What can I do
Date: Thu, 06/21/2007 - 09:26
OK so I found out in Florida this is what the law says regarding payday loans :In July of 2001, Florida passed a bill that put limits on payday loan practices. In the Florida bill it states that lenders cannot loan more than $500. The Florida bill also puts a restriction on the amount of interest payday loan lenders can charge. Currently in Florida, interest rates are capped at 10%, one of the lowest rates in the nation.
The Florida bill also puts additional restrictions on the number of loans a borrower can take out at one time. Currently under Florida law, a person is only permitted one payday loan at a time. Also, under Florida law if a person cannot payback a payday loan on time, the lender must give a 60-day grace period before collecting. Now knowing this does that mean it is illegal for them to charge the 438% interest they want to charge me and also since I have two loans out does that mean I can get in trouble for applying for that 2nd loan or they were wrong to give it to me because of the law, I am so confused.
The Florida bill also puts additional restrictions on the number of loans a borrower can take out at one time. Currently under Florida law, a person is only permitted one payday loan at a time. Also, under Florida law if a person cannot payback a payday loan on time, the lender must give a 60-day grace period before collecting. Now knowing this does that mean it is illegal for them to charge the 438% interest they want to charge me and also since I have two loans out does that mean I can get in trouble for applying for that 2nd loan or they were wrong to give it to me because of the law, I am so confused.
They are the ones responsible for following the laws. You are j
They are the ones responsible for following the laws. You are just a consumer. It is 100% up to the business. You cannot get into trouble at all.
They are wrong for giving you the loan in the first place. These
They are wrong for giving you the loan in the first place. These places don't care. That's how they make their money. They make it impossible for you to NOT get another loan because you have to pay so much back to them and then the cycle just keeps going and going.....
