payday loan help
Date: Mon, 09/06/2010 - 10:10
I currently have loans with Zip19 700.00 139.00 fee, CashUSA 400.00 150.00 fee and a company that I did not request one from payday yes 350.00 unsure of the fee. The last one just showed up in my account. I will not be able to pat them off come Friday due to an absence from work. How do I get myself out of this mess? My credit is already shot due to a divorce but I would like to repair it. I will add also that my bank account has now been comprimised due to my info being misused by the payday lenders. All are internet loans and I live in Ohio.
Well here's your state laws on PDL's: Ohio Payday Loan Laws
Well here's your state laws on PDL's:
Ohio Payday Loan Laws
State Legal Status
Lending of payday loan is considered legal (-Low Cost) in the State of Ohio.
Loan Specifications
- Maximun Amount of Loan - $500
- Term of Loan - 31 days
- Maximum Rate of Finance and Fees- 28% per annum
- Finance Charge on $100 loan for a 14 day period - $1.08
- APR for $100 loan for a 14 day period - 28%
- Maximum Number of outstanding loans permitted at a time - 1, 4 per year
- Permissible number of Rollovers - None
- Cooling-off Period - Limit of 2 loans in 90 days
- Repayment Plan - Yes, available. 60 days time period. No fees.
- Collection Fees - a) Bank charges (if disclosed); b) Collection aharge of $20; c) Court costs arising after default; Damages
- Criminal Action - Prohibited
- Regulator - Ohio Division of Financial Institutions
- Address - 77 South High Street, 21st Floor Columbus OH 43215
- Phone - (614) 728-8400
- Regulatory Contact - Robert M. Grieser,, Deputy Superintendent for Consumer Finance
You said your bank account was compromised - did you close it? If not I would definately put a block on it so it is deposit only, I think they call them hard blocks? Talk to your bank - mine was very helpful when I had issues with PDL's and put blocks in place. I didn't have to close my account, but my bank is fabulous about immediately reversing disputed charges, etc, so if something else shows up in the future I can take care of it.
I am in KS and I don't know much about Ohio....hopefully someone with more specific info can reply!
Good luck!
Zip19 and paydayyes are illegal lenders. You only owe them the
Zip19 and paydayyes are illegal lenders. You only owe them the principal amount borrowed.
Is the other one CashNetUSA? If so, they are legal and they offer an extended payment plan. Call them and tell them you'd like the EPP. They will divide your payments equally into 3 or 4 payments and no further interest will be added.