Help calculating how much I should have paid in CA?

Hi there! Your figures look fine....looks like you paid the principal on all of them except the 2nd loan with Loan Shop. Is that what you are wondering?

I think I have overpaid them though according to the California laws I have seen posted here. I am just not very clear on them...

I'm posting CA law so everyone can view them. These pdls are charging you rollover/extension fees. Prohibited. So when you're saying none of your payments are going towards the principle, illegal. Your payments should go towards the principle only. The "fees" they are charging you are prohibited in your state. Let alone the fact that I don't believe these pdls are licensed/legal to lend. Volley resides in your state. She may have more insight into this. Your Loan Shop #1 loan was for $100 and you've paid $330. You overpaid by $230. Your Loan Shop #2 you borrowed $200 and have paid $120. You owe them $80. Your Cash In A Wink loan #1 was for $300. You paid them $937.50. You overpaid by $637.50. Your Cash In A Wink loan #2 you borrowed $500 and have paid $410. You owe them $90. These amounts are based upon them not being licensed/legal to lend in your state. I do know they are not to charge you rollover/extension fees, which is what they are doing. Here You will find the Payday loan laws for California (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

There are 2 ways to look at this -

1. Unlicensed companies cannot collect interest. You would only owe the principle, minus any payments.

2. You pay them per CA laws. CA laws allow for fees equalling 15% of the face value of the check. This is a little misleading. You would think $100 loan would be $115, right? But it isn't how it's calculated. It's off the face value of the check. The easiest way to get the amount owed it divide the amount of the loan by .85.

For a $100 loan:

$100/.85 = $117.65

You can double check - $117.65 x .15 = $17.65

$117.65 - $17.65 = $100

For a $200 loan:

$200 / .85 = $235.30

$235.30 x .15 = $35.30

$235.30 - $35.30 = $200

For a $300 loan:

$300 / .85 = $352.95

$352.95 x .15 = $52.95

$352.95 - $52.95 = $300

For a $500 loan:

$500 / .85 = $588.24

$588.24 x .15 = $88.24

$588.24 - $88.24 = $500

Thanks, goudah, the math queen! :D

Wow Goudah! Thanks. That was exactly the answer I was looking for.

You're welcome! Glad I could help! :D

I am changing my bank account today because of problems with payday loan companies...

I discussed the situation with my bank and they stated that I can dispute the debits since they have taken more than I owe them. They will then give me a provisional credit and research the problem.

My only concern is that I will get the credit back and then the payday loan will provide some bulls**t document saying that I really do owe them the money and the credit will be reversed... What do you guys think? Should I dispute it or just change my bank account and not go any further?

I would suggest just closing/changing the bank account without the provisional credit, as the bank might not have the tools in their arsenal that you do with us here. It's completely possible that while you might be able to argue with the PDL and get money back, you might only be able to settle others.

That's just my two cents, though. Maybe someone with more experience has other advice. :)

I agree, but for different reasons. If the pdl's do come back at the bank with your signed contract, the bank will take that credit back. Their only "concern" is if you gave them authorization, not if the company is legal in the first place.

Since you technically did give them authorization, then it's a very risky thing to dispute the past charges. There's really no way to predict how the pdl's will respond to the bank. Some may just ignore it and you would get the money back, and other's may provide proof of authorization. Then you could end up owing the bank a bunch of money. That could lead to even bigger messes.

If you do decide to try for the disputes with the bank, please do not spend that money for at least a month. That way, if the bank does want it back, you can give it back right away and not mess things up even more.

Just an FYI - Electronic signatures are just as legal as signing in person.

Thanks Goudah.

I provided a Cease and Desist order to the bank and showed that they are unlicensed/illegal companies. I explained my concern about having the credit reversed. They recommended the same thing as you did, to put the credit away and don't spend it so if worse come to worst I will just be no better off then before.

If everything works out and I get back the money owed I will get a provisional credit of 837.50