payday loans
Date: Wed, 10/01/2008 - 17:34
Does anyone know how they deal with a payday loan that you do not need a checking account to get? What can they do if you default? I live in Ohio and it is a starefront. Thank you.
payday loan laws of ohio Quote:Loan Terms: Maximum Loan Amo
payday loan laws of ohio
Quote:
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 |
What they can do to you? Then can take the same steps as any other unsecured loan giving company can. Quote:
If you default on your payday loans, the lender can take the same action as any other unsecured creditor to enforce a defaulted debt. Generally, their collection efforts will start with telephone calls and dunning letters demanding that you pay the balance of the loan. |
dmjtb if you go into the store front BEFORE you default, you can
dmjtb if you go into the store front BEFORE you default, you can request the EPP (Extended payment plan), this way you will be able to pay off the loan in four equal payments on each of your paydays. I would opt for that first if I were you, you are only eligible for the EPP if you request it BEFORE you default (at least one day prior), provided the store front is a member of the CFSA.
