logo

Debtconsolidationcare.com - the USA consumer forum

Forums
  • Latest topic

Payday Loan question

Date: Fri, 05/16/2008 - 05:55

Submitted by ryangeethegil
on Fri, 05/16/2008 - 05:55

Posts: 4 Credits: [Donate]

Total Replies: 10


I have three loans currently outstanding and I live in
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


are the first two storefronts?i know ameriloan
is MTE and isn't licensed at all.


lrhall41

Submitted by paulmergel on Fri, 05/16/2008 - 06:01

( Posts: 15514 | Credits: )


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


lrhall41

Submitted by kashzan on Fri, 05/16/2008 - 06:21

( Posts: 5401 | Credits: )


i see you paid 275.00 to the first one,how much if any on the other two?


lrhall41

Submitted by paulmergel on Fri, 05/16/2008 - 07:26

( Posts: 15514 | Credits: )


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?


lrhall41

Submitted by angiegirl88 on Fri, 05/16/2008 - 07:45

( Posts: 63 | Credits: )