Law in Ohio

Repayment is possible in the state of Ohio

Quote:

This is the statue that I found from the website I use and it is blank where it would state if payment plan was available

Legal Status: Legal (Applies to check cashers only)

Citation:
Ohio Rev. Code Ann. ???????? 1315.35 et seq.

Loan Terms:
Maximum Loan Amount: $800
Loan Term: Max: 6 months
Maximum Finance Rate and Fees: $10/$100 + 5% per month
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot refinance)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: Bank charges (if disclosed); $20 collection charge; Court Costs; damages
Criminal Action: Not Specified

Maybe contact your AG office to see if this has changed. keep posting

I wasn't too clear I want to make small payments to this pdl - I have one that is allowing me to make $40.00 payment, but this guy won't let me.

I recommend you send a proposal letter to the company with the money order. They will accept it and follow your terms. If they don't, the postal company will return your money back.

I hadn't thought of that! But I want to know where I stand within the law so that when this guy contacts me again I can refer him.

If the repayment plan wasn't allowed in your state, it should have been mentioned. Check with your attorney general for confirmed information.

You should contact the Division of Financial Institutions in OH, they are the ones who oversee the payday companies. And the law in OH does allow for repayment plans. It is coming to the end of the month and they are trying to collect for a larger paycheck, (can't fault them for that).

Here is the link to OH's pdl laws, it also gives the contact info. for the Division of Financial Institutions.

They told me the same thing. I am in Ohio too and how I know this is bull is because they continue to do an ACH debit and will put it in for different amounts trying to get their money but when you try and call them to make legitimate payment arrangements they say they can't do it. I will be closing my bank account after Friday and having my paycheck sent directly to me.

That is a wise move. These ipdls go by so many different names it is impossible to list all of their dbas to protect your account.

And I couldn't figure out why I took out loans for $230 and $500 and then I would check my bank account and they would put in amounts like $175 and $451 when that wasn't what I wrote the check for and then I realized what they were doing. I have paid so much in bounced check fees it's ridiculous.

I have emailed the Division of Financial Institutions and they have forwarded my email to someone who can help me. Hopefully I will hear from them soon.

If this is a licensed storefront pdl, they can take you to court over this matter. You may want to send a letter with money order enclosed as suggested above.

The woman at the Division of Financial Institutions told me to just go in the store and give them what I can pay. She said they will take my payment and if they don't to tell them I will file a complaint with the dept. of commerce.