Payday Ok, Select
Date: Sat, 05/19/2007 - 21:21
Legal Status:
Legal
Loan Terms:
Maximum Loan Amount: $600
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee
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 with licensee or more than one with any other licensee
Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)
Repayment Plan: Yes
Collection Limits:
Collection Fees: One $25 returned check charge
Criminal Action: Prohibited
Now with the state of michigan not allowing rollover loans with fees is ther anything I can do? Ive been paying pretty hefty amounts of fees just to make it through the month both of these sites offer rollover loans but with fees. If i remember correctly I used to be able to finance for about a month now that payday select has me for over 612 dollars they are only giving me till the 12th of June to pay another fee+amount or fee alone to refinance. I have a payment for both loans due this monday.
Sorry..no edit option. My main question is what are my opti
Sorry..no edit option.
My main question is what are my options? What are my advantages over these companies? Im sorry Im asking so much but I only have so much time before I have o go to work again. I appreciate all the help that Im sure Im going to recieve. Thanks in advance.
Hello iiray! What was the original amount that you borrowed from
Hello iiray! What was the original amount that you borrowed from these companies? If you have overpaid chances are you can get them to mark you paid in full. It is a little late to stop them from taking your money on Monday if your bank posts debits first thing in the morning. You could get to the bank right away and check your account first thing and if the money is still there withdraw it but that is going to overdraw your bank account so that is up to you. The next step would be to close your bank account and open a new one, preferably at another bank. Then you need to figure out how much you legally owe these companies. Let us know how much you have borrowed and we will be able to help with what you should put in that letter. Also immediately file a complaint against them with your state attorney general. They are rolling over loans illegally. You are lucky-these companies are actually easy to deal with compared to some of the internet pdl companies.
Here Ill post the pictures of my loan history and payment option
Here Ill post the pictures of my loan history and payment options to better help anyone understand my situation.
I had to cut the whole http part because it wouldnt let me insert the picture directly. But insert and paste into address bar and itll work.
Pay day Ok
i111.photobucket.com/albums/n125/iiraymoii/paydayok.jpg
i111.photobucket.com/albums/n125/iiraymoii/paydayok2.jpg
Payday Select
i111.photobucket.com/albums/n125/iiraymoii/payday2.jpg
i111.photobucket.com/albums/n125/iiraymoii/paydayselect.jpg
I had a loan with Payday Select and had overpaid them by almost
I had a loan with Payday Select and had overpaid them by almost $500.00. So I sent them a letter, stating the laws in my state and that I was filing a complaint against them, and they marked me PIF and are sending me a refund. Just listen to what everyone here says..they have excellent advice and are more than willing to help! Thanks to this site, I have had 3 loans marked PIF!
Do you still have your bank account open that these pdl's have a
Do you still have your bank account open that these pdl's have access to?
If you do, you need to close your bank account and open a new one, preferably at another bank. When you close your account ask your bank what their policy is on ach transactions going through on closed accounts. Some banks will force open a closed account and allow the transaction to go through. Then you owe a legal bank instead of an illegal pdl. If your bank does do this, explain the situation and ask them to put your account on deposit only before they close it.
Yes , my bank does re open with pending charges made after closi
Yes , my bank does re open with pending charges made after closing. So, Ill write the letter to them..is there any templates to follow by to assure the most effective way of letting the companies know what exactly is going on?
This is all very much appreciated, You guys are life savers!