Storefront PDL's Ohio

Your payday loan laws are below, hang tight and I will be back with more info.
http://www.paydayloaninfo.org/stateinfo/OH.asp

By the way, you only named three pdl's.

Checksmart seems to be the only member of the CFSA (Community Financial Services Association of America), this means you would be eligible for an EPP (extended payment plan), how that works is at the link below, there is also a link showing the members of the CFSA, you may want to call and ask the lenders not listed if they are members of the CFSA, because if they are, you would be eligible for EPP with all of them.
http://www.cfsa.net/MemberList.aspx
http://www.cfsa.net/public_education_campaign/guidelines/guidelines_extended_payment_plans.html

A payday loan limit is $500.00, however, you need to take another look at the contracts because some of these lenders may be operating as CSO's (Credit Service Organizations), if they are it means the sky is the limit, including the interest, unfortunately, therefore you REALLY need to make SOME type of payment arrangements with them. If they are auto debiting from your account you CAN revoke their right to debit your account BUT, you will then need to make payments some other way. Revoking ACH's is your right, the law regarding preauthorized transfers is below:
[QUOTE]
Electronic Funds Transfer Act
907. Preauthorized transfers
(a) A preauthorized electronic fund transfer from a consumer's account may be authorized by the consumer only in writing, and a copy of such authorization shall be provided to the consumer when made. A consumer may stop payment of a preauthorized electronic fund transfer by notifying the financial institution orally or in writing at any time up to three business days preceding the scheduled date of such transfer. The financial institution may require written confirmation to be provided to it within fourteen days of an oral notification if, when the oral notification is made, the consumer is advised of such requirement and the address to which such confirmation should be sent.
(b) In the case of preauthorized transfers from a consumer's account to the same person which may vary in amount, the financial institution or designated payee shall, prior to each transfer, provide reasonable advance notice to the consumer, in accordance with regulations of the Board, of the amount to be transferred and the scheduled date of the transfer.
[Codified to 15 U.S.C. 1693e]
[Source: Section 907 of title IX of the Act of May 29, 1968 (Pub. L. No. 90-321), as added by title XX of the Act of November 10, 1978 (Pub. L. No. 95-630; 92 Stat. 3733), effective May 10, 1980]

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[QUOTE=Shazzers;693518]Checksmart seems to be the only member of the CFSA (Community Financial Services Association of America), this means you would be eligible for an EPP (extended payment plan), how that works is at the link below, there is also a link showing the members of the CFSA, you may want to call and ask the lenders not listed if they are members of the CFSA, because if they are, you would be eligible for EPP with all of them.
http://www.cfsa.net/MemberList.aspx
http://www.cfsa.net/public_education_campaign/guidelines/guidelines_extended_payment_plans.html[/QUOTE]

I think the only one that isn't listed as a member is Ace Cash..the others I was able to find find the CFSA logo on their webpages. I would have to pick and choose who to do EPP with..they payment over 4 pay periods would be huge. Maybe if I can get the 800.00 paid down.

I decided to go ahead and register, thanks for the quick responses! Its nice to have someone to talk to and run ideas through!

I have inquired about the EPP (extended payment plan) with several storefronts including the ones you mentioned and I was told they no longer off extended payment plans due to the new ohio laws and because they are no longer payday loan companies - they operate under 'mortgage loan act'. I do know that cashland will work with you on an extended payment plan after it goes to their collection office.

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[QUOTE=Anonymous;693637]Thanks Lisa,
I wondered about that too. I don't get how they can operate under the mortgage loan act when they didn't give me a mortgage...I thought that was only in real estate??

I think we are just going to try to pay them off. I don't want to risk my bank account. I just need to find a good way to budget this![/QUOTE]

Because that is how the state told them to operate when the laws changed.

Fantastic site! tons of great info...im going to speak with an attorney tomorrow...hopefully we can all get some money back! Whos with me?

Good luck...

You never know if you don't ask, but all of the above mentioned companies were operating within the state regulations. Based on that, I hope that your attt does not charge you for the initial consultation.

If you have store front payday loans, then whatever finance charges they are charging you. It is legal, as they have the license to do the business in the state of borrower.