I just received an email from Magnum
Date: Fri, 06/23/2006 - 05:07
Submitted by lanita.campbell
on
Fri, 06/23/2006 - 05:07
Total Replies: 3
Well, my opinion is if you
Well, my opinion is if you have paid more than the principle, than you do not owe them an addtional $325.00 all pdl's state they follow the laws of their own state when in fact it IS the law that they follow the laws of the state they loan in. They must abid by that. Here are your Ohio pdl laws.
Legal Status: Legal (Applies to check cashers only)
Citation:
Ohio Rev. Code Ann. ???? 1315.35 et seq.
Loan Terms:
Maximum Loan Amount: $800
Loan Term: Max: 6 months
Maximum Finance Rate and Fees: $10/$100 + 5% per month
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot refinance)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: Bank charges (if disclosed); $20 collection charge; Court Costs; damages
Criminal Action: Not Specified
Where to Complain, Get Information:
Regulator: Ohio Division of Financial Institutions
Address: 77 South High Street, 21st Floor, Columbus, Ohio 43215
Phone: (614) 728-8400
Fax:
Regulatory Contact: Robert M. Grieser, Deputy Superintendent for Consumer Finance
Regulator Website
Licensee Database
Complaint Instructions
Complaint Form Link
Online Resources:
Consumer Complaint Contacts (Non-Depository Institutions)
Brochure: "Payday Loans"
send them a letter telling them per (and post you laws in the letter), you owe nothing more to them. Tell them you want a paid in full receipt sent to your home and if you do not hear from them, you will alert your attorney general to the situation
I have a pdl with magnum (stupid on my part), and if you borrow
I have a pdl with magnum (stupid on my part), and if you borrow just over $600, you end up paying over $1,000 back in 4 payments....it's a killer. I am curious to see how this ends up for you.
Good luck,
Tiffany
I received an email back from Magnum telling me it was paid in f
I received an email back from Magnum telling me it was paid in full once I informed them it was the laws of the state I live in and that I would contact the attorney general. It is amazing the email had hardly made it there when I received a response. Now I just need to know how to get a hold of Access (?). Anyone know?