In Oregon....Could I get some guidance??
Date: Tue, 12/02/2008 - 21:37
I currently have 11 PDLs out. I live in Oregon. They are all internet:
Cash Advance Network: $300 loan; pd approx $650 ($100 + 30 balance)
PayCheck Today: $300 loan; pd approx $650 ($100 + 30 bal)
Cold Cash Today: $200 loan; pd approx $400 ($50 + 15 bal)
Cashbanc: $400 loan; pd approx $800 ($85.00 bal)
Summit: $300 loan; 0.00 paid + $90 fees)
Impact Cash: $200 loan; 0 pd; + 90 fees)
MTE Financial: $300 loan; 0 pd + $75 fees)
EZ Cash: 300 loan; pd approx 650 (100 + 30 bal)
Star: 200Loan; pd $18.00 (200 + 18 bal)
500 Fast Cash: $350 loan; pd approx $210 (350 + 105 bal)
One Click Cash: 300 loan; pd 90 (300 + 90 bal)
I was originally going to go thru the assistance of PDL Assistance, but after reading more on this forum, have decided to try and tackle this myself. I have already closed by bank account with BOA and opened a new one with them.
Problem is, I need help!!! I know there are some letters that I need to send, like C&D and I believe debt validation letters (I also have 2 "atty" offices calling me on old Payday Loans. Can someone direct me where I can find these letters, and anything else I may find useful??
Hi and welcome, first we need to determine which lenders are lic
Hi and welcome, first we need to determine which lenders are licensed to lend to Oregon residents, which will require a little research. Here are the laws for your state:
Please note that Oregon requires Internet based pdl's to be licensed by your state, if they aren't, then it means they aren't legally lending to Oregon residents.
Quote:
Oregon State Information Legal Status: Legal Citation: 54 Or. Rev. Stat. Ann. ???? 725.600 et seq. Loan Terms: Maximum Loan Amount: Not Specified Loan Term: Min. 31 days Maximum Finance Rate and Fees: 36% apr interest, $10/$100 fee up to $30 Finance Charge for 14-day $100 loan: $13 for 31 day loan APR for 14-day $100 loan: 156% APR for 31 day loan Debt Limits: Maximum Number of Outstanding Loans at One Time: One Rollovers Permitted: Two (renewals) Cooling-off Period: 7 days after prior loan expires Repayment Plan: Collection Limits: Collection Fees: One $20 NSF fee + additional bank charges Criminal Action: Not Specified Where to Complain, Get Information: Regulator: Oregon Department of Consumer & Business Services Address: Division of Finance & Corporate Securities, 350 Winter St. NE, Rm. 410 Salem OR 97301 Phone: (503) 378-4140 Fax: (503) 947-7862 Regulatory Contact: Charles |
Thank you for your help. I have this info (that you just posted
Thank you for your help. I have this info (that you just posted). I am having trouble finding out wht is licensed here in my state. I am on the DFCS website,, and none of the companies are coming up.
I need to admit, I am really scared about getting these phone calls.
Thank you in advance to everyone!
I spoke to Mike with the Oregon Dept of Finance. He informed me
I spoke to Mike with the Oregon Dept of Finance. He informed me that all of my PDLs were illegal in the state of Oregon. What a relief. I have e-mailed letters out to 2 of the companies and have not received a reply yet. He informed me to not pay any monies to any of them; not even on the ones where I haven't paid any monies back. I kinda feel bad about that, so does anyone have any advice?
ezcashmedia
does any one know if ez cash media is legal in oregon, there interest is 998 percent , seems thats not a legal rate in oregon
The apr is a deceptive number. It is calculated using the fees
The apr is a deceptive number. It is calculated using the fees and principle, but it is also tied to the number of days that the loan was written. The shorter the time period, the higher the APR. That is the whole issue with the anti-PDL argument. The APR is a bogus, variable number that we are required to use due to Reg Z, TILA Disclosure.