Payday loans
Date: Wed, 06/16/2010 - 19:40
I live in Maryland how much interest can a company charge on a payday loan. I'm in default but I think some of these interest rates are outrageous. Can someone let me know?
They can charge you 2.75% interest per month, 33% interest per y
They can charge you 2.75% interest per month, 33% interest per year.
Is the payday lender a internet lender or a storefront? Before you report the lender for charging too much interest, you should go to the Maryland Department of Labor, Licensing, and Regulation (Office of the Commissioner of Financial Regulation) and make sure that the lender is licensed to lend in your state. If the lender isn't licensed then you only owe the principal.
Quote:Originally Posted by Gemini5255I live in Maryland how much
Quote:
Originally Posted by Gemini5255 I live in Maryland how much interest can a company charge on a payday loan. I'm in default but I think some of these interest rates are outrageous. Can someone let me know? |
pdl's are prohibited in MD,but they could be a CSO(credit service organization).please list the following.
names of each lender
amount borrowed from each
amount debited by each
please provide the info requested and we can help you here.
