Payday - how do you request PIF?
Date: Sun, 07/15/2007 - 13:49
what is said? Payday loans are legal in the state of florida; the ones you walk into a store? how is it different when it is a internet loan company? meaning being where the state there are in? How do you calcuate roller over fees by? Please help - Thanks
The majority of people on here who have been successful with get
The majority of people on here who have been successful with getting the pdl to mark their loan as PIF have overpaid the allowable principal/interest of their loan according the the pdl laws of the state they reside in. Writing a letter to the pdl and advising them of your states pdl laws and requesting that they mark the loan PIF is an option if you calculate up what you have paid and have at least satisfied the principal of the loan.
The storefront lenders almost always follow the payday laws of the state they're operating in, so you pretty much have to satisfy your loan according to the terms, or at least work out satisfactory payment arrangements if you default. Otherwise, they can usually take you to court. As for the internet payday loans, most are charging customers illegal interest rates, rolling over the loan more than allowable for certain state laws, etc. Usually the lender should be licensed in the states they are conducting transactions in, and if you check the licensed lenders in your state, you'll usually find that most internet lenders are not on that list. The rollover/finance charges are calculated depending on the interest rate of the loan and usually for a 14-day period. The common one is $90 finance charge/rollover fee for a $300 loan.
