Need Help Getting Out of PDL Cycle in Louisiana
Date: Wed, 06/01/2011 - 10:28
Nothing is past due as of yet but I cant pay these fees any longer. I do want to pay my debts but just on a payment plan and without the interest if at all possible.
They are as follows:
United Cash Loans-internet
Speedy Cash- internet
Plain Green Lending- Internet Installment Loan
Ace Cash Express-storefront
Paycheck Loans- storefront
I have not closed my bank account but I have already opened a new one in case I need to. What is the best way to start this process so that I may start to keep my hard earned money but still start to pay this stuff down?
Plain Green will tell you that you agreed to tribal laws. Did yo
Plain Green will tell you that you agreed to tribal laws. Did you take the loan while they are PG or when they were Think Cash? It's important because ThinkCash is a legal installment loan backed by a bank and thus the FDIC. I believe your storefront loans are legal as long as they're abiding by the following law.
Louisiana Payday Loan Laws
State Legal Status
Lending of payday loan is considered legal in the State of Louisiana.
Loan Specifications
- Maximun Amount of Loan - $350
- Term of Loan - 60 days
- Maximum Rate of Finance and Fees - Documentation fee of $5 + $45 or 16.75% of check (whichever is greater); You have to pay 36% p.a if your default period is anything between 1 to 12 months or 18% p.a if default period is beyond 13 months)
- Finance Charge on $100 loan for a 14 day period - $25
- APR for $100 loan for a 14 day period - 650%
- Maximum Number of outstanding loans permitted at a time - Not Specified
- Permissible number of Rollovers - None (Cannot rollover or renew. But the licensee can accept 25% of the total advanced amount to the debtor as partial payment along with the fees and then can enter into a new loan.)
- Collection Fees Amount - 1 NSF fee amounting to actual bank charge (only if disclosed) + greater of 5% or $25 (only if disclosed) + costs of court + fees of a reasonable attorney
- Criminal Action - Prohibited
- Regulator - Louisiana Office of Financial Institutions
- Address - P.O. Box 94095 Baton Rouge LA 70804
- Phone - (225) 925-4660
- Fax - (225) 925-4548
- Regulatory Contact - John J. Braud, Deputy Chief Examiner
Thanks for the advice. I had a previous loan with Think Cash but
Thanks for the advice. I had a previous loan with Think Cash but paid in full before they switched over. My new loan with Plain Green was initiated newly with Plain Green. Any advice on handling them if they say I agreed to tribal laws? Also any advice on United Cash Loans or Speedy Cash would be great since they are internet loans.