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payday loans

Date: Fri, 04/10/2009 - 21:52

Submitted by anonymous
on Fri, 04/10/2009 - 21:52

Posts: 202330 Credits: [Donate]

Total Replies: 9


Do you know if companies or states actually check how many loans people have out? Is it examined each year or anything? Some states say to only have one out at a time. Seems like most stores don't even ask...some do. If so could you get into trouble if you have more than one? :lol: :lol: :lol:


It depends if the state requires the lenders to be placed in a database.

I don't think you can get in trouble for having more than one. I would think is the state requires them to use the database and they don't, they could be in trouble.

If you give us more information like the state you are in and the name of the companies we can help further.


lrhall41

Submitted by nohiogal on Sat, 04/11/2009 - 03:41

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Thx Hanna. I see...well quik cash, moneytree, and speedy cash in colorado. I just found out you are to only have one out at a time, just seems strange no one really stressed that. I just thought they could cross check a system and I could be in trouble or something. Of course now it's going to take a few paychecks to get rid of having to use them


lrhall41

Submitted by on Sun, 04/12/2009 - 18:52

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I assume these are store fronts.

Speedy and Moneytree are CFSA members which mean you can request an EPP, Extended Payment Plan. You can spread the loans over four payments over four paydays.

You need to request the loan at least one day before it is due and before you default.


lrhall41

Submitted by nohiogal on Mon, 04/13/2009 - 01:59

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The answer to your questions is one of the following:

a) The law allows one loan per lender (I believe this is the case)

b) If it is one loan period, the borrower would have to sign an "affidavit" to the effect that they have no other loans outstanding.

c) The company does not utilize the state database and in turn is illegal (99% positive this is not the case)


lrhall41

Submitted by PDLOwner on Mon, 04/13/2009 - 06:37

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the affidavit part was in play in IL.i guess it varies state to state.


lrhall41

Submitted by paulmergel on Mon, 04/13/2009 - 06:48

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I know in January 2009, the state of Virginia implemented this internal PDL database. If you customer tries to apply for a new loan with other outstanding, they will get declined. I seen it happen this January. This screws the people who are taking one loan to pay another. I think it is a direct way to enforce folks to stop using PDL unless absolutely necessary. :roll:


lrhall41

Submitted by Cool_Abyss on Mon, 04/13/2009 - 09:58

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