Help in Ohio

Hi Tim,

Payday loans are a complete mess and unfortunately they are legal in your state Ohio! I feel that you had done the right thing by closing down your bank account. Now, they won't be able to debit any money from that account.

I'm not sure whether or not all the payday lenders that you've taken loans from are licensed in your state. You should contact your State Division of Financial Institution and they will let you know more about them.

It will be great if you find that they are not licensed to operate in your state as you will have to pay off only the principal balance in that situation.

However, unfortunately if you find that they are licensed, then you need to pay them the debts in full. In such a situation, it's better to settle the debts with them by negotiating with the payday lenders.

Take care.

Advance America and Check n go are legal in Ohio. You'll have to pay the principal amount together with the interests and fees. If you don't have money to pay off the legal loans, then try to arrange a payment plan with your lenders. Otherwise, you may approach a debt relief program for this purpose.

Closing and opening accounts time and again will not solve your problem.

You can contact with the Ohio Division of Financial Institutions to know whether or not pdl companies are licensed in your state. If they are licensed, then you will have to pay the principal along with interest and fees. On the other way, if they are not licensed, then you are required to pay the principal amount only. If you want to payback your debts, then you can contact with your lenders and negotiate with them. You may try to consolidate the debts with them. You may also enroll in a debt consolidation program.