Ohio Laws for PDL | DebtConsolidationCare

anonymous · 2010-08-26T08:01:30-07:00

Hi there, I have a question, that I am hoping someone can answer. When I look at the PDL laws for Ohio- it indicates it is unlawful to loan more than $500. However, I have 2 storefront PDL that are $800-- and a loan from Cashnet ( internet) that is $1200. Do I have any recourse in settling these debts for the amount the law allows? I am not a dead beat, but need help in managing a helpless situation :( Thank you in advance!

Who holds your storefront loans? Is your internet loan from Cas

Who holds your storefront loans? Is your internet loan from Cashnet or CashnetUSA?

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lrhall41

Submitted by OhioGal1 on Thu, 08/26/2010 - 09:05

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I am guessing that your storefront is not a PDL, but an installm

I am guessing that your storefront is not a PDL, but an installment loan.

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lrhall41

Submitted by PDLOwner on Thu, 08/26/2010 - 10:25

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First Choice and Checksmart are the store front loans. CashNetU

First Choice and Checksmart are the store front loans. CashNetUsa is the internet loan...

Thanks!

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lrhall41

Submitted by on Thu, 08/26/2010 - 12:29

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As for Checksmart, they are member of CFSA and they will give yo

As for Checksmart, they are member of CFSA and they will give you EPP if you ask for it. I don't know about First Choice.

About your internet loans, Cashnet USA is licensed in Ohio and they follow your states' laws. Somebody might come with more info.

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lrhall41

Submitted by paulcahill80 on Thu, 08/26/2010 - 13:39

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You should be able to get an extended payment plan for both Chec

You should be able to get an extended payment plan for both Checksmart and CashnetUSA. I've never heard of First Choice. Is this a PDL?

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lrhall41

Submitted by OhioGal1 on Thu, 08/26/2010 - 13:44

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[LEFT][COLOR=#000000]The 2008 law limits the amount borrowed to

[LEFT][COLOR=#000000]The 2008 law limits the amount borrowed to $500, mandates that borrowers cannot have more than one outstanding loan at a time and limits borrowers to four loans per year. Loans also have a minimum payment time of 31 days, and there is also a cooling-off period that prohibits making more than two loans to a single borrower in 90 days
Read more:

I found this information while doing research. If I am reading this correctly there is a cap of $500, and other laws apply. Am I on the right track, or, totaly missing something here???
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