I would like some advice please...
Date: Thu, 10/02/2008 - 13:14
Here goes....
I live in the state of Michigan and have the following PDL's:
The Cash Spot (ACC), internet, $500 July 10, PTD $857.50
Geneva Roth, internet, $500 Sept 22, PTD $0.00
CashDirectExpress (GECC), internet, $600 Sept 22, PTD $0.00
I also have loans with:
ameriloan (internet),
Zip19 (internet),
OneClickCash (internet),
Check N Cash (storefront),
and Allied (storefront).
However, I entered into payment arrangements and October 10th will be my final payment to each of them. Hopefully that will be the end of it.
After taking out the new loans, I then found this forum (which is great by the way!) and have discovered all sorts of interesting information. I want to break the PDL cycle I have found myself in. I have every intention of paying back what I borrowed but as you've heard before, the fees are killer! Can someone give me advice about the laws in Michigan, whether these PDL lenders are legal, and what I should do next?
Thanks,
Julie
Here are the laws for your state: Michigan State Information
Here are the laws for your state:
Michigan State Information
Legal Status: Legal
Citation:
Mich. Comp. Laws 487.2121 et seq.
Loan Terms:
Maximum Loan Amount: $600
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee
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 with licensee or more than one with any other licensee
Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)
Cooling-off Period:
Repayment Plan: Yes
Collection Limits:
Collection Fees: One $25 returned check charge
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Michigan Office of Financial and Insurance Services
Address: P.O. Box 30220 Lansing MI 48909
Phone: (877) 999-6442
Fax: (517) 335-4978
The lender may have violated your laws when they roll over the loan.
Thanks for the law info! Do you, or anyone else, know where I ca
Thanks for the law info! Do you, or anyone else, know where I can find out if these companies are licensed in Michigan?
