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 Posted: Sat Sep 02, 2006 5:20 pm Subject: States where triple interest is prohibited> |
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Hey Guys, Hot off the associated press today. Twelve states prohibit triple digit interest on payday loans. Arkansas, Connecticut, Georgia, Maine, zmaryland, Massachusetts, New Jersey< New York, North Carolina, Pennsylvania, Vermont, and of course good ole West Virginia. If you reside in one of these states and have been paying high interest to these internet sharks stop. It is illegal. KYSIDE38
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KYSIDE38
Joined: 19 Jun 2006
Posts: 2502
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| Posted: Sat Sep 02, 2006 5:51 pm Subject: |
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Good info!!! By chance, do you have the link to the website?
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PassionHunting
Joined: 30 Jun 2006
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| Posted: Sat Sep 02, 2006 5:58 pm Subject: |
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And let's not forget California!! The max that can be charged is 15 percent! Thanks for sharing, more info is always good to have!
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kscornell
Moderator
Joined: 22 Jul 2006
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| Posted: Fri Sep 15, 2006 6:20 am Subject: |
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In fact, it is illegal to give a resident of the Georgia a payday loan. If the company decides to go ahead and fund a loan to a Georgia resident, the law clearly states the loan is illegal and is void. So, the PDL can not taken any action in trying to collect even if the loan is not paid in full. The AG quickly reacts to consumer complaints against PDL companies.
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michaelsmom
Joined: 16 Jul 2006
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| Posted: Fri Sep 15, 2006 6:34 am Subject: |
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kyside, can you post the website where you got this information? It would be helpful for everyone.
_________________
Ability is what you're capable of doing. Motivation determines what you do. Attitude determines how well you do it. - Lou Holtz
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CycloneFan
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