Payday Loan interest rates
Date: Fri, 10/19/2007 - 11:24
How can I find out the maximum interst rate that one of these places can charge in Illinois? I have noticed that there is a huge variance?
Also, the place with the highest rates used to offer an affordable government loan, so if you took out $500, you paid $575 at your next monthly paydate. The last time I went in, they said that they could no longer offer me this loan because I was paid monthly. My response was that this loan benfitted me the most because the fee is a flat $75 whether you pay in 2 days, 10 days, or 14 days. They said no. Is it legal for them to manipulate the terms of what I understand to be a government sponsored alternative loan?
Also, the place with the highest rates used to offer an affordable government loan, so if you took out $500, you paid $575 at your next monthly paydate. The last time I went in, they said that they could no longer offer me this loan because I was paid monthly. My response was that this loan benfitted me the most because the fee is a flat $75 whether you pay in 2 days, 10 days, or 14 days. They said no. Is it legal for them to manipulate the terms of what I understand to be a government sponsored alternative loan?
Here are the Payday loan laws for Illinois (just select your sta
Here are the Payday loan laws for Illinois (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
It looks like the maximum they can charge is $15.50 per $100 and
It looks like the maximum they can charge is $15.50 per $100 and the terms are for 14 days. I don't know very much about government funded alternative loans. Can you tell me a little more about this? It seems like a regular old payday loan to me, but maybe I'm not understanding correctly. Is the maximum term of the loan for 14 days?