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PDL LOAN EDUCATION

Date: Tue, 11/28/2006 - 20:38

Submitted by anonymous
on Tue, 11/28/2006 - 20:38

Posts: 202330 Credits: [Donate]

Total Replies: 81


So does everyone think that there is a need for a public education initiative regarding pdls in hopes that the demand for these loans will shrink?


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


lrhall41

Submitted by KYSIDE38 on Tue, 11/28/2006 - 20:40

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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?


lrhall41

Submitted by on Tue, 11/28/2006 - 20:43

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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


lrhall41

Submitted by PDLFREE on Tue, 11/28/2006 - 20:44

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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


lrhall41

Submitted by Rach on Tue, 11/28/2006 - 20:46

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Guest Payday loans are PROHIBITED in WV. Check your Associated Press Release. WV is full of bleeding hearts!!!!!


lrhall41

Submitted by KYSIDE38 on Tue, 11/28/2006 - 20:47

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Guest, WV no longer has check cashers. Storefront was shut down by AG and FDIC. Gone for Good unless they want to follow the LAW!!!!!! KYSIDE38


lrhall41

Submitted by KYSIDE38 on Tue, 11/28/2006 - 20:49

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Guest Would you like to make a call to State of West Virginia Attorney Generals office and ask if they are Legal or Not? I have the number. They will definately answer your question!!!! Kyside38 :D :D :D :D :D :D :D


lrhall41

Submitted by KYSIDE38 on Tue, 11/28/2006 - 20:53

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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


lrhall41

Submitted by PDLFREE on Tue, 11/28/2006 - 20:55

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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:


lrhall41

Submitted by Rach on Tue, 11/28/2006 - 20:57

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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


lrhall41

Submitted by stanley on Tue, 11/28/2006 - 21:02

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Guest I am a just a LAW abiding citizen of WV. Bleeding Heart State.


lrhall41

Submitted by KYSIDE38 on Tue, 11/28/2006 - 21:03

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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.


lrhall41

Submitted by on Tue, 11/28/2006 - 21:03

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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?


lrhall41

Submitted by on Tue, 11/28/2006 - 21:13

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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".


lrhall41

Submitted by Lorri on Tue, 11/28/2006 - 21:18

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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!!!!!!!


lrhall41

Submitted by KYSIDE38 on Tue, 11/28/2006 - 21:19

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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.


lrhall41

Submitted by on Tue, 11/28/2006 - 21:21

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