Internet PDL in Indiana
Date: Fri, 10/24/2008 - 08:15
Hi Paul, Here are the payday laws for Indianna. From what I
Hi Paul,
Here are the payday laws for Indianna. From what I read a company must be licensed to lend in Indianna:
Quote:
Indiana State Information Quote: Legal Status: Legal Citation: Ind. Code Ann. ???? 24-4.5-7-101 et seq. Loan Terms: Maximum Loan Amount: $550 (not to exceed 20% of borrower's monthly gross income) Loan Term: Min: 14 days Maximum Finance Rate and Fees: 15%: $0-$250; 13%: $251-$400; 10%: $401-$500 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 per lender; Two total Rollovers Permitted: None (cannot renew, repay, refinance or consolidate) Cooling-off Period: 7 days after 6 consecutive loans Repayment Plan: After 3 consecutive loans, lender must offer an extended payment plan of at least four equal installments at no additional cost Collection Limits: Collection Fees: One $20 NSF fee; additional charges may apply when check or authorization to debit was used to defraud another Criminal Action: Prohibited Where to Complain, Get Information: Regulator: Indiana Department of Financial Institutions Address: 30 South Street, Suite 300 Indianapolis IN 46204 Phone: (800) 382-4880 Fax: Regulatory Contact: Mark Tarpey,, Supervisor, Consumer Credit Regulator Website http://www.in.gov/dfi/ |
You have taken all the right steps so far, I will check to see if any of the companies are licensed. Depending on the company, they may try to contact your employer or references, I have heard different sotries from everyone about this. In my case I was lucky & they only tried to call me...sending your letters by email is fine, you will have a papertrail. I faxed and emailed mine so I had a papertrail for both. I will check on the companies & be back in a few :D
Hi Paul, Here is what I have found out so far, I am still loo
Hi Paul,
Here is what I have found out so far, I am still looking for info on National Payday:
Sonic Cash - not licensed
Zip19 - not licensed
Star Advance - not licensed
Nationwide Cash - not licensed
Mycash now - not licensed
You are only morally responsible to pay back the amount you have borrowed. Once you figure out what you have paid to each company in fee's you will have a better idea if you owe them or if any of them owe you a refund. Once I have some info on National I will be back :D
Hi again, It looks like National Payday is illegal as well.
Hi again,
It looks like National Payday is illegal as well. So what you would need to do is find out if or how much you owe any of the companies or if they owe you. You might not get a refund, but it never hurts to ask
Update
I owed Soniccash 800 and have paid 580
I owed Zip19 500 and have paid 240
I owed Star Advance 100 and have paid 73.30
I owed NationwideCash 500 and have paid 542.50
I owed MyCashNow 500 and have paid 602.08
I owed NationalPayday 300 and have paid 375
I just is so bad to see it in writing. I just can't believe I have done this. Thanks for your help.
Your welcome, from the looks of it you owe 3 companies & 3 owe y
Your welcome, from the looks of it you owe 3 companies & 3 owe you:
Sonic cash - you owe $220
Zip19 - you owe $260
Star advance - you owe $26.70
Nationwide Cash - owes you $42.50
Mycashnow - owes you $102.08
National Payday - owes you $75
Believe me I know how you feel, when I sat down & looked at the loans I had (there were 11) I found out that I was paying about $2200 a months just in fees & payday downs. It was a wake up call...
further question
With an illegal PDL that I still owe principal on, can I go back and show where I overpaid interest to them on a previous loan and apply the overage to my current principal? As is, I still owe SonicCash 220 but I repaid my debt and 200 in charges on a previous loan a few months ago ... could I just pay the remaining $20 and be done with it ?
You can try, but I don't think they will do it. I tried on 2 of
You can try, but I don't think they will do it. I tried on 2 of mine because I had way overpaid & they would have owed me a refund, but I couldn't get them to budge
Quote:With an illegal PDL that I still owe principal on, can I g
Quote:
With an illegal PDL that I still owe principal on, can I go back and show where I overpaid interest to them on a previous loan and apply the overage to my current principal? As is, I still owe SonicCash 220 but I repaid my debt and 200 in charges on a previous loan a few months ago ... could I just pay the remaining $20 and be done with it ? |
I wouldn't pay anything above and beyond the principal amount period. I would apply all interest and fees I had paid to the principal amount. If you have over paid, ask for a refund, all they can do is say no. And they will continually claim you owe them more, more, and even more whether you pay them above and beyond the principal amount owed. That's how illegal lenders operate.
Heres a good question...if a PLD place is not licensed in my sta
Heres a good question...if a PLD place is not licensed in my state and i take a loan from them. Do i have to pay them back?
morally/ethically, however you want to look at it, you should at
morally/ethically, however you want to look at it, you should at least pay back what you borrowed, that it up to the individual.
I agree with Dawn, we always advocate paying back at least what
I agree with Dawn, we always advocate paying back at least what you borrowed.
update
I sent an email to all lenders. I have only heard from 3 of them.
Star Advance sent me a nasty letter. Rather than responding with the information requested they told they would just chalk it up to bad judgment and told me to "just keep it". They did not give me a physical address or any of the things requested in the letter.
Soniccash said that my loan was with Sonic Cash LLC and that a separate business entity Sonic Cash Inc. had taken them over. They said they intend to obey all laws of the state they make the loan in. They said my loan had been written off. They were very nice, but did not offer a refund. I am more than satisfied.
Nationwidecash.com called me today. A very rude lady called wanting the money and said that my account was showing as closed (and I confirmed that it was indeed closed). Every time I would say anything, she would mutter off something rude about me and then put me on hold. The final time she came back from hold, she hung up on me. I have requested to only be contacted via email and USPS. I filed an complaint today with the Attorney General.
I have not heard from the others, feel like I am waiting for the other shoe to drop.
further update
I got an email from ZIP19 with 2 attachments. One was the original electronic loan document, the other was a letter saying that they operated under the laws of Malta, not Indiana.
They are wanting $500 by December 30. The problem with ZIP 19 is that they do not do renewals, rather they do same day re-loans. So I was required each time the loan came due to pay off the entire loan plus fees/interest and the request an immediate re-loan, rather than just paying interest and fees and extending the same loan. This is in reality just a renewal, but the way they have set it up it looks like a brand new loan with principal money constantly being passed back and forth. They are making it look like all I have to do is pay back the original principal amount of $500, but the truth is I have already paid them $240 with the fees that came due with these same day re-loans. Am I just stuck or what can I do. ANd what about the laws of Malta, will they sue me in Malta and do I care? Thanks for any help.
Hi Troubled, Because the company is based out of Malta, they
Hi Troubled,
Because the company is based out of Malta, they are illegal here. There is nothing they can do to you except make phone calls & send emails. Offer them $260 to pay back the principal amount and ask for an address to send a money order to. If they refuse, then its on them. At least you are making the attempt to pay them back.