Help in understanding payday loan laws for my state
Date: Wed, 03/29/2006 - 08:02
This is for my state. Do they have to be licensed for my state? How do I find out if they are? I also have loans that total $1,765.00. It clearly states that it is their responsibility to insure that I do not have other loans out. does this make a difference?
Good Question c_stephanie. My state says it is also the lenders
Good Question c_stephanie. My state says it is also the lenders responsiblity to make sure the borrower has only one outstanding loan. Obviously they didn't obide by that law.
some states, like Illinois require payday lenders to enter all c
some states, like Illinois require payday lenders to enter all customers into a state run data base. When the new payday loan reform law went into effect here in January, they just renamed their old payday loan as short term loan (not regulated by the state) and introduced the payday loan as regulated by the state as a new product. Needless to say they try and steer you towards the un- regulated higher interest loans and away form the lower interest , shorter term payday loans.
Hi all,Please go through the entire document. There is a cha
Hi all,
Please go through the entire document. There is a chart on the last page, which desribes State Regulation of Payday loans.
Though the document was posted in May 2004, still it would help consumers. And those seeking for more information can contact LRB.
http://legis.wisconsin.gov/LRB/pubs/wb/04wb9.pdf
None of the ones we had loans with were law obiding companies.
None of the ones we had loans with were law obiding companies. They aren't even licensed to lend in my state or the state they are in.
Nope not on any credit report or any check services.
Nope not on any credit report or any check services.
Well, I will never get another payday loan as long as I live. T
Well, I will never get another payday loan as long as I live. They are loan sharks stealing hard earned money. I have found there are more ways to borrow money than a high interest payday loan.
most people think they will be able to take the loan out and pay
most people think they will be able to take the loan out and pay it back in full once they receive their paycheck. This is where the cycle began for me. I had to start taking out loans to cover fees, and they just kept adding up. When you're desperate for money it does seem tempting, but i learned my lesson and will never go back to payday loans ever again and will also try to stop others that are thinking about it.
fka22 If we all stick together and make people aware of the p
fka22
If we all stick together and make people aware of the problems and financial ruin these loans cause, maybe someday these places will have no choice but to shut down.
Help in understanding payday loan laws for my state
I have learned my lesson - none of the pdl's asked how many I had out - when I tried a couple of times they said no am not eligible. I now have them consolidated with T&C and boy are they good.
i was able to get up to 13 at one time. I'm guessing they dont l
i was able to get up to 13 at one time. I'm guessing they dont look too much into how many you have out. Alot of the people on this site have more then 1 or 2. I also got mine couple weeks apart so im sure the teletracks would have to be updated by then.
I know for a fact that if they do check it then they are not obe
I know for a fact that if they do check it then they are not obeying the laws of my state so they are in violation of the law. I have opened an acct. with T & C and I am paying the loans back, I never intended not to. I would dare say that most people who take them out intend to pay them back. Then the SNOWBALL effect happens and before you know it your life has spun completely out of control and your working everyday and you have no paycheck to show for it because the PDL co. have taken it all in rollover and renewal fees. Forgive me for sounding crazy but the reality of it is that I probably am a little crazy from all the stress I have been under. Your information was useful PDL person, but please understand that most of the people here are in crisis because of this problem. I dont mean any disrespect to you personally, just the industry you are representing. Stephanie
PDL, What other sources do they use to track such info? I am
PDL,
What other sources do they use to track such info? I am just curious. I know one of the lenders that I am paying off said something other than tele-track but I can't remember what it was. Feel free to pm me if you would rather discuss it that way. Well, I've found that most of my lenders are affiliates of each other, it's insane. I am now down to three loans that I am paying off through T & C. There is one I am going to go to battle with and we'll see what happens.
Then why does some of the online sites say you can'thave more th
Then why does some of the online sites say you can'thave more than one outstanding payday loan with any other company? Then they go ahead and grant you the loan?
They do that to discourage people that have multiple loans. The
They do that to discourage people that have multiple loans. They know realistically that most people they loan to are going to have multiple loans but it's like McDonald's having the disclaimer "Coffee is Extremely Hot". Even though common sense would tell you it is hot, they still got sued over it.
In my personal experience, I ask if they have any loans out currently, 9 times out of 10 they say "no". Then I say something like "I show that you have 5 loans currently" and 9 times out of 10 they respond with "No, I only have 3". I understand that people lie because they do not want to be declined for the sole purpose that they have an excessive amount of loans out there. That said, we do not decline these applicant's because we are concerned about their financial well being...we do it because we are concerned with ours.
