Pay Day Loan help please, Tennessee
Date: Fri, 06/01/2007 - 08:47
Pay Day One
Initial principal: $300
Paid to date: $180.60
Pay Day OK
Initial principal: $400
Paid to date: $144.57
US Fast Cash
Initial principal: $300
Paid to date: $90
Pay Day Select
Initial principal: $300
Paid to date: $116.78
B&L Marketing
Initial principal: $300
Paid to date: $270
As I said, these loans are fairly new, but I would love to know how much I legally owe and settle them before they keep taking me for so many fees. For instance, the $270 to B&L is ALL fees. Please help and forgive my ignorance!
You will find the Payday loan laws for Tennessee here (just sel
You will find the Payday loan laws for Tennessee here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
I found all this info on your boards and I think I understand it
I found all this info on your boards and I think I understand it. From another post I read, I think it means I only have to pay a fee of $30 plus principal for each loan I have out over $300. Is that right?
If what I gathered from the above post is true, would that mean
If what I gathered from the above post is true, would that mean that to bay back Pay Day One for instance, that I would have to pay back a total of $330 less the $180.60 already paid, leaving a balance of $119.40? If that were the case, and I closed my checking account, would I be able to pay this in payments, or would I pay it in full? What is the best way to handle payoffs - save up and pay one lump sum or make payments weekly?
Email to and from TN Banking Dept Quote:Hello, I'm tryin
Email to and from TN Banking Dept
Quote:
Hello, I'm trying to make sense of the payday loan laws in Tennesse. How would I go about calculating the allowable interest? Thanks! |
Response
Quote:
Technically it is not an interest rate but service fee and this is how it works. The fee cannot exceed the lesser of 15% of the check amount or $30. So if you have a check amount for $100, the service fee would not exceed $15 (15% x 100). Keep in mind the fee is on the check amount, not cash amount. If the consumer requests $100 in cash, the check amount would be $117.65. The check amount of $117.65 x 15% equals $17.65, and cash is $100 ($117.65 - $17.65 = $100). If the customer asks ... "how much should I write the check for if I want $50?" You can back into the check amount by taking $50 and dividing it by 85% or .85. In other words $50 divided by .85 = $58.82. You can verify by multiplying $58.82 x 15% = $8.82 service fee. $58.82 - $8.82 = $50. Remember the service fee is limited to $30 on all checks exceeding $200. |
So yes, you are correct!
I would do whatever you can afford to do. If you can pay it in
I would do whatever you can afford to do. If you can pay it in a lump sum, then you get the pdl off your back sooner. But if all you can afford to do is make payments, then at least the pdl will be getting money regularly.
Thank you so much for all your help!! This site has been so hel
Thank you so much for all your help!! This site has been so helpful in so many ways without making people feel stupid for the mistakes they make. Thanks again!!
Hey, most of us have been there! If we made you feel stupid we
Hey, most of us have been there! If we made you feel stupid we would be making ourselves feel stupid!
BTW - If you are thinking about sticking around, you should regi
BTW - If you are thinking about sticking around, you should register. It's free, and you can earn points for your posts. Once you reach 1000 points you can trade it in for money. 1 point = $.01. May not seem like much but it can add up quick. You can get up to 20 points per post.
Thanks!! I actually am gonna register, I just am on vacation rig
Thanks!! I actually am gonna register, I just am on vacation right now and am gonna have more time in a couple of days when I get back.
SJM Marketing
Ok, now I have a couple of questions. I have heard all of the terrible things about SJM Marketing. But going off the previous post about no more than 15% of the checks face value? First off, I didn't have a correct number to SJM till last night when I found this site. I have been paying $60 every other week (yes $120.00 per month) for 15 months. It wasn't paid off because the number I had wasn't correct...believe it or not it was to Aflac. Its slightly possible that I misunderstood the thick accented man that I spoke with when I got the loan, but after doing all the reading on here I am not so sure. Anyway, so for 15 months I have been paying that $120 per month. This last week they double debited my acct. So according to TN law, does that mean that I have been over charged. I mean I feel I have but I feel I was also stupid enough to get the loan in the first place. I have been too embarrassed to say anything to anyone up until this point. They take out the amount of my mothers medications that she has to have every month, and I really want this out of my hair. Do I have a leg to stand on when I say that I have paid enough interest? Just pay back the principle? Or should I call them and pay them the principle and another interest payment?
I forgot to add that it was technically not a "Check". Just a loan. I didn't write them the first check, so do all these laws still apply?
