payday loans and fees
Date: Wed, 09/24/2008 - 20:47
ezpaydaycashdotcom, and arrowhead investments. i know i dug myself in a big hole. i owe a decent amount on all of
them. I was doing some digging on here and i saw articles regarding online payday loans not being licensed in certain
states.
now if that is the case with these loans, does that mean i dont have to pay the financing fee over and over again and i
just pay off the debt? example: i owe UCL $390 and i can only afford the $90 fee until i pay a couple other lenders off. if
they aren't(or any of the above lenders) licensed in PA, what does that mean? i dont know that much about these types
of things so i'm looking for any loopholes i can because these fees that don't even go towards the loan are killing me so i'm only able to pay a small amount. this is definitely something i will never be doing again! Also, how do i go about telling them I refuse to pay anymore finance fees and do i need any proof?
UCL: $300.
paid: finance fee, $90
oneclickcash $150
9-8 45
9-22 45
cashnetusa $150
8-25 33.75
9-8 83.75
9-22 50
UCfinancial/ezpayday $200
9-22 30.00
9-8 30.00
8-25 30.00
8-11 160.00
Please read the following information: - Quote:The following st
Please read the following information: -
Quote:
The following state allow an internet based payday loan company to lend legally as long as it is licensed in any US State. They would need to follow the laws of the state they are licensed out of, not the state the consumer is in. Arkansas Minnesota Pennsylvania Rhode island Tennessee Wisconsin |
As United cash loans or UCL has license in a US state, so it is permitted to lend in PA.
Please go through the pdls laws in PA: -
Quote:
Pennsylvania State Information Legal Status: Prohibited Citation: Check cashers are specifically prohibited from making payday loans under Check Cashing Licensing Act of 1998, ???? 505(a). Otherwise, consumer discount company act applies. 7 Pa. Cons. Stat. Ann. ???? 6201 et seq. Small Loan Rate Cap $9.50 per $100 per year discount or 24% per year |
From the above information it seems to me that you are obligated to pay only a sum of $9.50 per $100 annually which comes round to an interest rate of 24%p.a. In case, the pdl companies are charging you more than this, then you can file comlain with: -
Quote:
Regulator: Pennsylvania Department of Banking Address: Market Square Plaza, 17 N. Second Street Harrisburg PA 17101 Phone: (717) 214-8343 Fax: (717) 787-8773 |
Please correct me if I'm wrong in any of the above advice.
should i contact the pdls and tell them i'm not paying anymore t
should i contact the pdls and tell them i'm not paying anymore than 24%? money is going to be taken out of my account 10/6 and i want to make sure i'm not going to be paying more than i should like it seems with ezpayday and cashnetusa.
i live in iowa and have three payday loans at 700% interest. now
i live in iowa and have three payday loans at 700% interest. now they threatening to sell them off to a debt collector and they say what i owe will double . can they do this?
gtxcam, if you will start your own thread and list the following
gtxcam, if you will start your own thread and list the following information we will be more than happy to help you!
Your state (Iowa)?
Names of pdl's.
Internet or store front.
Amount borrowed.
Amount paid back. :)
theyre in iowa. the names are ameriloan, ftr processing, and gen
theyre in iowa. the names are ameriloan, ftr processing, and geneva roth capitol. not sure at the moment on amounts borrowed and paid