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pay day loans

Date: Wed, 12/31/2008 - 20:52

Submitted by anitakitchen50
on Wed, 12/31/2008 - 20:52

Posts: 16 Credits: [Donate]

Total Replies: 9


i have loans from loan shop /cimaron, gecc,centurian,sign my loan.net,pay day max,instant cash debit,i will never be able to pay these off are they legal and do i have any recourse they just keep rolling over


i live in michigan . i would have to research how much i have pd on each one but i have had them from 1 yr to 4 mos.i paysignmyloan.net/nlscash adv 61.00 every 2 wks for a 200.00 loan, centurian 120.00 every 2 wks for a 400.00 loan


lrhall41

Submitted by on Thu, 01/01/2009 - 17:30

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continuation- i also pay gecc/cash direct exelp you capress 89.00 foon a 400.00 loan and cimaron 90.00 an a 300.00 loan also i just got 2 debits of 89.00 on my acct for i co i never heard of and the # was disconnected i will call bank tomorrow i appreciate any h


lrhall41

Submitted by on Thu, 01/01/2009 - 17:35

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Here are the laws for MI:

Quote:

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


lrhall41

Submitted by beli2005 on Fri, 01/02/2009 - 05:16

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thank you this has been a nightmare and i am going to do my best too see to it that no one else makes the same mistakes. i am going to call mi dept of finance now and go to my bank.thank you for this info. i will keep you informed.


lrhall41

Submitted by on Fri, 01/02/2009 - 05:40

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i live in iowa and have loans from big limited,aip-wvvc, and payday loan yes, the fees are eating my check up and i have considered closing my account. what options do i have in iowa? what are the laws about closing an account?


lrhall41

Submitted by on Sat, 01/03/2009 - 10:32

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i just had a debit last week from aip-wvvc for 89.00 x 2. i filed a non authorized payment form with my bank because i do not know who they are. it was the first time i ever got a debit from them.the bank already put the money back in does anybody know who they are. thanks


lrhall41

Submitted by anitakitchen50 on Sat, 01/03/2009 - 12:07

( Posts: 16 | Credits: )