Have 2 internet payday loans....
Date: Mon, 02/21/2011 - 05:28
I have 2 internet payday loans that I've been paying interest only on for over 2 months now. I'm finding it extremely difficult to pay them any more than what the finance charges are.
I live in Florida and have the following 2 internet payday loans:
One Click Cash- Borrowed $400 + $120 finance charges every two weeks.
Advantage Cash Services- Borrowed $200 + $60 finance charges every two weeks.
Can anyone tell me if any of these are legal and if not, how I can go about dealing with them?
Thanks in advance for any help on this matter.
I appreciate it.
Florida law requires all payday lenders to be licensed in the St
Florida law requires all payday lenders to be licensed in the State of Florida regardless of their geographic location. The law also puts a cap of 18 percent on all small loans. Unlicensed lenders cannot legally collect loans in Florida. Those lenders, as far as I can tell, are not licensed. Rollovers are not permitted. If you close your checking account and get control of your life you can deal with these lenders on a one on one basis. You have probably paid back more that what you borrowed plus 18 percent. That is your obligation morally if not legally.
If someone posts Florida laws from this site on here they are not for internet lenders but for storefronts like Amscott that are only allowed ten percent. Do you have a loan with Amscott also? I would almost bet that you do. If not. why did you go to the internet first?
Thanks frogpatch for responding. Yes, I do have one other "licen
Thanks frogpatch for responding.
Yes, I do have one other "licensed" lender and that is Cashnetusa.
With the discount I get from them, I am only paying a $38 finance charge for a $500 loan. This is much more realistic than the two mentioned above, and $13 less than what I would pay Amscot. The only drawback is that once they take the full amount out of my account every payday, I have to wait about a week before I can renew it again. And unfortunately I always have to renew because I can't afford paying them off in full right now as long as I have these other two online lenders.
Just wondering, if I close my checking account, I believe I could work with Cashnetusa on a "one on one basis" as well, correct?
The next payments are due to be taken out this Friday. Is it too late to close my account? Should I wait until after these next payments clear my bank before closing the account? Also, would I be charged NSF charges by my bank for when all the lenders try to take the money out of my account on Friday?
I'm sorry for all the questions, but I'm a little nervous about going about it.
Thanks again.
