Payday OK help
Date: Tue, 05/16/2006 - 10:39
I have been trying to work with payday ok and they are so rude. I asked them if they were licensed in Washington to do loans, the said no as of 10/18/05. So then I responded back that the finance charges that I have been paying since them should have gone to pay off the loan. They responded back that I have to pay the finance fees until the loan is paid in full. Am I missing something? Can they still charge me finace charges as I pay this down. Also, when the payment is due, you have to wait I think it is five days to do another payment so that are actually collecting more finance fees.
Can someone help me with Washington State information...
Can someone help me with Washington State information...
The state legislature passed a bill in Washington regulating the
The state legislature passed a bill in Washington regulating the payday loan industry. According to this bill, the maximum term of the loan can be extended provided; no additional fees and interests are imposed. If you have multiple loans with the lender, it should not exceed $700. The permissible interest rate in WA is 15% on a total of $500. If you take additional loan amount beyond $500 and up to $700, you will catch an additional interest of 10% for the remaining portion. You don't have to show any collateral while taking the loan and one post dated check is allowed as per the bill.
In case, there is a default by the borrower, the following restrictions are imposed on him:
- As per the Department of Financial Institutions, the lender has the rights to charge only one time fee to the borrower.
- Lenders can take civil actions but they can recover only the principle amount and the collection charges on the filing of the lawsuit.
- No lender can threaten the borrower with criminal prosecution while attempting collections.
- You can work out payment plans with the lender provided you have been successful in paying the lender on four different times in the past. However, it is necessary to:
- The agreement must in writing and it should be signed by both the parties.
- The borrower will have 60 days time to pay off the loan.
- You can make the payments in three different times.
- The lender has to comply with the federal laws including the Truth-In- Lending Act and make specific disclosures to its clients. The apr must be disclosed.
