Payday loans in Ohio

Hi, michelle! :D Thanks for listing out your pdls and the amounts borrowed. Can you please let us know approximately you how much you have paid them so far to date? I'll post your state law so that we can all see it.

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

Heres what I have been doing since About December. with Money Center I pay off the whole loan due and then get the loan again for the loan amount rather than them taking several smaller payments with Payday One I have to pay it off then take out a new loan after three days. with Payday Loan Yes I took out the loan for $300 and have paid $90 twice on it. nothing off the principal. with the last one the loan was for $150 but I have paid $66 twice since I took it out and nothing on the principal. I really need advice on what the next step is to do. My other bills are suffering becaus of the sitituation I have gotten myself into. Thank you in advance for any help

michelle, I do know that Pay Day One is going to be licensed/legal for you. I can check on Pay Day Loan Yes. So, is what you're saying that you have two loans with Pay Day Loan Yes? Am I understanding that correctly? One you're paying $90 every two weeks and one that you're paying $66 every two weeks? Just clarify that for me, please.

Also, this Money Center, they make you pay them in full in what? two weeks? Then you can immediately reloan? This is a name I haven't heard of. Do you have any information on them, like an address or phone number?

I just did a BBB search in Texas for Money Central. Here's what came up:

Money Center (The)
5177 Richmond Ste 200
Houston, TX 77036

Money Center, Inc. (The)
25325 Borough Park Dr # 110
The Woodlands, TX 77380

Money Center
4444 Walzem Ste 203
San Antonio, TX 78218

Money Center
6301 Manchaca Rd # E
Austin, TX 78745

These sound like storefronts to me. So if you have any information on Money Central, can you post it, please?

With the money center they set up payment arrangements like the following: I borrowed $500 1st payment on 3/27 $172, 2nd payment on April 10 $190, 3rd payment on April 24, $160; 4th payment on May 8, $130 and 5th payment of $130 on May 22. As you can see if I paid the payment arrangement I would be paying alot more so if I make a payment of $572 on March 27, I can take the take out another loan for $500 on the next day therefore only paying $72 in charges. That was i have the money back to pay the others. What do I do about Payday One, they will be taking out $475 on April 4, 2008. Should I go ahead and close my checking account now before next week when the other companies take out thier fees. The one company I have no information on other than I email them and they gave me the money under Purchase Lease and they will take $66 every other week until I agree to pay the balance. the other company is Payday Loan Yes, I can pay $90 every two weeks for 5 times and then they will start charging $140 every two weeks until the loan is paid. This is on $300 loan. I really need to know what the next step is.

Here is the address and info on the Money Center,
6161 Savoy Suite #834, Houston, TX 77036 Phone 713-222-2274 fax 713-339-4733

The Money Center contract says they are Marpast of Texas, Inc., dba The Money Center and that they are a Credit services organization

Thanks for posting that! That makes a HUGE difference. The Money Central is operating as a CSO. What this means is that they don't even have to follow the pdl law. They basically "run their own show". So, in essence, you have to pay them what they say. They will be operating legally. I hate to say that, but they will. Pay Day One will be operating legally. Hang on. I'm going to check with another member regarding Pay Day Loan Yes.

is it still possible to work with these companies and make payment arrangements. I just can't pay all that out at once.
I did find out that the copy that I only deal with through the internet is called Cashnminutes.com

I do not believe that Pay Day Loan Yes is licensed to lend to you. With an unlicensed pdl, you can pay the principle amount of the loan and demand a paid in full from them. As for the other ones, Pay Day One will be licensed, you'll have to make payment arrangments with them. Money Central is a CSO, you'll have to make payment arrangments with them. Now, you have one with cashinminutes.com also? Have you done anything regarding your bank account yet?

No I don't know what to do. I thought about asking a debt consolidation company BHR or something like to help but I am leary of them. I would like to do it myself but just don't know what the first step is.

Michelle, do you know how much you have paid to each one of your pdls so far?

I am not sure of the totals but I am running out of time. I am thinking that tomorrow I need to go and close out my bank account before Thursday and they take another chunk out. Any suggestions.

Michelle, you can go to the bank and close your account. If they can not CLOSE it, have them put a HARD DEBIT BLOCK on it. That way, NOTHING will go through. No ACH debits, no electronic checks, no paper checks, no ATM card, nothing. This means you can't take money out either unless you physically go into your bank and take it out and make sure they place the block back on. Since this won't be a "working" account for you any longer, you will need to open a new account so that you will have a "working" bank account. If you do go to the bank, go to the branch you opened your account at, speak only to the manager. Do not speak to customer service over the phone or to the tellers. You need the manager to do this. I'm posting something regarding closing your bank account by goudah.

Before you close your bank account due to payday loans eating away at your paycheck, please read this.

Some banks have a policy regarding ach transactions that allows them to force open closed accounts if any ach transactions go through within a certain time frame after the account is closed. This can leave you owing a legal bank $1,000's and reported to chexsystems, instead of owing barely legal (or not at all legal) payday loan companies. Not a good thing. Ask your bank what their policy is on ach transactions on closed accounts before you close the account. It's best to go in person and talk to a branch manager.

If your bank does have this policy, tell them your situation. Don't be embarrassed. Take letters with you showing that you have revoked authorization for each of your payday loan companies to debit your account. Tell the bank to put your account on deposit only, an ach block, or a hard hold before they close the account. Your bank can do one of those, don't take no for an answer. This will prevent any payday loan ach's from reopening the bank account.

It'a always best to close your bank account. Leaving it open gives ways for the payday loan companies to continue to take money out. These companies have many different dba's, so blocking them won't work. They will also produce paper checks and run them through your account. Closing the account is the best way to prevent these companies from taking money out of your account.

Some state laws do allow for prosecution if you close your bank account, but that is usually in cases of fraud. But it's always best to check with your state's attorney general or department of financial institution before you close your account. You want to make sure you are not causing more heacaches!


Last edited by goudah2424 on 17 Jul 2007 15:25

I am going to the bank and do what ever is necessary to close my account. I will deal with the pdl companies as they come howling at the door. They can't eat me.

Great attitude! Keep us posted. If you need anything, we are here! :D