Ohio Online PayDay Loan

Rollovers are not allowed in Ohio. Check N Go has broken the law.

Since the lender has broken the law, inform them in writing that you know rollovers are illegal in the state of Ohio and request a refund of the money you paid over and above the normal fees.

I also read that they are not allowed to lend more than 500...Is this true as well.
I'm fearful that even if I send them a letter, they will still deduct the full amount from my account as the loan is due tomorrow and I do not want to close down my bank account...I just got a new account literally on Monday due to someone from Georgia hacking into my account.

I'm reading on some threads that you only have to pay the principal....with no fee's at all? However, I am of course willing to pay what I agreed to, which was the $1000, with $279 in fees.....I just want the refinance amount of $279 to go towards what I owe.

this is not a pdl.it is an installment loan and the pdl laws do not apply here.like it or not this is techincally a legal loan,and therefore need to come to an arrangment to pay this.

No it's not an installment loan ?? It's a payday loan. What makes you say it is an installment loan?

This is copied and pasted right off of my account from the Check N Go website:
12504689Payday Loan$1,000.0012504689Payday Loan$1,000.0012504689Payday Loan$1,000.0012551305 Payday Loan$1,259.5803/02/2012 (1 days)Open / Ongoing
Loan # 123345 - Product: Pay Day Loan - Amount Borrowed: $1000. Amount Due: $1259.58


Personal Account Info Removed For Your Protection! - OG1

In fact I just pulled up on papers off of Check N Go's website and it indeed says the product is a PayDay Loan.

I sent an email to Check N go and spoke with my bank...My bank manager said that even if I completely close my account....and open a new one, I would be charged a fee everytime Check N Go tries to debit my old account ????

I have several things to say.

1. Stephanie, based on your loan papers, which you linked to in your post above (and I deleted because you should NEVER post something with so much personal information on a public forum!), Check 'n Go is acting as a CSO. This is not a payday loan so the payday loan laws for Ohio do not apply.

2. As for the rest of you, this is why we ASK QUESTIONS before giving answers.

3. This is a legal loan and you are required to repay it. If you can't afford to pay the full balance, CnG will break it into payments for you (usually 4 equal payments) that will be due over your next 4 pay dates.

4. Check 'n Go generally honors ACH revocations.

5. If you can't afford the extended payment plan as outlined in number 3, email CnG and let them know that you are revoking ACH permission specifically to force the account to collections. Then, contact collections to set up a payment arrangement.

I absolutely 100% do not understand how this is not a PDL. (P.S. I did not realize I linked my loan documents) I was just trying to show that it says the product was a PayDay Loan. When you go to Check N Go's website, you have two options...a PayDayLoan or an installment loan. My account activity all states, PayDay Loan....I'm very confused about this.

Read your contract. It states that CnG is acting as a Credit Services Org. They charge you legal interest rates, but then they charge you a CSO fee. This is the loophole in Ohio.

hey i am the one who bought up the fact that was an intsallment loan.i thank ohiogal for bringing up specifics about repayment as i didn't know those particulars,but i knew it was not a pdl.

The 'verbage' that they use on their website is very confusing. I didn't know that being a CSO meant that the loan was then not considered a PDL. So that means that any loan at all from a Check n Go is not a payday loan ??

I spoke with Check N Go this morning. They stated to me that I took out a Pay Day Loan from them and that they are the direct lender. I asked specifically, "do you function as a CSO" and the lady said, "No absolutely not."

She then proceeded to tell me that it does not matter what state you live in or what state you borrow from, that when you rollover a loan it does not go towards the principal of the loan in any way. You must still pay the full loan plus all associated fee's.

READ YOUR CONTRACT!!!

You signed a CSO agreement. When you posted it on this forum, I read it. Why won't you?

i think steph is looking for some way out of this loan.me and you ohiogal are posting real info that she doesn't want to hear or read.this is a legal loan.it is under a CSO agreement,and the pdl laws do not apply.she is just grasping at straws now,and it does irk me.

Stephanie,

You can review info on Ohio Cash Advances from Check 'n Go here.

See, what you have is a "cash advance" where CnG is acting as a CSO. It's very clear on their website.

The terminology can be a bit confusing, but the terms are laid out very specifically.

[QUOTE]Ohio Cash Advance Rates and Terms

Credit Services Organization
Online cash advances in Ohio are made by NCP Finance Ohio, LLC. Credit approval is subject to the lender???s credit standards. Actual loan terms (including maximum advance amount) may vary by applicant. The lender may require certain supporting documentation with each new application. Complete disclosures of APR, fees, and payment terms are provided with each advance and are available from the lenders. For cash advances in Ohio, applicant must retain Check ???n Go as a credit services organization.

Maximum Cash Advance Amount
The maximum online loan amount for Ohio residents is $1500.00. The maximum store loan amount for Ohio residents is $1000.

Cash Advance Terms
The minimum loan term is 10 days and the maximum loan term is 40 days. Only one loan is permitted at Check 'n Go.

Extensions
You may extend your loan up to a maximum of 7 times. To extend your loan you must pay the current loan fee before the full amount must be satisfied. After paying the original loan fee, you will be contracted for an additional loan for which you will be charged an additional loan fee. Extension requests must be made 2 business days prior to your due date. You can request an extension by logging into your account or by calling customer service at 1-800-723-7022.[/QUOTE]

@Paul - First of all I'm NOT trying to get out of anything. I am fulling willing to pay Check N Go my debt. Secondly, if my posts irk you, don't read them. I have no time for your judgement. I came here seeking information.

Ohiogal - I did read the contract. It is quite confusing when you go to the website and the link you click on says, "PayDayLoan", it is further confusing when you speak with a Customer Service Rep to try to resolve things and they "apparently" don't know what they are talking about, saying that they are not a CSO and that I have a PayDayLoan with them. At this point I still don't even understand what a CSO is and how that creates a loop hole. However, I will do my research as I wouldn't want to irk Paul.:roll:

Let me see if I can help.

Ohio has specific laws regarding the fees/interest rates and amounts of loans that can be charged in Ohio for payday loans or short-term loans / cash advances.

A CSO will charge the correct fees/interest rates, etc. in order to be in compliance with those laws, but will then charge an additional CSO fee, which as of now is legal in Ohio.

So you're only paying 28% APR on the loan, which amounts to $1.08 for every $100 but then they'll charge an additional $25-30 fee per hundred you're loaned.

Until enough people complain about the CSO loophole, this will continue.

stiil the fact that you do not acknowledge this is not a pdl,and your snip does irk me so too late.look at the attachment ohiogal kept that you sent her,i will admit it is confusing,but now is the time to try and see what accord you and C-N-G can come to,and quit taking shots at people with real info,and not conjecture.

@Ohiogal - Thank you, that was helpful. I did a lot of reading about CSO's this weekend....and it does seem to be a bit underhanded and is indeed a loophole to the Ohio Laws. It also doesn't help that their own Customer Service Rep's do not have accurate information. Each person I speak with tells me something different.

@Paul - Sorry friend, you took the cheap shot at me saying I didn't want to repay my loan-Not true. Please don't respond to my posts.

I'm actually pretty new to these forums, and I might be a nobody but I've been reading this thread for awhile now and just wanted to have a input:

First of all I think it was kinda rude for Paul to accuse Stephanie of not wanting to pay back her loan, and was just looking for a excuse to get out of it as he really doesn't know her life or situation. We are here to help people as we've made mistakes ourselves. From what I've gathered Stephanie is just looking for some helpful information to get her through this hard time, she's doing no more wrong then anyone else on here by defaulting on a loan she knows she can't afford, however she has made it clear she does want to re-pay this loan she just can't on the original loan contract. She may have mis-understood the contract is all.
Secondly, I think whats important here is the experience of this, what I mean by that is we shouldn't down anyone for having made the mistake, but instead urge people to obtain as much information as possible and take the right steps (which I think this forum is excellent at doing) to get them back on soild ground and to never make the same mistake over.
Third, I think CnG is in as much fault as they prey on people and advertise to those who have fallen on hard times, just take a look at their website, its got a picture of a girl trying to fix her car, next to that its saying "borrow up to $3000!" and we all know that car repairs can be expensive and that girl in the picture might as well be you, even if the loan your about to take out isn't for your car but for some other reason. So your thinking "this company can help me!" and sure your guilty of signing that loan contract, but sometimes when your in a hard situation and no one else is willing to help (your local bank wouldn't be so quick to give you that loan and you know it) then you turn to the wrong sources, only to realize later what kind of mess it got you into.
So I think Stephanie is doing the right thing, she just needs to gather information and really understand her contract as I think as long as she's willing to pay back what she took, shes in no wrong.
Someone needs to stop these types of companies from advertising like they do! As they do take a advantage of people and its wrong!