resident and I am in deep trouble with payday loan centers in Ohio. I got roped in to that vicious circle....Any advice? E-mail me at email address removed as per forum rules - Mike

Posted: Tue Jan 22, 2008 8:49 am Subject:

Robin, Please explain further. You live in WV but went to Ohio to get loans?

sick of it · Posted: Tue Jul 29, 2008 9:54 pm Subject: pd loans

store front loans.. I have 5 of them and a closed bank account, what are the laws some are threating to sue for 3x the amount can they do this? how do i get help? I make good money.. just need to stop the cycle.. how long before they take me to court? do I have time to pay for them?

Posted: Wed Jul 30, 2008 4:55 am Subject:

I am assuming you are in Ohio? You say that you have already closed your account, but the problem I foresee are checks involved. They can only sue you for the amount you borrowed plus $15.00 on every $100.00 borrowed (if you're in Ohio), plus court costs. If you have already defaulted, you need to contact these pdl's asap and make arrangements to pay them off. If you haven't defaulted, you might be entitled to the EPP (extended payment plan), but you are only eligible BEFORE your payment is due and IF they are members of the CFSA. However, I am assuming from your post you are already in default. Please try to make some type of payment arrangements with them. Smile

rich in california · Posted: Wed Oct 15, 2008 8:06 am Subject: your own fault

the first time you went to a payday loan place wasn`t it great you got the money needed to help you in a time of trouble the problem is people always take more than they can afford to pay back .i`ve been to these companies and it was explained to me that i had to pay back on my next paydaywhich i did that left me now short but i wrote for less the next time and struggled but made it . i kept doing this until it was paid off and now im out unlike what im reading i didn`t go to a 2nd or 3rd company which mean if your stuck its your own fault ,sometime you have to tighten your money .stop blaming the companies for your mistakes and think if you had paid off and walked away you wouldn`t be complaning right now

Shannon79

People who criticize payday loans are usually people who have either never had to get one or people who got a loan for the wrong reasons, like to go out or go shopping. Everyone who takes out a payday loan isn't necessarily trapped into a cycle of debt because they borrow more than they need. A lot of payday loan customers are on fixed incomes and these loans are helpful to small business owners, who use these loans to cover pressing expenses until they are paid, like my mechanic, who takes out a loan to purchase parts for my car and then pays it back the same day I pay him. I live from paycheck to paycheck and this new payday loan law is going to hurt me big time. If my car breaks down or if I need to pay my rent or buy food, this is one option that will no longer be available to me. I won't be able to pay for my classes or my books now. Just because you pay off and walk away doesn't mean you won't be back another day. I paid off four loans--I bought a washer and dryer--and walked away and had to come back six months later to pay for my son's glasses and medicine, none of which is covered by my insurance. Since I earn too much to be eligible for government assistance, where does that leave me now? Not everyone is irresponsible with payday loans, but it seems to be the only people everyone focuses on. Keep in mind that in states like Texas, the annual interest rate on payday loans is more than 791%; in other words, on a $300 loan, you would pay back about $420. 391% doesn't seem too bad when you look at it like that, does it? What lawmakers should have done is force payday lenders to offer payment plans or the option to pay the interest, like they do in Texas. If people were allowed the option of Stretch Pay or PayDown, which allows them to be able to pay back a loan over a period of time, then maybe it wouldn't be so bad. People on fixed and low incomes and people with bad credit are going to be hurt the most, not to mention the thousands of people who are going to be out of work and dragging even more on the unemployment fund because there are few jobs to be had. Businesses are shutting down and going out of business left and right. Banks are tightening up on credit. With no revenue, even from a loan, no one will be spending to make the economy flow and the recession will blossom into a depression, if it hasn't already.

Posted: Sun Nov 23, 2008 5:21 pm Subject: Hello

Hey shannon what companys do you deal with now. and you live in Texas are these store fronts you deal with. or online pay day lenders let us know maybe we can help list what lenders you deal with now

J0501 · Posted: Mon Dec 01, 2008 4:37 pm Subject: EPP's no longer an option in Ohio

Thanks to the new law in Ohio being passed, the EPP option is longer an option because the payday lenders are going to short term loans. I have 4 out and have no choice but to default and end the cycle so I can pay them off as quickly as possible.

Posted: Tue Dec 02, 2008 3:14 am Subject:

If the loans were taken before the new law then you can indeed get an EPP if they are a member of CSFA. I got one from Checksmart but you have to get them before you default.

*Name:
*Email:
*Phone:
*Zip:
*Debt

	* denotes required field

Internet's first get-out-of-debt community - 145,000 members

Explanation on Ohio payday loan laws

Members Area

Free Debt Counseling

Ask the community

Also See

Featured Discussions

Featured Articles

Recent Forum Discussions

Recent Blog Post