Pay Day Loan Question
Date: Sun, 05/15/2011 - 17:12
I foolishly took out payday loans because my credit is poor. I was moving so needed moving money, rent money for a partial month plus the next month's rent. I didn't want the checks to bounce so took out a small payday loan but because the amount really wasn't large enough, I took out another. Then I needed new tires and ended up taking two more. Now I have four and the fees alone are killing me. I live in Ohio, and the loans are from: Sure Advance (400), Cashjar (500), American Web Loan (600) and Cash Direct Express (500). I don't know what to do and need advice. They are all internet loans. Also, one of them (Cash Direct Express) I don't recall signing anything, but since they deposited the amount, I will pay it back. Is doing one large loan to consolidate the answer? It's the fees that make it difficult..... Thank you.
Payday lending is legal in Ohio. However, I'm not sure whether o
Payday lending is legal in Ohio. However, I'm not sure whether or not the payday lenders as mentioned by you are licensed to operate in your state. I'll suggest you to contact the Ohio Division of Financial Institutions in order to find out if they are licensed to operate in your state. If they are not licensed to operate in your state, then you need to pay only the principal balance to them. You won't be liable for paying any other fees or finance charges.
You can check the legality of your payday loans at "http://www.p
You can check the legality of your payday loans at "http://www.paydayloaninfo.org/state-information/43"
Thank you for the responses. I got home too late to call Ohio Di
Thank you for the responses. I got home too late to call Ohio Division of Financial Institutions today but will do it tomorrow. Aubrey, I went to the link and hoping you or someone can help me. I took out 4 in two weeks time, and one is $600. All contrary to the website. Also, what do they mean by 'fees'? Is it the amount charged to give me the loan and what is deducted when you don't pay on the principal? And it sounds like I have 60 days to pay each, with no fees, so does that mean principal, or if the payday loan says it's interest and fees, do I need to figure out what portion is interest? I'm so confused. My other problem is that this website says no rollovers, but because I have 4 I need to roll over all of them this pay period and hopefully pay off one at my next. But I will definitely need to roll over two. Thanks.
I went to the OH Division of Financial Institutions website,and
I went to the OH Division of Financial Institutions website,and it doesn't look like any of the loans were by lenders that are legal in OH. I was told to call back tomorrow since the guy I need to talk to wasn't in, and I'm going to try to see if I can get some advice from him and to verify what I am seeing. If so, does that mean principle only? This pay I will be able to cover the fees, but my rent is coming up and there is no way I can pay my rent and the fees- they're over $500. So would you recommend I make the account deposit only and tell them I will work out a payment plan per OH law? This has been so stressful it's literally making me sick.
The principal amount will be the amount that you have received f
The principal amount will be the amount that you have received from the payday lender. If the lender charges any extra fees or finance charges on top of it, then you won't be liable for paying it as the payday lenders are not licensed to operate in your state. You can negotiate with them so that they can offer you a payment plan as per the Ohio laws. This will help you in getting rid of your debts.
I feel really hopeless now. I just spoke to Alex at consumer aff
I feel really hopeless now. I just spoke to Alex at consumer affairs and he told me since Ohio doesn't have any internet payday lenders I basically got into a contract with them on my own and anything they charge etc.. I have to deal with. No help whatsoever. If I wasnt at work I'd probably be bawling my eyes out. I don't know what to do anymore.
They are illegal in your state, therefore, any contract isn't en
They are illegal in your state, therefore, any contract isn't enforceable. Treat it like everyone else has treated illegal loans. Just repay what you borrowed. The guy at consumer affairs is an idiot.