Pay Day Loan Help in NY
Date: Wed, 09/17/2008 - 14:18
Hi,
I knew payday loans were bad news but I thought I could handle it. Of course I couldn't. I am grateful for the opportunity to present my problems and appreciate any help and advice I receive. I live in NY.
I have 5 payday loans.
FTR Processing 200.00
One Click Cash 500.00
The Cash Spot 400.00
First Cash Advance 300.00 (but not sure)
my cash now 475.00
MCN, One Click and The Cash Spot I did business with for a while. I paid them off a few times and got new loans. The other companies I only borrowed from once. Because I couldn't pay my regular bills and I was afraid of losing my car, I closed my checking account with my credit union. They know why and will not let any more charges through. If you don't count the other loans that I already paid off, I still owe some of the principal to the three I mentioned. The other two I believe that I have paid enough in fees and interest to have paid them off.
I haven't received much in the way of collection activity from these companies and it actually is scaring me more than if they were calling me non-stop. I am wondering how I should proceed with the situation. I will try to find my bank statements tonight and come up with some firmer numbers of what I have actually paid.
I understand now that these loans are illegal in NY and I am wondering if that means that I am not liable anyway.
Thanks for any information.
Kittie
I knew payday loans were bad news but I thought I could handle it. Of course I couldn't. I am grateful for the opportunity to present my problems and appreciate any help and advice I receive. I live in NY.
I have 5 payday loans.
FTR Processing 200.00
One Click Cash 500.00
The Cash Spot 400.00
First Cash Advance 300.00 (but not sure)
my cash now 475.00
MCN, One Click and The Cash Spot I did business with for a while. I paid them off a few times and got new loans. The other companies I only borrowed from once. Because I couldn't pay my regular bills and I was afraid of losing my car, I closed my checking account with my credit union. They know why and will not let any more charges through. If you don't count the other loans that I already paid off, I still owe some of the principal to the three I mentioned. The other two I believe that I have paid enough in fees and interest to have paid them off.
I haven't received much in the way of collection activity from these companies and it actually is scaring me more than if they were calling me non-stop. I am wondering how I should proceed with the situation. I will try to find my bank statements tonight and come up with some firmer numbers of what I have actually paid.
I understand now that these loans are illegal in NY and I am wondering if that means that I am not liable anyway.
Thanks for any information.
Kittie
In NY, pdls are prohibited. Quote:New York State Information
In NY, pdls are prohibited.
Quote:
New York State Information Legal Status: Prohibited Citation: Licensed lender law applies but interest rate is that agreed to by contract. N.Y. Banking Law ???? 340 et seq. A check casher licensee cannot make loans nor cash or advance any moneys on a post dated check unless it is a payroll check. N.Y. Banking Law ???? 373. Criminal law sets the usury cap at 25%. N.Y. Penal Code ???? 190.40. Small Loan Rate Cap 25% per year |
As far I know, you're only obliged to payoff the principle amount you borrowed from the pdl.
Any complaints regarding pdls can be done to: -
Quote:
Regulator: New York State Banking Department Address: One State Street New York NY 10004 Phone: 1-877-BANK-NYS Fax: Regulatory Contact: Regina A. Stone Deputy Superintendent |
