payday loan in alabama

latius, I'm posting your state pdl law for you to see. I need to know what pdl you're dealing with. Can you tell me the name of the pdl and how much you borrowed? And, you paid nothing on it so far, correct? Post who it is and we can go from there. In the meantime, here are your state pdl laws. :D

You will find the Payday loan laws for Alabama here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Thanx for that great info!
It is with The money store, The loan was for $400, then a $70 finance charge. I havent paid anything yet and i did close that account but a month or 2 after the loan.

How long before they can sue me or turn this into a criminal action. I am finally getting on my feet so I just need time.. Thanx so much.

According to your law they have to give youa repayment plan. Have you offered to give them anything toward the loan and then make arrangements on the balance??

Is this a store front pdl? The name sounds like a store front. Your state law says criminal action prohibited unless check returned due to account being closed. Is this a store front that you wrote a check to? If so, the bank account wasn't closed for a couple months after the loan was taken out. So, was the check returned for NSF? Please post because store fronts and internet are totally different.

this was a store front, and I dont know when they tried the check, my account was good when i wrote the check, i had to close it out later though. I have offered to send in money, i did that today, they keep saying they are going to take me to court, but they havent yet. I beginning to think they are bluffing. I am going to send in $50 today, then try to pay what i can.

This is a store front. I have sent in $50, today. Thing is, is there any requirement on what i must pay and how often? Like $50 every 2 weeks or so. Can they still take me to small claims court? Doesnt that take forever and a day?

They keep threatening to take me but havent yet, I think they are bluffing. Thats beside the point but i am getting sick of being threatened.

Thanx everyone for the great help. You guys rock and all of you should be proud on the service you provide. You have made my day.

sorry both were me, the first one didnt go through till after the second one posted, guess i should register...

latius, I'm going to ask you to do this. Find out from your bank where you wrote the check from what the status of that check is that you wrote to the store front. They need to tell you if it was returned NSF or returned because they received the check AFTER the account was closed. You need to know this. The store front may have held on to your check for 30 days before even presenting it to the bank for payment. If so, this may have been after you closed the account. Call your bank and ask them about that check. Ask them what day (or days if it was presented more than once) the check went through, why it was turned away (for NSF or closed account). You need this information just in case you do get dragged into mediation or court or whatever they are threatening you with. Now, you know that store front pdls are legal, so they do have the right to drag you in. Right? As far as making those payments. Is this the first payment you've sent? And I do hope you sent it certified so you can prove they received it. Also, your state law does say repayment plan - yes. However, we're going to see if your store front is willing to even accept your payments. First off, I would really like for you to contact your bank and find out exactly what happened with that check. Can you do this?

Odds are that you will be fine. Usually criminal prosecution only happens when there is fraud involved. Since you can prove that "extenuating" circumstances led to your default on the loan, I seriously doubt anyone will think you are trying to defraud the pdl. The closed account part of the law is more for people that go take out pdl's, and immediatly close the account.