help with Payday Loan Cycle!

Date: Tue, 07/22/2008 - 11:16

Submitted by chensley
on Tue, 07/22/2008 - 11:16

Posts: 28 Credits: [Donate]

Total Replies: 7

I want to get out of this endless cycle... I know I can do this, but I need help...
I am in Ohio...

This is what I have:

Pay Day Loan Yes: Borrowed $150 Paid $400

500 Fash Cash: Borrowed $400 Paid $650

Web Pay Day:
Borrowed: $400 Paid $250

The Cash Spot (American Consumer Credit, LLC):
Borrowed: $300
Paid: $112.50

Loan Point (Geneva Roth Ventures): Borrowed: $400 Paid $240

Impact Cash USA
Borrowed: 200 Paid 0

Integrity Advance, LLC
Borrowed: 500 Paid 0

I'm sorry if I've posted this before, I'm new to this site... Any help would be greatly appreciated...

Chensley, welcome to the forum! Hang tight and someone should b

Chensley, welcome to the forum! Hang tight and someone should be along soon who can offer you some advice!

lrhall41

Submitted by alias1958 on Tue, 07/22/2008 - 11:57

( Posts: 1230 | Credits: )

I am pretty sure all you have listed are not licensed in Ohio. I

I am pretty sure all you have listed are not licensed in Ohio. In order to lend to Ohio residents, pdl's must hold a license in the state of Ohio. All you are obligated to pay back are the principal amounts of these loans. Have you secured your bank account yet?
Quote:

Ohio State Information

Legal Status: Legal (Applies to check cashers only)

Citation:
Ohio Rev. Code Ann. ???????? 1315.35 et seq.

Loan Terms:
Maximum Loan Amount: $800
Loan Term: Max: 6 months
Maximum Finance Rate and Fees: $10/$100 + 5% per month
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot refinance)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: Bank charges (if disclosed); $20 collection charge; Court Costs; damages
Criminal Action: Not Specified

Where to Complain, Get Information:
Regulator: Ohio Division of Financial Institutions
Address: 77 South High Street, 21st Floor Columbus OH 43215
Phone: (614) 728-8400
Fax:
Regulatory Contact: Robert M. Grieser,, Deputy Superintendent for Consumer Finance
Regulator Website

lrhall41

Submitted by Shazzers on Tue, 07/22/2008 - 12:33

( Posts: 17344 | Credits: )

the most important thing to do is secure your money in your acco

the most important thing to do is secure your money in your account. make sure it at least has a hard block on it (there's a sticky about bank laws in different states.) that's often the hardest part. good luck, this board has worked miracles for me!! watch out for loan point usa, though - they're giving me an awful time!

lrhall41

Submitted by bea2ls on Tue, 07/22/2008 - 12:38

( Posts: 3840 | Credits: )

I too was in your situation four weeks ago. The people on this s

I too was in your situation four weeks ago. The people on this site are priceless! Take all advice they give you and FOLLOW IT! I can tell you Payday Loan Yes are jerks to deal with, but be strong with them! Impact cash was the easiest, once you send a C&D letter with a demand to only pay the principal they often reply immediatly and settle.

lrhall41

Submitted by mjj0613 on Tue, 07/22/2008 - 14:37

( Posts: 37 | Credits: )