epps under new ohio law????
Date: Mon, 04/27/2009 - 15:54
can anyone help me out??
please??
i live in ohio where storefront pdls are now "small loans" or "mortgage loans". the loans i have are all licensed in the state, and each is still listed as a member of cfsa (except ace cash express, which is fisca) on their websites!!
the loans are with checksmart, ace cash express, and check'n'go.
i have called the corporate offices of each and have asked if they still allow epps under the new ohio law, since they are still members of cfsa and/or fisca.
all corporate numbers have told me, yes, they still allow epps.
but the storefronts are telling me they no longer offer them, because they are no longer offering "payday loans."
i have another loan, with cashland, and they DO still offer the epp, so no problem there.
but i don't know what to do with the other three. if corporate tells me one thing, and the stores tell me something else, how do i get out of this mess?
i am sure the people at the storefronts - very nice people, actually, who have always tried to help me out (i have absolutely no grievance with any of them) - will likely tell me "corporate is wrong" or that "only their stores outside of ohio" remain cfsa / fisca members.
please someone with experience help me out here.
oh - and i am not in default with any of these loans. i can continue the cycle for some time - but i DON'T WANT TO.
I WANT OUT.
help me please!!!
They are both right. The new loans are not payday loans. They
They are both right.
The new loans are not payday loans. They are loans that fall under the small loan act that do not have any guidelines about EPPs.
So when you ask corporate if they allow an EPP for payday loans they are telling the truth. The issue is that the loan you got was not a payday loan. It was a loan under the small loan act.
I don't think most of the big PDL store fronts in Ohio are even doing payday loans anymore because of the law that capped the intrest rate. They all moved on and got new licenses to lend under the small loan act or closed the stores.
The law to cap payday loans was hasty in Ohio. It needed done BUT they never looked into the small loan act that is even worse as the interest rate is better BUT they can tack on fees per amount you borrowed where the old payday loan law was high when you think of a yearly rate but now instead of just interest they can charge a fee.
that's the thing...when i called corporate, i asked if i could i
that's the thing...when i called corporate, i asked if i could invoke an epp under the new law for the loan i've received. they said yes. i didn't ask about an epp for a payday loan.
but the bigger question is, if i can't invoke the epp, what alternative do i have? it seems rather shady that they will no longer work with you in any way... (more shady than legal pdls usually are, anyway).
Well then I guess my question qould be did you go back or call t
Well then I guess my question qould be did you go back or call the store and tell them that corporate said you could do an EPP and why are they refusing to do it?
If you have then call corporate back and tell them that you have requested and EPP at the store but they are refusing to let you.
