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multiple payday loans

Date: Wed, 06/13/2012 - 15:28

Submitted by anonymous
on Wed, 06/13/2012 - 15:28

Posts: 202330 Credits: [Donate]

Total Replies: 2


I have taken out mutltiple payday loans and have to keep in the cycle just to keep up with them. My whole paycheck goes to them and i done know what to do. I live in PA and i believe that payday loans are not legal but what should i do to stop them any suggestions??? PLEASE HELP!!!!!!!!!


I am fairly new here, so I apologize if any of my information is incorrect. But it does appear that they are illegal in your state. I would suggest writing a C&D, ACH revoke letter to each of them and it is also suggested that you close your bank account. I would also ask for a PIF letter and ask for a refund on what you have overpaid.
Pennsylvania Law
Legal Status: Prohibited
Citation:
Check cashers are specifically prohibited from making payday loans under Check Cashing Licensing Act of 1998, 505(a). Otherwise, consumer discount company act applies. 7 Pa. Cons. Stat. Ann. 6201 et seq.

Small Loan Rate Cap
$9.50 per $100 per year discount or 24% per year

Where to Complain, Get Information:
Regulator: Pennsylvania Department of Banking
Address: Market Square Plaza, 17 N. Second Street Harrisburg PA 17101
Phone: (717) 214-8343
Fax: (717) 787-8773
Regulatory Contact: Jim Keiser Administrator of Non-Depository Institutions
[URL="http://www.banking.state.pa.us/portal/server.pt/community/banking_home/14319"]Regulator???s Website[/URL]
[URL="http://www.portal.state.pa.us/portal/server.pt/community/consumer_information/14322/contact_us__submit_form/592746"]Complaint Form[/URL]
[URL="http://www.portal.state.pa.us/portal/server.pt/community/consumer_information/14322/1_1_file_complaint_ask_questions/598521"]Complaint Instructions[/URL]
Online Resources:


lrhall41

Submitted by kishwa on Wed, 06/13/2012 - 18:23

( Posts: 6 | Credits: )