I think this is overboard

I will post the laws for your state Ohio here (just select your state), I believe that the company you are dealing with is an illegal company.
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Maximum Finance Rate and Fees: $10/$100 + 5% per month
Finance Charge for 14-day $100 loan: $15

WHOA, I think this is WAY overboard if I am reading this correctly.

No, I don't think you are reading it correctly . . . Payday One is a legally licensed company in Ohio, and they follow the laws there.

It really all depends on what the charges are for. Some of it is interest/fees, about $69.15 is legal for the amount you borrowed. That takes it to $512.50. They may also be charging you for NSF attempts. There is no limit in Ohio, as long as it is in the contract they can charge as many times as they want.

I would settle for the $400. It is a decent deal, considering they could sue you, win, and garnish you paycheck for much more then the $595 they are asking for.

I dont' mean to sound harsh, but this company is legal in Ohio, and can take action against you. I'd hate for someone to think a company was acting illegally when all the info isn't presented to come to that conclusion.

If you can get and post a breakdown of how Payday One came to the $595 amount, then we can see if they are following the laws or not.

OOps, I goofed big time. I meant to type legal, and I am so used to things being illegal I typed wrong. sorry guys

No problem! I was wondering about that - I know you know differently!

I just was looking at Payday One's website, and everything on there is legit. They have copies of all their licenses, all the terms are correct, and they even have Ohio brochures on payday lending. This company is one of the internet companies that always follows the laws of each state that it needs to. It's going to be an uphill battle fighting them, as they have not done anything wrong that I know of.

I do have another question - Was this loan originally though Payday OK or Payday Select, and then moved over to Payday One? That could be another explaination for the fees . . . .

Legal Status: Legal (Applies to check cashers only)

what does this mean in lamens terms???

Well yes, some of those charges are NSF, interest, etc., I am at work so I don't have that info handy. I was hoping that maybe I could settle with them for a smaller amount, because there is no way I can come up with $400.00.

For Ohio, all it means is that the pdl has to get 2 licenses. A check casher and a check casher loan license.

For other states, it may mean something different, so never assume just because one state says something it means the same thing in another state.

Yeah, unfortuantly they are charging you correctly then. They are a legal company in Ohio. Setting up payment arrangements with them is really the best thing to do.

sdean, please get back with us when you can. We will need the exact amount borrowed in order to find out if they are trying to do something illegal. And please let us know if this was a Payday OK or a Payday Select account. :)

Yes, this was originally a Payday OK loan, I have had nothing but trouble since it was switched to Payday one. I realize they're legal, but, I just want a settlement I can adhere to, I am not able to pay this amount back at this time. Jeez, I wish I had NEVER gotten into this vicious circle.

Yeah, we all know that feeeling!

That all makes sense know. Because it was a Payday Ok loan, they were previosly charging you illegally. But since you switched to Payday One, now it is legal. Sucks. They really did a number on Ohioians with loans.