Not clear on nj laws

The citation is for consumer loans. If you have internet loans from the online companies, this citation doesn't apply here. You are obligated to pay just the borrowed amount. Your loan company has violated the laws by lending in your state where pdls are prohibited.

How much have you paid on the loan principal?

mcranberra

SO ARE THE PAYDAY LOANS PROHIBITED IN THE STATE OF NJ?
I GOT THE CITATION BELOW FROM A WEB SITE THAT STATED IT WAS FOR PDL.

THE PAY DAY LOANS DONT USE THE WORDS PRINCIPLE. THEY CALL THEM FEES BELOW IS A RECAP OF WHAT AND WHO I HAVE PAID. I HAVE NOT MISSED ANY PAYMENTS.


EMERALD MARKETING BORROWED $300- PAID $630.00 IN FEES
500 FAST CASH BORROWED $300- PAID $410 IN FEES
ameriloan BORROWED $200 - PAID $240 IN FEES
GFS BORROWED $200 - PAID $365 IN FEES
GENEVA BORROWED $300 - PAID $270 IN FEES.

THANKS

vanessab, please do not type in all caps. We all know this is horribly frustrating, but it makes your posts difficult to read.

mcranberra already stated that you only should be paying back the principal (amount you borrowed). With the exception of Geneva, you should be demanding refunds from the PDLs, as these loans were issued outside of NJ law. Make sure you complain to the New Jersey Department of Banking and Insurance, as well.

I just spoke with the NJ Division of Banking to get some clarification about NJ pdl laws.

Here's what I was told:

1. The issue of what pdl's can legally charge in interest is up in the air. It is still being debated.

2. Since pdl's are prohibited in NJ, none of them are licensed. Technically they shouldn't be lending to NJ residents.

3. He said to send a letter with the pdl info to them at their address. I don't have the address with me but you could find it on the NJ gov page.