Personal Loan

Date: Sat, 03/24/2007 - 09:22

Submitted by ssgnewtonj
on Sat, 03/24/2007 - 09:22

Posts: 70 Credits: [Donate]

Total Replies: 4

Well i was reading some Oklahoma State Law on regular old loans...from a business other than a bank..i am fighting with military funding right now..from what i read they dont fall under the supervised lenders because they have no license here. It was a loan with 12 month payback with an 80% interest. As i read the law since it would be an unsupervised loan(due to lack of license) the max interest they can charge is 10%. Anyone help me out with this. (i dont think this would fall under the deferred lender act)

SSGNEWTON

help is appreaciated...and thanks for all the help..only have a few pdl left to deal with and these jerks at military funding

Only thing I can think of right now is to look at the dept of fi

Only thing I can think of right now is to look at the dept of financial institutions in ok. to see if those loans are allowed to happen with no state license.After that cruise on over and file complaints at the following places.

Oklahoma Attorney General
www.ftc.gov
better business bureau(bbb.org)

lrhall41

Submitted by cajunbulldog on Sat, 03/24/2007 - 10:24

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I am a bit confused here---are you saying you got some type of l

I am a bit confused here---are you saying you got some type of loan through the military and the interest is 80%?????

lrhall41

Submitted by Lorri on Sat, 03/24/2007 - 14:31

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Is Military Funding the name of a payday lending company? If so

Is Military Funding the name of a payday lending company? If so, I'm sure the government would LOVE to know about that, since they are fighting to keep the payday lending industry from targeting the military personnel.

That's the way I read it too, Lorri - 80% interest for 12 months. That's insane. I hope ssgnewtonj will come back and update us.

lrhall41

Submitted by SUEBEEHONEY70 on Sat, 03/24/2007 - 14:52

( Posts: 4583 | Credits: )

Yeah its the name of the company. They are not a payday lender p

Yeah its the name of the company. They are not a payday lender per se. I emailed the department of consumer credit. I am a law major but i always seek a second opinion. I opine that since they have no license here in oklahoma they fall under the unsupervised loan section of the law which means they can charge no more than 10% per annum on the note. Oh i have some more stuff i am turning over the the Staff Judge Advocate and to my reps in DC and the secretary of the army, the secdef, and anyone else i can get an email addy to since they are technically in my chain of commmand....It is BS and when i recorded them saying that they are recommended by the army...the SJA loved that one. They said that might be enough for criminal prosecution..i dont know i just know i gave over that tape and made a sword statement after they read me my rights.

lrhall41

Submitted by on Sat, 03/24/2007 - 17:26

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