PDL Nightmare!
Date: Thu, 07/01/2010 - 05:57
Magnum Cash Advance. (online) I have paid thme appx. 600 and have 600 left. I had to renew for more money just to keep paying them.
Collect500 (online) have paid 140 (which is only the fee) and owe 540.
First Bank of Delaware (online) I don't think this is really a bank. I borrowed 800 from them and I am currently paying double that back! I have paid 539 so far and still have 18 payments of 89.99 left! Which means I still owe over a 1000 for a 800 loan. The finance charge is ridiculous. Only about 20 of each payment is going to the original loan.
I am in desperate need of help...not judgement. This was my first experiences with PDL's and I have learned a valuable lesson.
Your payday loan laws are at the link below: paydayloaninfo.org/
Your payday loan laws are at the link below:
paydayloaninfo.org/stateinfo/VA.asp
Internet payday lenders are not legal in your state, either because of restrictive laws, or because the state does not license companies not located in that state, but requires a state issued license to lend.
FBD is not a payday lender, they provide installment/personal type loans and are not required to follow the payday loan laws. The only way to know for certain if they are lending to your state residents legally is to contact your Virginia Bureau of Financial Institutions at 804-371-9657, or contact the Delaware Office of the State Bank Commissioner at 302- 739-4235 and ask.
The small loan act or licensing law in DE has very lax laws, there is no limit on finance fees.
Anyway, the other two lenders are not licensed lenders, CLICK HERE to find out how to deal with illegal lenders.
I am going to do some research on FBD and will hopefully return with more information and a better explanation of why they are extending loans legally to your state residents.
By the way, what is the interest rate and/or fees on your FBD lo
By the way, what is the interest rate and/or fees on your FBD loan?
I copied and pasted what I have from thier website. Thanks so m
I copied and pasted what I have from thier website. Thanks so much. I will get started on the other two immediatley.
ANNUAL
PERCENTAGE RATE
The cost of your credit as a yearly rate.
258.81%
FINANCE CHARGE
The dollar amount the credit will cost you.
$1,360.09
Amount Financed The amount of credit provided to you or on your behalf.
$800.00
Total of Payments
The amount you will have paid after you have made all payments as scheduled.
$2,160.09
I emailed your state DFI, as soon as I receive a response I will
I emailed your state DFI, as soon as I receive a response I will post it here.
Yes! I can't believe I was sooo stupid. I am looking into c
Yes! I can't believe I was sooo stupid.
I am looking into closing my bank account now, I hate to do this because I don't want to default on the FBD loan knowing now that they are legal. My check is also deposited into this account directly. I am with Bank of America. For those that have been in this situtation, do I need to completely change banks and close ALL accounts with this bank (I have 2). I have been banking here for 20 plus years...