Payday loan rollover question
Date: Sat, 11/20/2010 - 09:20
I have 4 payday loans of $500.00 and an installment loan of $2500. I don't ever roll over the payday loans because it is cheaper to pay them off and take it back out again. This month I am unable to make the $860 payment on the installment loan. My question is does this pertain to me: See MO state guidelines below. "Upon each renewal...."? I don't know if it does because I don't roll it over, or do I?
Maximum Number of outstanding loans permitted at a time - Not Specified
Permissible number of Rollovers - 6 (upon each renewal the borrower is required to decrease the principal loan amount by 5% or more)
Maximum Number of outstanding loans permitted at a time - Not Specified
Permissible number of Rollovers - 6 (upon each renewal the borrower is required to decrease the principal loan amount by 5% or more)
Who are your loans through? Are they even legal in your state?
Who are your loans through? Are they even legal in your state? Are they via the internet or a storefront?
