Payday Loan question
Date: Fri, 05/16/2008 - 05:55
Illinois
(1) Payday USA $300 PD $275
(2) Payday One $1000 $406 due per month for 8 months
(3) ameriloan $ 200 $60 due per month
My Net income per month is $1868
How do I find out if these lenders are legal in Illinois?
Also who is responsible when the law in Illinois is a maximum of 2 loans at one time and a maximum of 1000 or 25% of my gross income?
I want to work out a payment plan with these lenders but don't know my options
Illinois State Information Legal Status: Legal Citation:
Illinois State Information
Legal Status: Legal
Citation:
Ill. Comp. Stat. Ann. ???? 122/1-1
Loan Terms:
Maximum Loan Amount: lesser of $1000 or 25% gross monthly income
Loan Term: 13-45 days
Maximum Finance Rate and Fees: $15.50 per $100
Finance Charge for 14-day $100 loan: $15.50
apr for 14-day $100 loan: 403%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 7 days after 45 consecutive loan days
Repayment Plan: Yes
Collection Limits:
Collection Fees: One $25 NSF fee (Presentment limit = 2)
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Illinois Division of Financial Institutions
Address: Consumer Credit Section, 320 W. Washington Springfield IL 62701
Phone: (888) 298-8089
Fax:
Regulatory Contact: Phil Sanson,, Acting Consumer Credit Assistant Supervisor
Regulator Website
Licensee Database
Complaint Instructions
Complaint Form Link
Online Resources:
Brochure: Consumer Guide to Payday Lending
Guia de Prestamos de Payday Loan de Illinois
I am still a little confused. How does all this translate in lay
I am still a little confused. How does all this translate in laymen terms? Thanks for the help
OK so if you're state laws prevail, as kash said, what happens w
OK so if you're state laws prevail, as kash said, what happens when you have more than the outstanding number allowed by state law? I have 6 and TN law is a max of 3. One is a storefront and then 2 of the 5 left are licensed and legal. As far as the licensed ones, I pretty much have to pay whatever they say I owe? I have a $200 loan with Cash Supply ($30 finance fee is the max allowed by my state) and yesterday they told me my balance was $485! I have made arrangements with them to pay $121 every other week, but am wondering if I made a mistake to agree to that?
How do I know if Payday USA,ameriloan, and payday one are licens
How do I know if Payday USA,ameriloan, and payday one are licensed in Illinois?
If I already have two loans outstanding is the third loan legal?
If I already have two loans outstanding is the third loan legal?