PDL LOAN EDUCATION
Date: Tue, 11/28/2006 - 20:38
education
Guest I woulfd totally AGREE with that one. Can you beleive it? If I would have knew that the loans were ILLEGAL I would have never taken one. These companies need to disclose their information and maybe so many people would not fall prey. Also they need to be educated on the risk of these loans. I Agree!!! KYSIDE38
How do you think it should go? Who do you think should pay for
How do you think it should go? Who do you think should pay for it and who would run it?
kyside--i was actually thinking about education on personal fina
kyside--i was actually thinking about education on personal financial management/responsibility. pdl's are not illegal in a lot of areas so to say that repeatedly without that is not accurate. I also think that they are legal in WV, aren't they. You just have to follow their guidelines in some credit code, is that correct?
Guest these people are loan sharks in disguise and while educati
Guest these people are loan sharks in disguise and while education about debt and loan use is a great idea all around, I believe that store front, internet and title pawn should ALL be made illegal. These predators can find other ways of making money that might not be some harmful to joe public. See my blog as I try and achieve this goal in 2007
so ashley, can you define what a loan shark is in todays terms o
so ashley, can you define what a loan shark is in todays terms or actions?
I think "prohibited" applies to check cashers only, but I am not
I think "prohibited" applies to check cashers only, but I am not an attorney. this is listed on the paydayloaninfo.org site:
Legal Status: Prohibited
Citation:
Consumer loan act applies but rates as agreed to by contract. N.J. Stat. Ann. tit. 17,???? 1 et seq. However, criminal law sets the usury cap at 30%. N.J. Stat. Ann. ???? 2C: 21-19. A check cashing licensee cannot cash or advance money on a postdated check. N.J. Stat. Ann. ???? 17:15A-47.
Small Loan Rate Cap
30% per year
Where to Complain, Get Information:
Regulator: New Jersey Department of Banking and Insurance
Address: 20 West State St. Trenton, NJ 08625
Phone: (609) 292-5360
Fax: (609) 292-5461
Regulatory Contact: Ludi Hughes, Assistant Commissioner
ahh Rach, so there you have it, they are not illegal in WV, just
ahh Rach, so there you have it, they are not illegal in WV, just for a check casher to do it. anyone know what the small loan law is all about?
steelers???
ashley, i sure would like to hear a definition. so many say tha
ashley, i sure would like to hear a definition. so many say that on here but i don't think many really know what they are talking about.
Okay a loan shark is this definition a company that offers illeg
Okay a loan shark is this definition a company that offers illegal unsecured loans at high interest rates to individuals They provide loans to those who are are unable to obtain it from other sources. Then they threaten or intimidate to try and collect on these loans without cause or reason
LOL. Kyside, they just don't know the things you know, OR the pe
LOL. Kyside, they just don't know the things you know, OR the people you know, I'm loving this. Go get 'em.
wow kyside, that sounds like you are getting a little hostile wi
wow kyside, that sounds like you are getting a little hostile with me. i was merely asking questions, then reading the post from rach and saw that it was from NJ law, not WV. why do you get so stirred up?
Sorry about that...my attention to detail is lacking tonight:
Sorry about that...my attention to detail is lacking tonight:
Legal Status: Prohibited
Citation:
Small loan act applies. W. Va. Code ???? 46A-4-107 and ???? 32A-3-1 et seq.
Small Loan Rate Cap
31% per year on a loan of $2,000 or less
Where to Complain, Get Information:
Regulator: Office of West Virginia Attorney General (see also West Virginia Division of Banking)
Address: Consumer Protection Division 812 Quarrier St., 4th Floor Charleston, WV 25301
Phone: (800) 368-8808
Fax: (304) 558-0184
Also, I went to the regulator's website and it appears that the AG is suing everybody; 18 PDL's, collection agencies and even door to door craftmatic bed salesmen! :lol:
No not the craftmatic, anything but the craftmatic..oops wait I
No not the craftmatic, anything but the craftmatic..oops wait I have a Fluffo!
oh, so kyside must work for the AG in WV. that is just perfect.
oh, so kyside must work for the AG in WV. that is just perfect. i like the thought of a government employee pontificating in a public forum and in writing nontheless--even after hours.
Small loan Act? Haven't researched it yet but the law seems kin
Small loan Act? Haven't researched it yet but the law seems kind of similar to NJ.
LOL, Guest you HAVE NO IDEA WHAT YOU ARE TALKING ABOUT. Keep tal
LOL, Guest you HAVE NO IDEA WHAT YOU ARE TALKING ABOUT. Keep talking. this is funny. I love how you are just trying to push buttons and you are saying things.............SLANDER possibly?
Guest has come here to educate us, he is our mentor. Guys salute
Guest has come here to educate us, he is our mentor. Guys salute him.
Quote:
I also think that they are legal in WV, aren't they. You just have to follow their guidelines in some credit code, is that correct? |
Probably???????but do you think PDL????????s can exist if:
- they follow the credit code properly
- they have educated consumer
- and there is such a powerful community like us
How about the one finger salute..oops that was uncalled for..oka
How about the one finger salute..oops that was uncalled for..okay I have a dark side
so then a consumer lender can loan money at 31% for on amounts u
so then a consumer lender can loan money at 31% for on amounts up to $2000. there you have it. people should borrow money in WV under these conditions.
also, ashley, here is a copy of the definition of loan shark from moldea dot com:
"Loan shark: One, usually mob-connected, who loans money at a high weekly interest rate. "
I guess pdl people lose their identity like the photostat lost it's identity to the xerox machine.
Actually Ashley I have the real definition given by the FBI I'll
Actually Ashley I have the real definition given by the FBI I'll pm it to you. And NO it doesn't have to be mob related. Give me a moment I'll get it to you. Guest's definition DOES NOT even come close. If this person wants to mentor people they should do a better job.
steelers, you really are acting hateful and stanley, where have
steelers, you really are acting hateful and stanley, where have you been hiding.
in any case steelers, you can make loans to consumers in WV and at an outrageous rate of 31% according to the previous post.
amy, did you have a bad day today? geesh!
STEELERS--why don't you post it right here for all to see. what
STEELERS--why don't you post it right here for all to see. what is with the PM business. i would like to see that if you care to share.
Actually a great day, I'm used to dealing with people like you,
Actually a great day, I'm used to dealing with people like you, I quite enjoy it. And by the way, keep calling me Amy, Hmmmmmmmmmm is that my real name or a nick name? Hmmmmmmmmmmmmmmmmmmmmm
The real definition
American Heritage???? Dictionary of the English Language
loan shark
NOUN:
Informal
One who lends money at exorbitant interest rates, especially one financed and supported by an organized crime network.
http://education.yahoo.com/reference/dictionary/entry/loan%20shark
If it looks like a duck and waddles like a duck, it IS a duck!
No that isn't it Ashley, and guest I did post it awhile ago. Go
No that isn't it Ashley, and guest I did post it awhile ago. Go find it for yourself. Ashley I would be happy to pm the correct definition as given by the FBI.
Pardon me Guest, but did ANYBODY post that? Read more carefully.
Pardon me Guest, but did ANYBODY post that? Read more carefully. I DO NOT BELIEVE anybody said that. ONLY YOU!
no ashley, that is not the definition that steelers wants you to
no ashley, that is not the definition that steelers wants you to post. there is one far more friendly to her cause of slander on the site. find one that is very general and says that the pdls slither on their stomachs to the sewer.
you guys seem to provide the most MISINFORMATION half of the time it is truly amazing. What is that song about ROSE COLORED GLASSES?
Ashley, I pm'd it to you, I guess this definition coming from an
Ashley, I pm'd it to you, I guess this definition coming from an ACTUAL FBI agent isn't real according to the guest, I have an in and got them to change the definition to suit "My Cause" What a laugh! You are slipping guest.
yep, ashley inferred that with the duck comment. so yes, she sa
yep, ashley inferred that with the duck comment. so yes, she said it.
Kyside, Steelers, Ashley and all: suddenly an idea popped in my
Kyside, Steelers, Ashley and all: suddenly an idea popped in my mind. I think Guest is from one of those ill-fated payday loan companies who are being sued in WV.
http://www.debtconsolidationcare.com/westvirginia/pdl-restrictions.html
stanley, thanks for the definition, i think that is probably the
stanley, thanks for the definition, i think that is probably the best so far and the most fair. but it still associates it with blackmail and threats of violence. has anyone ever been blackmailed or threatened with violence to pay pack a pdl.
anyone?
My opinion and definition of a loan shark would be an unscrupulo
My opinion and definition of a loan shark would be an unscrupulous person loaning money at extremely high interest rates AND when you don't pay----would break your legs at the very least. They would not necessarily have to be mob connected, but could be. I would say that they probably wouldn't kill you as the debtor cause that would eliminate their source of money.
Would I classify PDLs in this category? Maybe! Many PDLs do resort to unfair and illegal collection practices, that we know. However, their "M.O" is a little different as they don't usually pursue the leg breaking scenario to get their money. Instead they they use "mental leg breaking" by annoying and bothering the living HELL out debtors and their families and friends in efforts to collect debts. So yes, maybe some PDLs do fit the definition of "loan shark".
education
Guest, WV LAW 47-6-6 When a person or company engages in the practice of usurious loans the loans are void as to all interest and in addition the consumer may recover an amount equal to four times all interest agreed to be paid and charged and in any event a minuminum of one hundred dollars. Go to WV legislature and look it up. This would be a great lesson for payday companies four times the interest. WOW. I love the LAW!!!!!!!
sorry stanley, read the previous posts of when everyone else sai
sorry stanley, read the previous posts of when everyone else said that. i watch the industry closely and try to provide both points of view. it is easy to think that i might work for a pdl by the fact that i play devil's advocate most of the time but then again, all you do is provide one side.
just trying to keep it all in perspective.
don't hate the play, hate the game.
Guest, you have all the right to debate with the community. But
Guest, you have all the right to debate with the community. But please stay focused and don????????t attack someone personally. If you have any proof, logic or information, say it in forums. There is no usefulness in saying ???????all you do is provide one side.???????
GUest, Did the PDL company you worked for get shut dow? because
GUest, Did the PDL company you worked for get shut dow? because you're here ALL day long!!!! do you hava life besides reading the posts all day long??? do you eat? shower? you must pretty mad to do this all day long
Actually, I find it amusing that the guest gets offended when so
Actually, I find it amusing that the guest gets offended when someone gets irritated with him/her - and calls such reactions "hostile" and "mean". And what was that "beeeatches" comment in another thread supposed to be?