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Interest Rate for PDL's in Ohio

Date: Sun, 06/15/2008 - 08:29

Submitted by Shazzers
on Sun, 06/15/2008 - 08:29

Posts: 17344 Credits: [Donate]

Total Replies: 10


Could anyone help me with a few questions about store front pdl's in Ohio. A friend of mine has been caught up in a bad situation and I'm trying to help her out, but I don't want to give her the wrong information.

Anyway, she has a loan with a store front pdl, she's defaulted already. I was looking at her loan papers and noticed they have the percentage rate as 497.73% which also states, this is the cost of your credit as a yearly rate. I was looking over the Ohio pdl laws and this is what I found:


The amount she owes seems legit but that 497.73% caught my eye. Is this legit or is this misleading in some way. I'm not quite sure.

Also, I've learned from this forum that a cease and desist letter only applies to 3rd party collectors, based on the fdcpa, therefore, what purpose would it serve for her to send them a C & D letter, and what (if any) laws would enforce it? Thanks in advance.


One thing I can think of is some payday places require you come in on your payday or the day after. So if your friend took one out on Monday and the payday is that next Friday, you are not getting a full two weeks. That could maybe change the apr% then. I had a few stores when I had pdl's out made me come in the day of my payday or next day. They didn't give me a full two weeks to repay.


lrhall41

Submitted by Ryan_N on Sun, 06/15/2008 - 19:32

( Posts: 315 | Credits: )