Storefront PDL in MI
Date: Tue, 12/02/2008 - 06:16
I have two PDL store front loans in MI. They have a repayment plan, but you have to pay off the loan in three payments. This is 225 per payment. Anyone have any sugestions on how to lower the payments?
In case of store front payday loans, you have to follow the pdl
In case of store front payday loans, you have to follow the pdl laws of MI. PDL laws of Michigan are: -
Quote:
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 |
In case you want to lower your payment then you may go for debt settlement.
You can also go through the different debt relief options available to you in the following page: -
debt solutions - 3 steps and 5 ways to do it
