PaydayOne considered a installment loan in Illinois?
Date: Thu, 05/29/2008 - 19:01
For your help I am giving you the following information regardin
For your help I am giving you the following information regarding payday loans in Illinois State: -
Hi guest, in Illinois the payday lender can offer both payday lo
Hi guest, in Illinois the payday lender can offer both payday loan and an installment loan. The installment loan can be viewed as a more severe form of payday lending. In case of installment loan, the lender faces fewer restrictions than payday lending, where they have to abide by the pdl lending laws. Moreover, the consumer protection under Illinois PLRA (Payday Loan Reform Act) is also not available to the borrower for installment loan.
Another difference between pdl lending and installment loan is their tenure. The installment loan normally has a longer tenure of 121+ days. And if the borrower fails to repay the loan, the lender can garnish her wage and also can charge the debtor for attorney fee and other court charges.
If your loan is of longer tenure (more than 45 days) then its likely to be an installment loan and not a pdl.
Yes, Payday One gives installement loans in Illinois. Installme
Yes, Payday One gives installement loans in Illinois. Installment loans would not be governed by the same laws as a payday loan.
Question...since the PDL's are getting around the PDL laws by im
Question...since the PDL's are getting around the PDL laws by implementing installment loans...what protection does the consumer have since the PDL laws don't apply?
Cash Net USA is a licensed payday loan lender in Illinois.
Cash Net USA is a licensed payday loan lender in Illinois.
There are laws that govern installment loans too . . . . They ju
There are laws that govern installment loans too . . . . They just aren't as tight as most payday loan laws because installment loans are more of a conventional loan product, and there isn't as much of the high interest crap as there is with payday loans.
Huh, "isn't as much of the high interest crap as there is with p
Huh, "isn't as much of the high interest crap as there is with payday loans??"
Help me understand Goudah...these PDL places are in essence replacing the typical PDL by steering people towards the installment loan. Interest rates are over 400% plus per year. By offering loans with repayment terms of more than 121 days, they thwart the very PDL laws that were designed to help us!
I am interested in learning more about what protection we consumers have when we use an installment (PDL). Can you help me?
There is Consumer Installment Loan Act (CILA) to protect consume
There is Consumer Installment Loan Act (CILA) to protect consumer rights in Illinois against the predatory activities of the small-loan lenders. However, its not as stringent as the PLRA :(