Ohio Payday Loan Laws

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

Hi TS, I am from Ohio too, I am assuming you have defaulted on these loans as of now. The people at this forum understands what you are going through, there is a lot of good advice here to help walk you through this process. If you have any questions, please feel free to ask, but in order for us to help you we will need more information about your loans. If you should decide that you need more help, do not hesitate to ask. The people here are very understanding and helpful. :)

TS, if you can tell us who you have loans with, how much you borrowed from each, how much you paid in total to each and which are store front and which are internet, we can help you here.

This is embarrasing but here it goes
Storefronts:
Cashland 800/112.50
Checksmart 800/112.50
Check N Go 800/112.50
Check Exchange 800/112.50

On-Line
MyCashNow 600/112.72 Since Oct. 2007
Apple Fast Cash 450/115.71
Cashnetusa 500/67.00

We defaulted on Cashland and Check N Go as of Jan 15th and my husband justed talked to Cashland and they are threatening him with jail if we don't pay. My husband asked about an extended payment plan and she said she didn't know what he was talking about.
Thanks for any help.

Hi there....wanted to let you know I am looking at this.

CashNetUSA is a legal PDL, but I am checking on the others.

I would defintely call the store fronts and try to work something out with them. Because you have already defaulted they will not evoke the EPP, but try to make some sort of arrangements. For the most part store fronts operate legally and can and will sue you.If you stay in contact with them they will try to work with you.

For your on-line PDL's, the only one legal in OH in the licensee database is CashnetUSA.

Have you defaulted on Checksmart or Check exchange yet?

Can they put my husband in jail as the woman from Cashland stated? By the way, I signed up on this website and I'm now teresasbengals instead of TS. We have not defaulted on the other two storefronts and all of the internet ones are in good standing. We aren't trying to get out of paying them, we would just like for them to work with us.

If you have not degfaulted on the other two store fronts and they are members of the cfsa they must give you the extended payment plan. The loans must be paid off in 4imstallments. Go to the store fronts in person before the loan is due to get the epp

You need to ask for the EPP 2 business days prior to the due date.

Can they put my husband in jail. He said the lady from Cashland was pretty rude and wouldn't relent.

No he cannot go to jail. They can take steps to collect, but not jail!
Steps...meaning sending it to collections, and so forth. No criminal action.

Thanks for the info everyone. For Cashland we had to write two checks, she wants atleast one paid by the 31st. I'm not sure we can do that as our mortgage is due too. If we send her say $100 would it help??? Also, our other two internet pdls are illegal, what can we do about them? One one I calculated that we have paid around $950 on a 450 loan. I think these stupid Payday Loan places should be illegal.

What is the arrangement amounts you have for the two checks with Cashland?

We have no pmt arrangements yet with Cashland, my hubby spoke to her today and she told him what she wanted and he told her that he would call her tomorrow (and he will). We have not heard from check n' go yet which I find odd.

How are you with the other two? With EPP, you can pay in 4 installments....

We are current with the other two storefronts. What about the internet pdls that are not legal?

just was looking at that....for example, is the $112.72 to my cash now what you pay them every 2 weeks or what you have paid them total since Oct07?

It is what we have paid them every two weeks.
-Thanks

Okay...so I would estimate that you have paid them about $789.04, give or take $112.72. More than the principal for sure.

How much in total have you paid Apple? And then with Cashnet, do you "reloan" every 2 weeks?

We do reloan every two weeks (Rob Peter to pay Paul as we put it). Apple has been paid a total of 920.
I'm keeping a notebook. The Cashland witch told my husband that she can put the checks thru again. How many times can she legally put them thru? Again, thanks for your help

I have dealt with these store fronts that you are dealing with. Cashland can not throw you in jail, the worst they can do is take you to small-claims court and sue you. Check-N-Go and Check Exchange was the two stores that were easy to deal with. Check Exchange has allowed me to send in monthly payments to them to clear my loan up. Check-N-Go turned me over to a collection agency. Cashland and Checksmart are two stores that I had troubles with. I had a 300 some dollar loan with Cashland and they sent me to a collection agency. Once I sent a Cease and Desist letter they (collection agency) turned me back over to the store. They wanted to be paid off in 2 payments and luckily I was able to swing it. Checksmart was something else to deal with. Their in-house collection department sucks to deal with. I ended up going to a mediation hearing at the courthouse over this. We were able to agree in mediation a repayment schedule. At mediation they will want you to payoff the loan in 4 payments but I was able to negotiate 6 payments.
My loan amount was not as high as yours (mine was around 500 for each store except cashland) and can't say for sure what may happen for you.

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot refinance)
Cooling-off Period:
Repayment Plan:

Would someone with more knowledge please explain how these "legal" storefront payday loan companies can keep refinancing these loans if the law clearly states no rollovers are permitted? I'm afraid I am a bit confused about that. Thanks!

You are paying these loans off every two weeks. They are not rolling over any amount. As you can see, Ohio does not have a cool off period.

Ryan is correct...a rollover would be where you can just pay the finance charge and continue to "rollover" the balance to the next period.

So basically, you are renewing your loan, as opposed to paying the interest and rolling it over? Does this mean if I had a loan for $200.00 at a storefront, and wasn't able to pay it but instead borrowed the money from the same storefront to pay it off, which would bring my loan up to $400.00 (plus interest), it would be perfectly legal? I am assuming that is what you mean. I am just trying to fully understand the concept of rollovers verses refinancing, I think.

If you borrowed $200 from a storefront and there is a finance fee of $30, you owe the storefront $230. You go in on payday, pay the $230 and then turnaround and sign another contract for $200....that is reloaning.

A rollover, using the above scenario, would be where you would have just paid the $30 on payday (which is a finance fee only), then come back on the next payday and pay the $230.

Ahhhhhhhh, I see now, thank you volleyballmom for clarifying, now I can say I understand! :)

Anytime Shazzers!

Shazzers-
The stores will not allow you to do this in Ohio. You are only allowed to have one loan per store. So, if you are short, they can tell you to go to a store they own but its in a different name. You take a loan out at the new store and drive back and take care of the other loan.

Volley-
You have to wait one day before you can turn around and take out another loan from the same store in Ohio. Nothing stops you from going to a storefront that works with different DBA's.

It was simply an example to explain the difference between reloaning and rollovers....not specific to any state, etc.

Thanks

Sorry, I listening to my headphones and didn't fully comphrehend what was being said.

Not at all Ryan, I just wanted to totally understand, you might say I have blond roots. lol :lol:

can online lenders like impact cash, garnish your wages?

Hello, I'm not sure if anyone posts here or not but we have like some other ppl a few payday loans, and have defaulted. I have one payday loan company that keeps trying to access my checking account by changing the amount of the payment that we owe. We tried to make payment arrangements with them, but they are hard to get a hold of. I had to place a stop payment on the checking account, because they kept changing amounts to debit from our account. Is this legal? I've also filed a fraud report with them and my bank because of this particular company using sneaky tactics to get around a stop payment. Thanks.

Quote: