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overpaid pdl?

Date: Thu, 12/20/2007 - 12:47

Submitted by dmbcrum2001
on Thu, 12/20/2007 - 12:47

Posts: 5 Credits: [Donate]

Total Replies: 8


How do you know if you have over paid on your pdl? I have one pdl that I borrowed $500 and as of today, I have paid $1,350 in fees and still going....help?


Sorry, I am in VA and these are my pdls:
Cash 2 U- $400- pay $60 every two weeks
Check into Cash- $500- pay $75 every two weeks
Quik Cash- $500- pay $75 every two weeks
Check N Go- $500- pay $75 every two weeks


lrhall41

Submitted by dmbcrum2001 on Thu, 12/20/2007 - 12:49

( Posts: 5 | Credits: )


They are all store fronts:

Cash 2 U- $400- to date I have paid $960- interest 391.75%
Check into Cash- $500- to date I have paid $1,200- interest 451.78%
Quik Cash- $500- to date I have paid $525- interest 451.78%
Check N Go- $500- to date I have paid $750- interest 451.78%

I see that VA law is that they cannot charge above 390% but all of mine are higher, is there anything that I can do? I am struggling to pay these and I'm not even touching the principle amount...just the interest. HELP PLEASE, I AM DESPERATE.


lrhall41

Submitted by dmbcrum2001 on Wed, 12/26/2007 - 09:12

( Posts: 5 | Credits: )


Can you provide a bit more information?

Cash 2 U - Are they charging you $60 interest?

Check into Cash- Are they charging you $75 in interest?

Quik Cash- Are they charging you $75 in interest?

Check N Go- Are they charging you $75 in interest?

The reason I ask is because the apr of 391% is just an example, not the law. They are allowed to charge 15% of the amount borrowed as the fee. Depending on the term of the loan, it will have a higher or lower apr.

The lender is permitted to charge interest in the form of a fee not exceeding 15% of the money advanced (i.e., $15 per $100 advanced). The 15% cap applies to all payday loans regardless of the loan term (the number of days between the date the money is advanced and the specified due date). For example, if the lender advances you $300 for 7 days, the lender may charge you up to $45 as a fee for the loan (an APR of 782%). If the lender advances you $300 for 14 days, the lender may charge you up to the same $45 fee (an APR of 391%). If the lender advances you $300 for 30 days, the lender may charge you up to the same $45 fee (an APR of 183%). No additional amounts may be directly or indirectly charged, contracted for, collected, received, or recovered by the lender other than the specific fees and costs the lender is entitled to if you fail to repay according to the contract.


lrhall41

Submitted by goudah2424 on Wed, 12/26/2007 - 12:10

( Posts: 7935 | Credits: )